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Tax

Bush Promotes Expanded MSAs, FSAs

President Bush, on February 11, outlined his administration's health care agenda, which includes proposals to expand both Medical Savings Accounts (MSAs) and Flexible Savings Accounts (FSAs) and to provide refundable health tax credits to low- and middle-income individuals and families who do not have employer-provided insurance. The president also supports legislation to provide temporary health tax credits for workers who have lost their jobs during the recession.
Community News

LLP Structure Will Be Put to the Test

The Limited Liability Partnership - LLP - is a rather new entity, created in the last decade as an alternative to traditional partnerships, offering the protection of a corporate structure by limiting the personal liability of partners in an organization.But LLPs are created under state law, and each state can decide how to treat the entity when it comes to assigning liability.
Community News

Ernst & Young Promotes its Quality Control Safeguards

In a newly-released brochure entitled, Maintaining Your Trust, Ernst & Young (E&Y) publicly explains how it maintains its focus on high quality audits.

Congress Learns How Accountants Can Tag Future Enrons

Many people were surprised by the Enron collapse and lost money as a result. But James Chanos, head of a short-sell investment boutique, was not one of them. His firm profited from anticipating the company's demise. So Congress asked him to testify as to how he knew what no one else did. How to Spot the Early Warning SignsSurprisingly, many of the warning signs were out there in full view to anyone with an understanding of accounting.

NCCPAP's NYS Senate Committee Testimony

The Purpose and Mission of 21st Century Accounting Firms and the Independence of Certified Public Accountants in the Post-ENRON Era.Mr. Chairman and other members of the committee, the National Conference of CPA Practitioners thanks you for the opportunity to appear before you today. I am Robert L. Goldfarb, CPA, the National Issues Committee Chair and Immediate Past President of the National Conference of CPA Practitioners (NCCPAP). NCCPAP has been in existence for over twenty-two years.

NCCPAP Testifies Before NYS Senate Committee

New York State Senator Kenneth P. LaValle, Public Hearing on the Independence of CPA's in the Post-Enron EraNew York, NY February 11, 2002 - The National Conference of CPA Practitioners (NCCPAP), the only national organization representing only CPA's in public practice, participated recently in hearings conducted by New York State Senator Kenneth P. LaValle, Chair of the New York State Senate Higher Education Committee. The testimony was presented to the panel by Robert L.
Tax

What if You Can't Get a Social Security Number?

If you are not eligible to get a Social Security Number but have to file a tax return, you will need to use Form W-7, "Application for IRS Individual Taxpayer Identification Number" to get this number, known as an ITIN.An ITIN is a 9-digit number issued by the IRS, beginning with the number "9." It looks a lot like a Social Security Number, but an ITIN is used only for federal income tax purposes and has no effect on your work or immigration status in the U.S.Each person who files a federal tax return or is listed a
A&A

Survey Finds Employees Feel They Are Not Treated With Respect

By The Discovery GroupPart 1 - THE PROBLEMOne out of every two employees feels he or she is not treated with respect and dignity by the management of their organization.Does this matter? Of course! Without management respect, employees will eventually: Lose their respect for management, Stop trusting management, Become resentful and less motivated, and  Lose commitment to the organization and its goals.Part 2 - WHAT CAN BE DONE?

AccountingWEB Weekly Resource Guide - Issue 36

AccountingWEB Weekly Resource Guide - Issue 36February 11 - February 15, 2002This Resource Guide Brought to You ByAssociation of Government AccountantsPPC's Personal Financial Center Tax Talk TodayRESOURCES FOR ACCOUNTINGWEB MEMBERSRx for Overworked Accountants in Busy Seas
Tax

H&R Block Wants to Do More Than Taxes

Hoping to build on the large client base that brings one in seven of the nation's taxpayers to H&R Block each spring, the company has announced plans to market year-round financial services to its clients.H&R Block, with more than 9,000 offices around the country, has expanded its services to include financial planning, home mortgages, brokerage services, and private wealth management.Brokerage services are provided by H&R Block Financial Advisors, a brokerage launched in 1999. The company's mortgage division filled $6.5 billion in mortgage loans last year.
Community News

Florida to Consider Sanctions Against Andersen

Florida state Senator, Walter G.
Community News

Accounting Industry Pushes Into Information Age

When did the accounting profession become known as the accounting industry? What happened to change it so dramatically? And what does the future have in store for tomorrow’s accountants? “Industrial Era” TacticsThe Chicago Tribune reports, it all started with the savings and loan crisis fifteen years ago (“Accounting Industry Counts on its Clout,” February 6, 2002).

