The straight line

Audit Quality and Effectiveness

These new standards were undertaken in response to recommendations to the ASB made by the Public Oversight Board’s Panel on Audit Effectiveness. The development of these SAS’s was influenced by the major corporate failures of the past several years which weakened the public’s confidence in the effectiveness of audits and led to an intense scrutiny of the work of auditors.

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Alternative Minimum Tax

The AMT was initiated back in Congress because of the increasing number of high-income individuals that were legally able to avoid paying any income tax. Over the years however, as the rules were not adjusted for inflation, many middle class taxpayers began to fall into the AMT trap.

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2008 Standard Mileage Rates

The new rate for business miles is up 2 cents from 2007 however, medical and moving miles are down 1 cent from last year. The rate for miles driven in the service of a charitable organization has remained the same.

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Forms W-2, 1099, W-3, and 1096

Some people think they are getting ahead of the game by mailing forms to the Government and at the same time providing the appropriate forms to their employee/independent contractor. The reality is, by doing so, they are potentially creating a difficult situation for themselves.

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Mark Reeter Joins Gardiner Thomsen

Mark comes to us from the firm of J. M. Abbott & Associates, Ltd., in Lincoln, Illinois, where he was a staff accountant for just over 3 years. He brings experience in federal and state tax return preparation and accounting for individuals, trusts, estates, corporate and partnership entities. His audit experience includes governmental engagements, school districts and grain elevators.

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