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Andersen Leads Pack as Global Tax Consultant

Glob@l Finance magazine has announced that Big Five firm Andersen has been selected as the best global tax consultant for the year 2001. The ranking represents the first annual consultants' ranking by the magazine. The ranking will appear in the magazine's January 2001 issue.Criteria used for the decision included revenues, market share, and growth.

Negligible value claim -faimly co. went into liqudation

I had a client with faimly co.(Ltd) which went into liqudation and owed total of £140,000 and director/shareholder owned £1, one ordinary share. But out of £140k the director/shareholder lost about £36000 (director loan account). Am I correct to calculate the capital losses as follow:Sale proceeds £nilCost £1Loan a/c £36,000Total cost £36,001Total capital loss of £36,001 which should be available to off-set against other income under s575(1)(c)ICTA 1988 and in accordance with ESC D46 with s24 TCGA 1992.Please help!Peter Peter

Comments Released on Computerization of CPA Exam

Last March, the American Institute of Certified Public Accountants' and the National Association of State Boards of Accounting's joint Computerization Implementation Committee (CIC) issued its paper on computerizing the national Unified CPA Examination. Comments were requested on the paper, and those comments have now been made public.Comments were received from 227 interested parties; 56 of the 227 were from members and executive directors of state accountancy boards.Key responses include:88% of respondents support the value proposition for revising the CPA exam.

Accenture's Dubious Achievement for 2001, the Internet's premier global language portal and home of more than 1,800 dictionaries representing over 230 languages, has announced the publication of its Top Ten Word Lists of 2001. In addition to the Top Ten Words of 2001 are lists of Top Ten Names of 2001, Top Ten 9/11-Related Words, Top Ten California Youth-Speak, Top Phrases of 2001, Best New Product Names, and more.Of special note is the Worst Corporate Names Changes list on which consultancy firm Accenture placed in second spot.

E-Mail Tip: Remove Annoying Greater-Than Symbols

Sometimes when you receive an e-mail message that has been forwarded from someone else, the message is filled with > (greater than) symbols, vertical bars, asterisks, or other symbols indicating the message has been copied. If you try to forward the message to someone else, the situation is worsened because the symbols are duplicated in the copied message.You can remove these annoying symbols once and for all with a nifty little Internet utility that enables you to copy and paste the symbol-filled message into a magic stripping window, click a button, and presto!

IRS Pays Bounty to Tax Informants

The IRS encourages citizens to blow the whistle on tax scofflaws by offering a reward somewhere in the range of 1% to 15% of the total amount collected. The total reward cannot exceed $2 million.Although the tax agency wants to hear about citizens who are avoiding taxation, the quantity of rewards actually paid is rather low. In the fiscal year ended September 30, 2000 the IRS paid 382 rewards to informants for a total of approximately $10.8 million.Potential informants should remember that the leads they provide the IRS must be concrete and must lead to actual tax collection.
Community News

KPMG Reports Record Revenues of $11.7 Billion

KPMG International, the global professional services organization, has reported record revenues of $11.7 billion for the fiscal year ended Sept. 30, 2001. KPMG Chairman Stephen G. Butler announced that KPMG International recorded a robust growth rate of 9 percent in dollar denominated terms, compared with last year's total revenues of $10.7 billion.
Community News

UC Hopes to Lead Class Action Suit Against Andersen, Enron

The University of California (UC), the nation's largest university system, has announced plans to join a class action suit against 29 senior executives of the failed Enron Corp. and Big Five accounting firm Andersen. The University claims it lost $145 million in Enron's collapse and seeks to be the lead plaintiff in the class action suit.

