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A Home Away from Home:

In Accounting & Finances, Business, Culture on November 18, 2013 by Sufen Wang Tagged: Affordable housing, Colorado, Disaster, Federal Emergency Management Agency, FEMA, Internal Revenue Service, Natural disaster, Transportation Security Administration

IRS Waives Low-Income Housing Limits for Colorado Disaster Victims

When natural disaster strikes, the IRS strikes back with letting regulations slide. The landslides, severe storms, and flash floods that wracked the Colorado landscape in mid-September destroyed at least 1,500 houses and damaged 17,500 more. That left a lot of people with no place to call home.

It’d be plain silly to make someone who just waded through mud and muck wade through rules and paperwork for a warm bed. Accordingly, the IRS suspended certain limitations for projects financed with low-income housing tax credits or exempt facility bonds. In other words, any Colorado disaster victim, regardless of income, can temporarily stay in one of these residential rental projects. And not just in the immediate area – operators of these facilities anywhere in the nation can provide shelter for the storm victims.

And FEMA also didn’t give victims a rain check on relief. FEMA approved a third extension to the Transitional Sheltering Assistance (TSA) program. The TSA pays for eligible flood evacuees to stay in participating hotels and motels, with FEMA and the state picking up the bill. Victims whose homes are still uninhabitable or without utilities will continue to have a safe place to stay until November 17, replete with sticky remote and lumpy pillows. Let’s give these federal agencies a round of applause for giving the disaster victims one less thing to worry about. And if you want to lend a helping hand, then check out http://helpcoloradonow.com/.

Sufen Wang, M.S.Accountancy

Wang Solutions, Long Beach, CA (562) 856-0793

Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (562) 806-5805

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National Disability Employment Awareness Month

In Accounting & Finances, Business, Culture, Education, Human Resources on October 23, 2013 by Sufen Wang Tagged: Consciousness raising, Diversity (business), Handicapped, LinkedIn, National Disability Employment Awareess Month, National Disability Employment Awareness Month, NDEAM

Make a Difference By Nurturing Diversity: October is National Disability Employment Awareness Month

By Presidential Proclamation, October is National Disability Employment Awareness Month (NDEAM). Put your party shoes on because this national campaign celebrates the many and varied contributions of America’s workers with disabilities. Okay now take your party shoes off and listen up because NDEAM also raises awareness about disability employment issues that continue even as we speak. I mean as I speak. I mean as I write and you read.

How about we just let President Obama speak for himself:

“During National Disability Employment Awareness Month, we nurture our culture of diversity and renew our commitment to building an American workforce that offers inclusion and opportunity for all… I urge all Americans to embrace the talents and skills that individuals with disabilities bring to our workplaces and communities and to promote the right to equal employment opportunity for all people.”

Appropriately, the theme for 2013 is “Because We Are EQUAL to the Task.” And here’s your first task: spread the word. You could start by sprucing up the décor around town with NDEAM Posters. Or if tape and paper is too old school for you, then post about NDEAM on Facebook, LinkedIn, and Twitter. And while you’re at it, leave a NDEAM link trail wherever you go. Look – here’s one: http://www.dol.gov/odep/topics/ndeam/. And wait, what’s this? It’s another link with great ideas on how to get people to think about equal employment! http://www.dol.gov/dol/media/photos/slideshows/20131001-NDEAM.htm.

But you can’t be promoting NDEAM’s message if your own company isn’t up to scratch when it comes to disability awareness. So use October to review company policies, train supervisors, and educate employees about fostering a workplace culture inclusive of people with disabilities. National Disability Employment Awareness Month is above all a reminder to work together and appreciate everyone’s differences – ahem, members of the House of Representatives. When that happens, there’s no task that we’re not equal to.

Sufen Wang, M.S. Accountancy

Wang Solutions, Long Beach, CA (562) 856-0793

Editor: Hannah Huff, M.F.A.

Creative Writing: Poetry, (626) 806-5805

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Representative Please!

In Accounting & Finances, Business, Education, Taxes on October 7, 2013 by Sufen Wang Tagged: Fiscal year, Internal Revenue Service, irs, Patient Protection and Affordable Care Act, Tax, Taxpayer, Treasury Inspector General for Tax Administration, United States

TIGTA Audit Ensures Taxpayers’ Rights are Front and Center

Did you know IRS personnel are required to stop an interview if the taxpayer wants to consult with a representative and they also can’t bypass a representative without supervisory approval?

