The IRS Audit Blog

Archive for March, 2006

Abbott Reports Double-Digit Sales and Earnings Growth in Fourth Quarter; Issues Strong Earnings Outlook for 2010

Abbott today announced financial results for the fourth quarter ended Dec. 31, 2009.

Two Way Accountability Administrative Formulas Missing In Stimulus Budget Implementation

Question: Chartered Accountant—–Math?

I am currently in Gr.11, in Ontario, Canada. I want to be a CA and am interested in business, but i totally hate math. I am taking data management and advanced functions in Gr.12 though. I want to know if math is required in university in order to be a chartered accountant. I think only economics, tax, auditing, accounting, etc are required. Please tell me if math is required, and how many math courses are required in university.

Answer: It depends on your university. At my school (Alberta, Canada), you actually have to do a year in the faculty of arts before you can apply for the business program. In that year you need to get some prerequisite courses (Stats, Calculus, Econ 101or102, English 100) and then you take whatever else you want to boost your GPA for application into the business program.

I’m numerically challenged too. But I conquered Calculus, and I’ve fallen in love with Econometrics (economics, stats and calculus – all in one sexy bundle). Unfortunately, at university Calculus and Statistics are required for most of the courses (except those in the faculty of science…they don’t need calculus).

Economics, tax, auditing and accounting are all math based. In 100 level economics, you still need to understand how to read the slope of a line and determine the intersects. You’ll need calculus to know how to find the derivative of a formula so you can calculate revenue and profits for a firm. All of these are math based, but it’s not high school math. It’s applied. I’m doing a 300 level tax course, and it’s math.

Even going to the grocery store is math based…but that doesn’t stop you from buying foods.

I’m in third year of economics, I only needed introductory calculus and stats. I’m not going to lie, these were a nightmare. They take a lot of work. I ended up getting a tutor for calculus (and seeing my prof for my weekly “omg I’m going to fail! Save me!!”). But, seriously, I don’t get math and I survived. I’m the kid who still has to look at my fingers to add numbers…but I can do calculus and statistics quite competently.

Everyone is in the same boat as you. If you want to become a chartered accountant, you still have to go through with math. However, plan your schedule so that you have time to focus on calculus. Take calculus one semester and then some easier courses like english and some arts options.

My school offers an applied stats and harder stats. The applied one gives you problems that you do. The harder one gives you theory and less problems. There’s also an applied calculus and a harder one. The applied is less theory more solving things. (I was really keen and wanted to show off…so I took the non-applied versions of both…I took stats and calculus in my first semester at university…that was the worst semester of my life)

Deloitte Canada’s 2010 TMT Predictions Reveal: Good Enough Becomes Better Than Perfect

TORONTO, ONTARIO–(Marketwire – 01/19/10) – As economies emerge from the global recession, the technology, media and telecommunications (TMT) sectors continue to evolve at a rapid pace and will have strategic implications for TMT companies, Canadian businesses and consumers. Today Deloitte unveiled its 2010 global TMT Predictions reports and launched its cross-country road show presentation …

Tax Audit Revenue Canada

Ever since the State stopped assuming that your only house is your primary residence, property tax bills shot up for everyone. Yes, if you have not declared the fact that your only residence is your primary residence ready yourself to cough up more in property taxes. The simple solution is to send in the Homestead Tax Credit Application or file an appeal.

This is turning up to be a new wave for tax assessors across the country to tackle. The figures are a deep matter of concern for the State itself. In other states in the country for example, The Wall Street Journal reported that in St. Tammany Parish, La., 15,000 residents — instead of the usual 500 — requested a review of their 2008 tax bills. Similarly the Cleveland Plain Dealer reported that Cuyahoga County, which sees approximately 1,300 foreclosures a month, faced three times as many appeals in 2007 compared with previous tax cycles.

On the other hand, while prices of residential properties dipped to 27% from the 2006 peak to the end of 2008, according to the S&P/Case-Shiller Index, while the amount municipalities collected in property taxes climbed to 12% from 2006 to 2008. These figures are a clear indication why more and more people are opting for re-assessment of their property taxes.

Of late, due to the dip in sales prices, the assessments on houses are higher for the sales price than they used to be earlier. The point here is that you possess the right to contest that your property needs to be re-assessed so that you eventually end up paying lesser taxes. For people who haven’t bought a property recently but have been staying in the same property since sometime now, the taxes soared with the incline of property rates too.

Your options:

Smart Steps

The State reviews hundreds or probably thousands of such applications on a regular basis and you need to hit bulls-eye when your case comes up. Seek advice from neighbors or friends in your area who have beaten the same path for small tips to improve your proposition. Once done, happy tax savings are just at arms length.

Cuyahoga County signs deal to add protections for medical mart

A deal Cuyahoga County has struck with the developer of a downtown medical mart and convention center provides new protections for taxpayers and promises local businesses and workers a share of the $425 million project.

Evylens Story of Elerly Abuse Part 3