News

Tax

Cayman Islands No Longer a Tax Haven

Cayman Islands Governor, Peter J. Smith, is to sign an agreement today with Treasury Secretary, Paul O'Neill, and British Ambassador to the U.S., Christopher Meyer, which will open the vaults of secrecy on Cayman Islands bank accounts.Henceforth, the Cayman Islands will share information with the U.S. government, including the IRS, in an effort to track down tax evaders.

Cisco Accountants Sentenced

The former Cisco Systems Inc. accountants who admitted to stealing more than $5 million in company shares by hacking into the company computer systems have been sentenced to two years and 10 months in prison.In addition, the accountants, Geoffrey Osowski and Wilson Tang, were ordered to pay $7.9 million in restitution to Cisco, including the $5 million that was previously seized by the government.
Community News

Cap Gemini to Slash Workforce

Blaming worsening economic conditions, Cap Gemini, the consultancy that split off from Ernst & Young last year, has requested volunteers for participation in a layoff program that will encompass at least 750 workers in Ireland and the UK and as many as 2,000 worldwide.Nine thousand Cap Gemini employees received a voice mail message last week from a top executive requesting voluntary layoffs. The message was repeated in an e-mail format.

Shortcuts for Printing Excel Worksheets

There are several ways to transfer your Excel worksheet to paper.

Intacct Announces Inventory Management Solution

Intacct® Online Professional Accounting Announces First Integrated Web-based Inventory Management Solution November 19, 2001 (Los Gatos, Calif.)— Intacct Corporation, the leading provider of online professional accounting solutions, today released the first-ever web-based inventory management solution and integrated online accounting system developed specifically for small- to mid-size distribution and wholesale enterprises.

AICPA Gives Out Member Addresses

Citing concerns of fairness and a spirit of cooperation, the AICPA has made addresses of its membership available to opposition voices regarding the ongoing vote on the organization's proposed global credential.

AccountingWEB Weekly Resource Guide - Issue 27

AccountingWEB Weekly Resource Guide - Issue 27November 26 - November 30, 2001RESOURCES FOR ACCOUNTINGWEB MEMBERSThis Resource Guide Brought to You By:SPARDATAandAssociation of Government Accountants1. Disaster Recovery Planning - AccountingWEB Workshop2.
Practice Management

Rate Your Prospects

By Troy Waugh, Waugh & CO, Inc.With a powerful and focused marketing and sales program that generates many leads, the partners find themselves meeting with prospects regularly. The partners’ focus at the initial meetings with a prospect is to understand the prospect’s business and the issues of the company. For example, if the business is not related to a niche in which the firm has expertise, a red flag goes up. If the business is calendar year or price driven, the partners begin to question their capacity to handle the client.

Plan for National Sales Tax Holiday is Shelved

A Congressional push for legislation that would stimulate holiday shopping by providing a national sales tax holiday has met with delays that will likely prevent the holiday from occurring before the end of the year.Although many Senators favor the proposed amendment to a national economic stimulus package, the topic probably won't be discussed in the Senate again until later this week at the earliers.

AICPA Issues Amendments to Independence Rules

The auditor independence quality controls sought and established last year by the Securities and Exchange Commission have resulted in an amendment to the auditor independence rules by the SEC Practice Section (SECPS) of the American Institute of Certified Public Accountants.This amendment is effective January 1, 2002. The SECPS has updated its "Independence" training course to take into account the SEC's new rules.

Intangible goods

How to handle intangible goods in the balance sheet. Is ther a way to add it i.e. football players they are fixed assets but how to count them in the balance sheet. Laso incase a footballer was not purchase i the first place, e.g. Micheal Owne with Liverpool , never sold or bought but valuable fixed assest of Liverpopl FC?Thank you. Amel Almarzouqi

AccountingWEB Weekly News Wrap-Up - Issue 122

AccountingWEB Weekly News Wrap-Up - Issue 122 November 23, 2001 This News Wrap-Up Sponsored by: Up Your Cash Flow Software NEWS AND RESOURCES FOR ACCOUNTINGWEB MEMBERSDisaster Recovery Planning – AccountingWEB Workshop Two Leading Associations To Merge January 1Deloitte Leads the Pack With Advances for WomenEmployers Should Inform Staff of Tax BreakSenate Approves Tax Bill
Community News

Andersen Enron Fiasco Prompts Look at Peer Reviews

The recent news of Enron Corp.'s need to restate financial statements dating back to 1997 as a result of accounting issues missed in Big Five firm Andersen's audits, has caused the Public Oversight Board to decide to take a closer look at the peer review process employed by public accounting firms.In the peer review process, accounting firms examine one another and publish opinions that assure investors that audits performed by the firms comply with accounting standards.

Give Your Brain a Workout

Many companies are embracing a new trend with the expected result of enhancing job performance, intelligence, and creativity. Companies are encouraging workers to engage in brain activities that improve memory and strengthen and preserve brain circuits.Lawrence Katz, professor of neurobiology at Duke University Medical School and co-author of the book, Keep Your Brain Alive, recommends regular exercises to keep your brain fresh and agile. Such activities can include working brain-teasers.
Technology

It's Time to Prepare for Internet Sales Tax

The Gartner research group has issued a warning that the current freeze on Internet sales taxes is temporary at best and that businesses involved in e-commerce should begin now to prepare themselves for the inevitable.Predicting that sales taxes on Internet sales will become a reality by 2003, the group suggests that it's not a matter of whether items will be taxed, it's a matter of when and how much.Gartner recommends that businesses begin planning to accommodate sales taxes by improving their online
Tax

IRS: Exempt Status of Charities Not at Risk

The following article is provided courtesy of CCH, Inc.The IRS has provided guidance to charities regarding payments made by reason of the death, injury or wounding of an individual as a result of the September 11, 2001, terrorist attacks against the United States.

Public Accounting Report Has New Owner

The prestigious accounting publication, Public Accounting Report, which is know for, among other things, its annual list of the Top 100 Accounting Firms, has been acquired by a North American division of Netherlands publisher Wolters Kluwer.
Tax

Senate Approves Tax Relief Bill

The following article is provided courtesy of CCH, Inc.The Senate on November 16 approved, by voice vote, legislation that would provide tax relief to survivors and victims of the September 11 terrorist attacks. The measure, Victims of Terrorism Relief Bill of 2001 (HR 2884), would grant victims' families an exemption from estate and income taxes.Senate Finance Committee ranking member Charles E.
Practice Management

E&Y Bursts Outsourcing Bubble

The trend of outsourcing key functions in the financial services sector has a long-term negative impact on shareholder value, Ernst & Young has found.Senior executives from 26 leading financial service companies said that since they have outsourced major parts of their operations they appreciated the short-term cost saving, but admitted that it could mean a loss of control in their relationship with the customer.Companies are increasingly outsourcing activities that have traditionally been regarded as core, such as check processing, loan administration, and fund management, the study sai
Community News

McGladrey Continues to Grow, and Grow, and Grow

RSM McGladrey, Inc., a division of H&R Block, has acquired the assets of How, Cacchione, Gainey PA, a tax and accounting firm in Naples, FL, effective November 1, 2001."We're looking forward to adding the outstanding professionals of How Cacchione, Gainey to our Naples office," said Tom Rotherham, chief executive officer of RSM McGladrey.

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