If you didn’t know, the Treasury Inspector General for Tax Administration (TIGTA) has your back. Each year TIGTA hones in on an IRS office that regularly interacts with taxpayers and their representatives. This time around they scrutinized the folks who work in the Office of Appeals to make sure they’re contacting taxpayer representatives during key actions. The results of that audit, the Fiscal Year 2013 Statutory Review of Restrictions on Directly Contacting Taxpayers, are in and…

..the Office of Appeals did so-so. In 11 of 96 sampled cases (out of 72,239 total cases closed by Appeals), Appeals personnel skipped major steps. They either tried to call the taxpayer directly or didn’t send copies of very important papers to the authorized representative. It’s possible that those who broke the rules just made honest mistakes – maybe they were in a hurry to get home for dinner – but the policies are in place for the taxpayer’s protection.

And, what’s more, the bigwigs in the Appeals office didn’t do their part to ensure that the workers were following procedure. Accordingly, TIGTA offered some stern advice: the Chief of Appeals should “provide additional guidance to first-line managers and Appeals personnel that will reinforce the importance of ensuring that taxpayer representatives are involved in all case activities.” In other words, put in work at the top of the line so all the proper paperwork gets done down the line.

Of course the IRS agreed with TIGTA’s recommendation. The agency’s first move will be to update the Internal Revenue Manual and front-line managers will have homework to do to brush up on their responsibilities. If you want more reading material yourself, check out the full Statutory Review here: http://www.treasury.gov/tigta/auditreports/2013reports/201330080fr.html

Sufen Wang, M.S. Accountancy

Wang Solutions, Long Beach, CA (562) 856-0793

Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (626) 806-5805

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The Good Side of Taxes:

In Accounting & Finances, Business, Taxes on September 11, 2013 by Sufen Wang Tagged: Child Tax Credit, Earned Income Tax Credit, Income tax, Internal Revenue Service, IRS Volunteer Income Tax Assistance Program, Tax, Tax preparation, tax return

Become a Tax Volunteer for VITA and TCE

Got some free time on your hands? Turn it into time well spent by becoming a tax volunteer for Volunteer Income Tax Assistance (VITA) or Tax Counseling for the Elderly (TCE). These community-based programs provide free tax return preparation for people who need tax help but can’t afford it, such as seniors and people with disabilities.

No experience in preparing taxes – no problem. As a volunteer, you’ll get special training and can choose to work in a variety of roles. For example, if you’re bilingual (or beyond!) you could be a big help to people who don’t speak English.

If you’re a veteran – and even if you’re not a veteran – being a VITA or TCE volunteer is one way you can help out military personnel and their families. They’re already occupied with risking their lives for the country, so let’s give them a hand with their tax preparation, okay?

In other words, it’s basically a win-win situation all around. Not only will you assist others, you’ll also learn a thing or two about taxes in the process. Yup, this is your chance to learn all the insider tips about deductions and credits like the Earned Income Tax Credit, Child Tax Credit, and Credit for the Elderly. How could you say no?

Here’s another reason why you shouldn’t decline. Volunteer hours are flexible and minimal – about three to five hours per week. That’s like only thirty minutes a day! If only work could be so short and sweet…

Volunteering doesn’t sound too bad, does it? And getting there should be a breeze. Volunteer sites are located in neighborhood centers, libraries, schools, shopping malls, and other convenient locations all over the U.S. Think about it: you could take a nice walk to the site, help out some folks with their taxes for an hour, and then head home for dinner glowing from knowing you did your good deed for the day.

And you’ll be making history. As a VITA or TCE volunteer, you’ll become part of a program that’s helped people file tax returns at no charge for more than forty years. “It’s people helping people.”

Ready to sign-up? Volunteer programs are open from mid-January through the tax filing deadline (April 15, 2014). Right now you should head over to IRS.gov and type “tax volunteer” in the search box for more info. The final step is to submit Form 14310, VITA/TCE Volunteer Sign Up, by email through the IRS website. Then you’ll be on your way to making the world a better place.

Sufen Wang, M.S. Accountancy
Wang Solutions, Long Beach, CA (562) 856-0793
Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (626) 806-5805

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SEC Ups the Ante Against Fraud:

In Accounting & Finances, Business on September 11, 2013 by Sufen Wang Tagged: Batmobile, Financial statement, Fraud, Quantitative analyst, Task Force, U.S. Securities and Exchange Commission

Announces New Task Forces

Things just got real over at the Securities and Exchange Commission. The SEC announced the formation of not one, but two task forces, along with a Center for Analytics. The mission of these initiatives: to “build on the Division of Enforcement’s ongoing efforts to concentrate resources on high-risk areas of the market and bring cutting-edge technology and analytical capacity to bear in its investigations.” Great!

