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Accenture Shows PwC Auditors the Door

Accenture is dropping PricewaterhouseCoopers as its auditors, effective upon completion of the current financial statements, which should be finalized by the end of November.Indicating that the reason for the decision to cut PwC loose is based on the competition between the two companies, an Accenture spokeswoman stated, "When we hired them they had every intention of selling their consulting practice.

Social Security Administration Debates Privacy Issue

Officials of the Social Security Administration (SSA) are facing concerns over the necessity to protect the privacy of American citizens in light of the September 11 terrorist attacks.The SSA chief criminal investigator feels the agency has a responsibility to disclose personal tax records, Social Security numbers, and other data to law enforcement agencies investigating terrorist activities.
Technology

IRS Adding New Features to Web Site

IRS Commissioner Charles Rossotti has announced plans for changes that taxpayers can expect on the IRS Web site, www.irs.gov.Several electronic services are expected to be added to the IRS Web site by the 2002 tax filing season, including:A feature that enables taxpayers to confirm that their tax return has been received by the IRSA feature that allows taxpayers to check the status of their tax refundsA personal identification number that taxpayers can select themselvesThe ability to make electronic paym

IASB Makes Progress with Global Reporting Agenda

The International Accounting Standards Board (IASB) today published an Exposure Draft of a "Preface to International Financial Reporting Standards." The Exposure Draft is available on IASB’s web site. Printed copies of the Exposure Draft will be mailed to IASB subscribers and additional copies can be ordered from the IASB.

AccountingWEB Weekly News Wrap-Up - Issue 120

AccountingWEB Weekly News Wrap-Up - Issue 120November 9, 2001This News Wrap-Up Sponsored by:Oracle Small Business Suiteand 1099 Pro, IncNEWS FOR ACCOUNTINGWEB MEMBERS1. IRS Announces New Mileage Rates for 20022. It's Time to Vote on the IISBP Credential: Download Ballot Now3.
Tax

Employers Should Inform Staff of Tax Break

The IRS has released Announcement 2001-106, Tax Saver's Credit for Contributions by Individuals to Employer Retirement Plans and IRAs, in which the new Tax Saver's credit is explained. The IRS is encouraging all employers to inform employees now of this new tax saving procedure which becomes effective January 1, 2002.
Practice Management

KPMG Makes Advances in U.S. Legal Arena

Accounting firms have been hiring lawyers for years. In the United States, however, lawyers and accountants are not allowed to share a practice, offering both legal and accounting services out of the same office. Outside of the United States it's a different story. Accounting firms in much of the rest of the world provide legal services to clients.

DC and Florida CPA Societies Take Stand Against IISBP

The governing council of the American Institute of Certified Public Accountants has agreed to let its members vote on the controversial proposed global business credential, Strategic Business Professional (IISBP). Members are being asked to vote on whether or not the AICPA can amend its bylaws to read that the organization has the right to create a new organization on behalf of IISBPs.

AICPA to Host IISBP Teleconferences

The American Institute of Certified Public Accountants has announced plans to host two live teleconferences during which participants will be able to listen to an explanation of the new proposed global business credential, Strategic Business Professional (IISBP).
Tax

IRS Closes Tax Loophole for Homeowners

For a brief period of time, the capital gains tax rule that went into effect last January favored high-end homeowners in an unexpected way. The new rule, which permits special lower capital gains rates for property acquired after January 1, 2001 and held for at least five years, offers an opportunity for people who owned property on January 1, 2001 to treat the property as if was sold on that date and restart the capital gains clock.
Tax

IRS Extends New Low Tax Rates to Dependents

During the tax rebate program this past summer, dependents did not qualify for the rebate. However, the new tax forms that have been recently released by the IRS tell a slightly different story.The statutory language of the tax law indicated that dependents would not be eligible to share in the new low 10% tax rate on the first $6,000 of taxable income ($12,000 of taxable income for married couples) until 2002.

Thoughts from Manhattan - Part 4: Taking a Flight Out West

by David Miller, AccountingWEB memberNovember 4, 2001Take a flight out west? Are you kidding?Newark airport, 5:30 a.m on a Thursday morning."Early" has a new meaning. As in: arriving at Newark International Airport almost three hours before your flight - gives you barely enough time.The mood: Capital N Nervous. As in "a long-tailed cat in a room full of rocking chairs." We were not the only skittish ones. Everyone was eyeballing every traveler.
Education & Careers

How to Keep Your Contacts and Make Them Work

By Beth Jackson, reprinted from www.CareerBank.comNetworking is a matter of maintaining relationships with people who can assist you in your future professional objectives. These people could be bosses, coworkers, subordinates, competitors or golfing buddies. The following is a short list of tips to assist in launching and maintaining a viable professional network.Make a conscious decision of whom you want to keep in contact with for your network. A large list of contacts can be a burden to maintain.

Today's Workers Are Judged by Emotional Intelligence

Workers are being gauged by a new yardstick. Smart dress, sound training and expertise are important, but these days, people are increasingly measured on how well they handle themselves and others.
Tax

IRS Announces New Mileage Rates for 2002

The standard rate of mileage for business use of a vehicle is set to increase again, effective January 1, 2002. The current rate is 34.5 cents per mile. For 2002, the new rate for business mileage will increase two cents to 36.5 cents per mile.The mileage rate for medical and moving expenses is also set to increase.

Andersen Accounting Research Manager with FREE SEC Training

Through May 31, 2002, U.S. Accounting Research Manager subscribers have free access to Andersen's SEC training courses (certain restrictions apply).* The free access celebrates Accounting Research Manager's five-year anniversary as the first Internet database of comprehensive accounting and SEC literature. Learn more how you can get financial reporting guidance, complete with SEC training and CPE!

MA CPAs and Financial Pros Offer Aid to 9/11 Families

The Massachusetts Society of Certified Public Accountants (MSCPA) has announced its intention to offer complimentary assistance in the areas of tax, financial, and accounting matters arising from the September 11 terrorist attacks.Members of the Society are available to provide such assistance.

More States Weigh in on Proposed Global Credential

Two more states have been heard from regarding their position on the AICPA's proposed global business credential, formerly referred to as "XYZ" and recently named Strategic Business Professional (IISBP).
Tax

U.S. Tax Court Mail Service Disrupted

Mail service to the U.S. Tax Court has been disrupted since October 19 due to the temporary closure of the U.S. Postal Service facility that serves the Tax Court. No mail delivery to the Tax Court has occurred since October 19, and no date has been announced for resumption of mail delivery.Parcels delivered to the Court by courier have not been affected by the postal service closure.U.S. Tax Court Chief Judge Thomas B. Wells announced yesterday that legible U.S. postmarks on mail items will suffice as evidence of timely filing, even if the items are received after a deadline date.
Technology

PPC Offers Online Financial Planning Solution

PRESS RELEASEPPC, one of the nation’s leading solutions providers for tax and accounting professionals, says its customers and their clients can now "connect, communicate and collaborate" over the Internet for "total life cycle" personal financial planning. PPC’s new Personal Financial Center (PFC) offers the unique combination of PPC’s exclusive and respected engagement guidance and software tools for CPAs, together with powerful new online financial planning software applications for professional advisers, as well as consumer-oriented software and content for the client.

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