SEC to Examine Fortune 500 Annual Reports

In light of the recent collapse of energy giant Enron, the corporation finance division of the Securities and Exchange Commission will review the annual reports of the nation's Fortune 500 companies in an attempt to seek out accounting red flags.The agency will look for financial statement disclosures that may not follow accounting rules or may not be clear enough for investors to understand."Anything that improves the level of accounting and disclosure in corporate America is a good idea for our financial markets and for investors in general - if it's an actual program as opposed to jus

IRS Announces Amnesty Plan on Tax Shelters

The Internal Revenue Service has announced an initiative that is aimed at encouraging taxpayers to disclose tax shelters and other questionable items reported on their tax returns.The disclosure initiative is another in a series of steps the IRS and Treasury have been taking to identify and shut down tax shelter activity.
Community News

Accenture Exceeds 1st Quarter Expectations

Accenture Ltd., the world's largest consulting firm, formerly a part of Big Five firm Arthur Andersen, has announced that the firm will exceed analysts' expectations with operating results for the first quarter which ended November 30.With reports of earnings in the 24 to 25 cents per share range and net profits expected to be 6.8% over Credit Suisse First Boston's forecasts, Accenture's stock rose to a 52-week high of $27.81 last week."Our strong performance demonstrates o

James Eads Appointed Director of IRS Division

The Internal Revenue Service has announced the appointment of James R. Eads, Jr., as the Director, Electronic Commerce, in its Large and Mid-Size Business (LMSB), International Division.As Director of Electronic Commerce, Mr. Eads will lead the IRS's strategic efforts to plan, develop, and implement programs and initiatives relating to tax administration and compliance issues associated with the conduct of business electronically, other than e-filing.

Why Aren't Audit Reports More Like Movie Reviews?

The following opinion piece was written by Paul Clikeman, Associate Professor of Accounting at the University of Richmond, and published initially on the Accounting Education using Comupters & Multimedia Listserve. Your comments and opinions on this piece are welcomed!When Roger Ebert reviews a movie, he communicates his opinion in three ways.

Tax Webcast Describes Changes for 2002 Filing Season

Earlier this week, "Tax Talk Today" panelists brought good news to the millions of U.S. tax professionals as they discussed the major changes that await practitioners in the 2002 filing season. In a live Webcast, experts from the IRS, the National Association of Enrolled Agents, and the Tennessee Society of Enrolled Agents, advised viewers that filing in 2002 will be simpler, faster, and safer for their clients as a result of the new reforms.

Americans Prefer Filing Tax Returns to Flying

The latest report of the American Customer Satisfaction Index shows that individuals rank the IRS over airlines in terms of satisfaction with federal government agencies and other consumer services.The IRS garnered a satisfaction rating of 62% in the survey, representing an 11% increase over 2000 rating of 56%.

IRS OKs Tax Payments by Debit Card

The following article is provided courtesy of CCH, Inc.The IRS has adopted final regulations authorizing the Commissioner to accept payment of internal revenue taxes by credit card or debit card and to limit the use and disclosure of information relating to the payment of taxes by credit card and debit card.

Big Five Accountants Named to SEC Positions

On Thursday, President Bush announced his appointments of two Big Five accountants to fill two commissioner vacancies on the five-member Securities and Exchange Commission.Paul S. Atkins and Cynthia A. Glassman will assume five-year terms if they are confirmed by the Senate.Mr. Atkins is a partner at PricewaterhouseCoopers in Washington, D.C. and has held various positions with the SEC, including chief of staff and counselor.Ms. Glassman is a principal at the Washington, D.C.

Federal Lawmakers Fail in Push for Stimulus Bill

The clock kept ticking, and members of various congressional committees kept arguing, and in the end, the vast economic stimulus package was left on the cutting room floor.The hope was for agreement on various features that would boost spending and put more money into the economy.

New Social Security Proposals Unveiled

The following article is provided courtesy of CCH, Inc.Following the recent release of Social Security reform proposals by a presidential commission, congressional leaders unveiled proposals of their own that would establish personal retirement accounts within the system.The Social Security Guarantee Plus Plan (HR 3497) was introduced on December 13 by House Ways and Means Social Security Subcommittee Chairman E. Clay Shaw, Jr., R-Fla.
Practice Management

Generation X Study Offers New Answers to Old Questions

Big Five firm Ernst & Young and General Electric teamed up to sponsor a study of the thoughts and ideals of Generation X professionals in the workplace.


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