Now what? That all sounds nice and motivated, but what does it actually mean? Well one task force, the Financial Reporting and Audit Task Force, will focus on fraud detection, fraud detection, and fraud detection. The mission here is, if you didn’t get it, to crack down on fraud with real world results. That means increased prosecution of violations involving false financial statements and disclosures. Bad guys better beware because although this Task Force doesn’t have a Batmobile, they’ll still be using fancy technology-based tools such as the Accounting Quality Model.

Next up for the Good Guys and Gals in the battle against financial evil is the Microcap Fraud Task Force. No, this is not a tiny task force, but they do have some big shoes to fill, building on the extensive work of the Microcap Fraud Working Group created in 2010. This Task Force will be looking into fraud in the issuance, marketing, and trading of microcap securities. Because these abuses usually involve the same old violators and big bad organized syndicates, the Task Force will be targeting “gatekeepers” and their main stomping grounds – websites and social media.

Every superhero needs a sidekick, so back at the base the Center for Risk and Quantitative Analytics (CRQA) will support and coordinate the Division’s risk identification, risk assessment, and data analytic activities. This will be the place for data on fraud patterns and characteristics, and the CRQA will serve as a central point of contact for risk-based initiatives nationwide. The Securities and Exchange Commission is working hard to make the financial industry a more secure arena, so let’s appreciate these actions being taken to combat fraud.

Sufen Wang, M.S. Accountancy
Wang Solutions, Long Beach, CA (562) 856-0793
Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (626) 806-5805

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The Lost Art of Writing:

In Accounting & Finances, Business, Culture, Education on August 9, 2013 by Sufen Wang Tagged: American Psychological Association, APA, APA style, Citation, Guideline, Title Page, Writing, Writing style

It’s Not Too Late to Learn How to Communicate!

Texting, tweeting, e-mailing – writing is a part of our everyday lives, right? But the question is, is it good writing? NO!

We’re rapidly losing the art of composition in this digital world. What happened to our thought process? Specifically, what happened to knowing by heart the basic guidelines of the APA writing style? Here’s a refresher course in case you can’t seem to remember…

The APA (American Psychological Association) style is most commonly used to cite sources within the social sciences. APA formatted essays always include four major sections: the Title Page, Abstract, Main Body, and References. When formatting a paper in APA style, you’ll need to pay attention to mechanical details such as typeface, line spacing, margins, and page headers. Another major part of APA style is reducing bias in language. The goal is to provide scientific info that’s unbiased, specific, and sensitive to group labels.

APA writing guidelines are like DMV driving guidelines. We have to learn the DMV rules in order to drive, just as we must learn APA guidelines to write. APA rules help drive our thoughts into well-written text on a piece of paper. Unfortunately, not everybody is aware of the importance of the APA writing style (and DMV rules too, but that’s another story for another day).

Recently I posed a final project to my accounting class. It was about a business man manufacturing bird cages, dog houses, and cat castles. The focus was on products, not the actual animals. You can see where this is heading. After three weeks of analysis of the profit margin, the break-even point, and the difference between variable and fixed cost, the final question was:

“What do you see as the role of accounting in managerial decision-making? Defend the use of cost-related accounting for planning and decision-making purposes.”

Below is the answer I got from one of my students:

“I think that John should invest in taken care of birds because they are less messy and not much to do with them to maintain them and feed them and is able to let them out to fly around they will not make a mess, like the dog or a cat would by tearing the couches up and eating on the shoes”

Did I mention this was a college class? And that this is a direct quote? My student could not even place a final period to finish the “thought.”

The carelessness of thought and the uninspired minds of our society are overwhelmingly frustrating to me. I think it’s time we think just a little harder – it’s not that hard, really, everyone should give it try. Obviously, you don’t have to write an essay every time you send an e-mail or text, but these are good places to learn how to be even a bit more eloquent. College writing is just a test of how well you can articulate yourself in the real world, and it pays off to be conscious of how you communicate. If we stop being so sloppy in our writing, we’ll be able to understand each other better, and have more meaningful, more productive conversations.