AICPA Provides Help With Troublesome GAO Rules

A Web site notice from the American Institute of CPAs (AICPA) on February 8, 2002 cautioned members about the auditor independence rules recently released by the General Accounting Office (GAO). The notice said the GAO’s rules impose tighter restrictions on nonaudit services than the current AICPA’s audit standards.

Open Discussion Regarding Enron & Accounting Issues

MARK YOUR CALENDARS!!! NCCPAP Leaders Speak Out On Enron & Accounting Issues Please join us on Wednesday, February 20th at 3:00 pm EST for an onlinediscussion --- The leadership of NCCPAP announced their concerns regarding thefallout from the events surrounding Enron. NCCPAP leadership believes that thissituation has the potential to permanently tarnish the reputation of this country’sCertified Public Accounting community. To join us for this informative open session,log on to AccountingWeb.com and click on enter workshop.
Tax

What To Do If You Haven't Received a Form 1099

If you received certain types of income, you may receive a Form 1099 for use with your federal tax return. You should receive these forms from the payer by early February, according to the IRS. Payers have until Jan. 31 to mail these to you. If you have not received an expected 1099 by a few days after that, contact the payer. If you still do not get the form by February 15, call the IRS for help at 1-800-829-1040.In some cases, you may obtain the information that would be on the 1099 from other sources.
Community News

FBI and SEC Will Investigate Global Crossing's Accounting

The Federal Bureau of Investigation (FBI) and the Securities and Exchange Commission (SEC) are investigating the accounting practices at Global Crossing, the telecommunications company that filed the fourth largest corporate bankruptcy in U.S. history last month.
Community News

State of Illinois to Investigate Andersen

The State of Illinois has officially jumped into the Andersen fray, beginning a formal investigation into Andersen's involvement in the collapse of energy giant Enron Corp.Illinois Attorney General, Jim Ryan, is pursuing two avenues in Illinois, home to Andersen's headquarters. He has launched an investigation under state law, and he has indicated Illinois would like to be considered as the lead plaintiff in a class action suit that is pending the federal court in Houston, where Enron is based.In Illinois, Mr.
Practice Management

Three Ways to Grow Your Practice in 2002

By Rich Walker, CPA, Director of IntuitAdvisorA new year means new opportunities for accountants to grow their practice. Here are some words of wisdom that will help you succeed in 2002.1. Focus on Great ServiceIt might sound simplistic, but superior customer service is the number one way to retain customers. Some suggestions for maintaining a great customer relationship are:Be responsive. Let your clients know they're important.
Tax

Do Tax Services Impair Auditors' Independence?

As Enron’s tax shelters come into the public eye, the media have begun to focus new attention on an old question, “Do tax services impair auditors’ independence?” Some Tax Experts Say “Yes"A sampling of press accounts shows some informed sources would reply in the affirmative, particularly when it comes to auditing tax shelters: “If you are auditing your own creations, it is very difficult to criticize them,” says Robert Willens, a Lehman Brothers tax expert who disapproves of the accounting profession’s recent move into selling aggressive tax shelters.

PC Magazine Editors Give Intacct Online Professional Accounting a Four-Star Rating

Intacct® Corporation, the leading provider of online professional accounting solutions, just announced that it has earned a four-star rating from PC Magazine in its debut review by the publication's editorial team. In the review, PC Magazine praised Intacct for its sophisticated core accounting suite, its comprehensive yet easy-to-use interface, and its true pay-as-you-grow subscription approach.

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