Sufen Wang, M.S. Accountancy
Wang Solutions, Long Beach, CA (562) 856-0793
Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (626) 806-5805

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Save Your Skin this Summer:

In Culture, Education, Family on July 22, 2013 by Sufen Wang Tagged: Cancer, Skin cancer, Skin neoplasm, Sunburn, Sunscreen, Tanning bed, Ultraviolet, United States

Reduce Your Risk for Skin Cancer

Well, summer is upon us and that means the hot sun is also upon us. Before you don that bikini for a long day at the beach, think about the skin you’re in – it’s the only one you have! Skin cancer is the most common cancer in the United States, but here are some ways to lower your risk.

You can never get enough sun – is a lie. The top risk factor for skin cancer is exposure to sunlight (UV radiation) and those UV rays can damage your skin in less than 15 minutes. And if you’ve spent years in the sun, and/or had at least one severe sunburn – one where even wearing clothes is painful – your risk of skin cancer is even higher.

That being said, you’re obviously going to have to go outside sometimes. The worst time for UV exposure is between 10 a.m. and 4 p.m., so if you’re running errands around midday, stick to the shade. You can also create your own shade: carry an umbrella or wear a wide-brimmed hat to protect your head and neck. Although it might be sweltering hot, you should wear proper clothes to keep your bare skin from getting burnt. Loose-fitting long-sleeved shirts and long pants made from tightly woven fabric work best, even if they sound incredibly uncomfortable. For a finishing touch of sun-safe style, wear wrap-around sunglasses that block both UVA and UVB.

Don’t think it’s safe to go skinny dipping just because there’s cloud cover. UV rays can still reach you on hazy days and they reflect off surfaces like water and sand. You’re not even safe in your own car: the sun’s rays can penetrate windshields and windows. Also, a wet T-shirt offers less UV protection than a dry one, but a dry T-shirt still only has less than a 15 SPF rating – which won’t save your skin. That means if you think you’re going to be in the sun, you should take two whole minutes to put on a thick layer of minimum 15 SPF sunscreen. Reapply the sunscreen every two hours or if you get wet.

Finally, everyone should know by now that indoor tanning is NOT any safer than being out in the sun. Sunlamps and tanning booths expose you to UV radiation, which causes skin damage and skin cancer, and getting fake tans is more dangerous before age 30. Don’t believe it? The NCI reports that women who use tanning beds more than once a month are 55 percent more likely to develop melanoma, the deadliest form of skin cancer. Why do you want to look orange anyways?

Perhaps most importantly, you should get to know yourself. A regular self-exam of your whole body will let you see what’s normal on your skin, so you know when something abnormal shows up. That could be anything from a new mole to an old mole changing size to a sore that doesn’t heal. If you do notice anything, visit your doctor. Take a little extra time to pamper your skin this summer so you can enjoy the sun for years to come!

A Word on your Summer Safety!

Sufen Wang, M.S.Accountancy,

Wang Solutions, Long Beach, CA (562) 856-0793.

Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (562) 806-5805

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Summer Lightning….

In Culture, Education, Family on July 8, 2013 by Sufen Wang Tagged: Earth Sciences, Ground (electricity), Lightning, Lightning strike, Mother Nature, National Weather Service, Thunderstorm, United States

Avoid Dark Clouds on the Horizon: Lightning Safety Tips

Believe it or not, Summer is the peak season for lightning-related deaths and injuries. Actually, make sure you believe that: if you think you know more than Mother Nature, the results aren’t going to be good for you. There is enough energy in a typical flash of lightning to light a 100-watt fluorescent bulb for about a year. Except humans aren’t light bulbs, so the National Weather Service wants you to know that when thunder roars, go indoors!

That’s because no outdoor area is safe when you hear that boom nearby in the sky. Your first instinct might be to run towards that one tree over there. Don’t!!! Being underneath a tree is the second leading cause of lightning casualties. And stopping, dropping, and rolling isn’t too smart either. You could get hit with a deadly ground current when lying flat. Your best bet is to keep moving towards a safe, indoor shelter. If your only option is your car, make sure all the windows are up, or you could get struck down. If you can’t get indoors at all, at least try to avoid elevated areas, immediately get out and away from all bodies of water, and stay away from objects that conduct electricity, such as wire fences.

Once you’re safe inside during a thunderstorm, you’re safe inside, right? Nope. Lightning can travel through any metal wires or bars in concrete walls or flooring or pretty much anything that conducts electricity. So stay off corded phones, computers, and other electrical equipment. Yes, you read that right: lightning can electrocute you while you’re ordering pizza in your living room. Water also conducts electricity, so avoid baths and faucets. Finally, it might be tempting to stand at the window to watch the storm, but lightning can come through cracks in the sides of windows and doors. That wouldn’t be a very pleasant surprise. Oh, and please don’t forget the dog. Dog houses are not safe shelters and dogs that are chained to trees or on metal runners are particularly vulnerable to lightning strikes.

Remember, if you’re outside in a thunderstorm, the only completely safe action is to get inside a safe building or vehicle. An even better idea is to not get caught outside in a thunderstorm at all. Pay attention to the weather. If the weatherman says there’s a chance of thunderstorms, don’t take the chance of getting struck by lightning – stay inside until the coast is clear.

A word on your Summer Safety!

Sufen Wang, M.S.Accountancy

Wang Solutions, Long Beach, CA (562) 856-0793

Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (562) 806-5805

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Internal Revenue Service Crisis Update:

In Accounting & Finances, Business, Taxes on June 26, 2013 by Sufen Wang Tagged: Barack Obama, Commissioner of Internal Revenue, Daniel Werfel, Internal Revenue Service, Office of Management and Budget, Tax exemption, Werfel, White House

Daniel Werfel is IRS’ New Acting Commissioner

There’s a new sheriff in town, and he’s here to stay…only until the end of September. On May 22 Daniel Werfel, the White House Office of Management and Budget Controller, replaced Steven Miller as Acting Commissioner of the IRS.

His job: immediate crisis management regarding the agency’s improper scrutiny of conservative-leaning groups applying for tax-exempt status. Already he has replaced Lois Lerner, the director of Exempt Organizations, with Ken Corbin. And Werfel’s being kept under close watch by the big men on campus: President Obama and Treasury Secretary Lew want a progress report within 30 days.

The new Commissioner is supposed to 1) ensure that staff who acted inappropriately are held accountable, 2) examine and correct any failures in the system that allowed this behavior to happen, and 3) take a forward-looking, systemic view of the agency’s organization.

It’s too soon to tell how well Werfel is handling his role, but let’s hope he does a better job than Miller, so the IRS can start focusing on its day-to-day operations again.

Sufen Wang, M.S. Accountancy,

Wang Solutions, Long Beach, CA (562) 856-0793

Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (626) 806-5805

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Student Chefs Cooking Up Change:

In Culture, Education, Entertainment on June 25, 2013 by Sufen Wang Tagged: Culinary art, Healthy School Campaign, High school, United States Department of Education, West Adams Preparatory High School

A New Recipe for Cafeteria Lunches

Who better to make cafeteria food better than those who know it best? High school students recently proved that they can teach us a thing or two about the culinary arts. On June 10th, the U.S. Department of Education hosted student chefs from eight high school culinary programs as part of Cooking up Change, presented by the Healthy Schools Campaign. On the menu: create a savory lunch that meets nutrition standards while on a shoestring budget.

The results revealed that today’s youth know how to think outside the milk carton box. For example, Team Los Angeles, hailing from West Adams Preparatory High School, produced a Tex-Mex Corn Bread and Black Bean Mountain, Cucumber Salad, and Warm Pear and Raisin Delight. And Team Denver conjured up a Chicken Panini Wrap, Coleslaw with Dijon Vinaigrette, and Jalapeño-Infused Peach Crumble. Keep in mind that these dishes were made by teenagers.

More impressive is that these delicious masterpieces were produced based on strict guidelines of only 10 ingredients. The teens also didn’t have a lot of dough to work with: they had to stick to a budget with the same constraints schools currently face. And when all the cooking was said and done, each team had to serve up an explanation about the challenges of the process and the inspiration for their meal – many cited their regional culture as the main ingredient for their dish.

Every team did well, but the top chefs were Cesar Amezcua, Cecilia Magana, and Carlos Ortiz from Team Orange County. These Valley High School culinary students took home the bacon for their healthy and scrumptious “Pita Packs a Punch,” with Hot and Sweet Slaw and Delicious Apple Crepes.

“This was so important to us because we want to make a difference in our school,” said Amezcua. And indeed, these grade-A student meals are gracing school lunch menus across the country, including the teams’ very own cafeterias. The fact that these teens dished out such nutritional and tasty cafeteria lunches should give schools continued food for thought.

Sufen Wang, M.S. Accountancy, Wang Solutions, Long Beach, CA (562) 856-0793

Editor: Hannah Huff, M.F.A. Creative Writing: Poetry, (626) 806-5805

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A New Recipe for Cafeteria Lunches