News

A&A

When Reservists are Called to Duty – What Your Company Should Know

In light of the September 11 terrorist attacks, businesses around the country may find themselves having to adjust frequently as reservists are called upon to serve their county. Two issues that companies may face when their employees are called upon, is how to replace them or handle their immediate responsibilities. A second issue is what to do about salary and benefits – should you as a company continue paying reservists or guard members or provide their families with health insurance?
Community News

FASB Chairman Ed Jenkins to Retire in June

Edmund L. Jenkins, Chairman of the Financial Accounting Standards Board (FASB), has announced his intention to reetire at the end of his term on June 20, 2002.Mr. Jenkins has been a tireless advocate for the profession through several positions, culminating in 1997 with his election to his current post as Chairman of the FASB. His 38 year career at Arthur Andersen was highlighted in 1991-1994 when he served as Chairman of the AICPA's Special Committee on Financial Reporting that became known as the "Jenkins Committee." Mr.

New York CPAs Vote Against XYZ At AICPA Council Meeting

CPAs representing the New York State Society of Certified Public Accountants (NYSSCPA) voted against a resolution supporting the controversial global credential at the Fall Meeting of the American Institute of Certified Public Accountants (AICPA) Council here.A rare written ballot was approved 157 to 62 by those Council members voting of 265 total Council members, giving the green light to a general membership vote at the end of October that will decide the fate of the controversial designation."NY CPAs voted against the resolution loudly and clearly because our members oppose this crede
Tax

Employees: Trade Days Off For Cash Donations

The IRS has announced that programs allowing workers to swap unused leave time for financial contributions from their employer for terrorism relief do not constitute gross wages or income of an employee.For workers, such arrangements will be a non-issue on tax returns. The IRS says it won't view the programs as giving workers any taxable benefit from their employer.

CCH's CompleteTax Pro Lets Firms Profit from Do-It-Yourselfers

(RIVERWOODS, ILL., October 25, 2001) - Now there's a way for tax professionals to actually profit from the growing trend of do-it-yourself online consumer tax preparation, according to CCH INCORPORATED (CCH), a leading provider of professional tax software and services. CompleteTax ProTM is a turnkey solution from CCH that can build a firm's practice, enhance its web presence and open a new revenue stream with a minimal commitment of staff time and firm resources.

Woman's CPA Society Takes Stand Against FASB Ruling

Should the events of September 11 qualify for treatment as an extraordinary event as defined by FASB?On September 20, FASB's Emerging Issues Task Force decided against the use of an extraordinary item treatment for losses incurred in connection with the recent terrorist attacks.The National Executive Board of the American Woman’s Society of CPAs (AWSCPA) this week has taken a stand against the recent pronouncement and is encouraging the FASB
Community News

KPMG: $9M Settlement in Medicare Fraud Case

Allegations that Big Five firm KPMG helped the nation's largest for-profit hospital chain cheat Medicare and Medicaid will be resolved by a $9 million settlement by the firm.KPMG this week agreed to settle out of court in a case that last year slapped their client the Columbia Hospital Corporation with over $840 million in criminal fines for defrauding government health care programs.The case alleged that KPMG filed false claims on behalf of Basic American Medical Inc. and later Columbia Hospital Corp. that allowed them to collect on costs they knew were not allowed.
Tax

IRS Hosting 'Problem Solving Day' on Saturday November 3

The Internal Revenue Service will hold a Problem Solving Day on Saturday, November 3, especially for taxpayers who need to resolve federal tax issues and can’t take advantage of weekday problem-solving service.“This is a special day for taxpayers who need help,” said IRS Commissioner Charles O. Rossotti. “It’s one more way the IRS goes the extra mile to help taxpayers.” Nationwide, 43 IRS Taxpayer Assistance Centers will be open from 9 a.m. to 3 p.m.
Tax

House Passes $100B Economic Stimulus Bill

A razor-thin 216-214 vote in the House of Representatives Wednesday clears the way for President Bush's Economic Stimulus package to find an even less friendly audience in the US Senate.The desire to kick-start the economy as a result of slowdowns since September 11 is shared by all, but Democrats disagree with the approach and claim the package is back to "partisan politics at its best."Highlights of the Economic Stimulus Package (costs are ten year estimates from the Joint Committee on Taxation):IndividualsGive rebates of up to $300 for individuals, $500 for heads
Technology

Maximizing PowerPoint to Deliver Your Message

The following article was contributed by Roman Kepczyk, President of Info Tech Partners North America. For additional information, visit their web site at www.itpna.com.Microsoft PowerPoint is an incredibly powerful presentation tool to help you visualize and deliver virtually any message. Many firms use it to improve training, market firm information, and deliver engagement proposals and results.

Intacct Online Professional Accounting Announces Application Partnership with salesforce.com

October 24, 2001 (Los Gatos, Calif.)— Intacct Corporation, the leading provider of online professional accounting solutions, today announced an application partnership with salesforce.com, the market leader in online customer relationship management (CRM) that will integrate salesforce.com’s online CRM solution with the Intacct online professional accounting system.

AICPA Council Votes to Support Global Credential

The governing Council of the American Institute of Certified Public Accountants (AICPA) overwhelmingly supported, by a vote of 157 to 62 (71.7 percent), the development of the proposed new global credential at its fall meeting this week.The member referendum, which will be mailed October 29, 2001, asks members to vote on a change to the AICPA bylaws that would explicitly recognize the Institute's authority to create a new, self-funded organization to grant an interdisciplinary global credential in the United States, on behalf of the International Institute of Strategic Business Professional

AICPA Elects New Chairman

James G. Castellano has officially begun his term as Chairman of the Board of Directors of the American Institute of Certified Public Accountants (AICPA), replacing Kathy G. Eddy. The AICPA has approximately 340,000 members comprising CPAs in business and industry, public practice, government, and education.Mr. Castellano assumed the one-year AICPA leadership post at the Institute's Fall Council meeting this week in Miami. In his inaugural remarks, Mr.
Technology

A Merriam-Webster Dictionary For Your Toolbar

The functionality of the big thick dictionary that we all used to carry to school is now just a mouse-click away.AccountingWEB is pleased to introduce to you the Merriam-Webster Dictionary Lookup Button. Add this helpful tool to your browser's toolbar, then just highlight a word in a Web page and click the button.Merriam-Webster Online will provide you with the pronunciation, definition, and derivation of the word. It's free -- and easy to install.

SEC Chairman Wants to Shift Focus

The new Securities and Exchange Commission chairman, Harvey Pitt, is intent on shifting the focus of the SEC from prosecuting corporate financial fraud to improving financial disclosure. "I believe violations of law, if they occurred, have to be pursued with vigor," said Mr. Pitt," but I'm more concerned about protecting investors before violations occur."Mr.
Tax

Senate Considers 50% Bonus Depreciation Legislation

Senator Orrin Hatch, R-UT, a member of the Senate Finance Committee, has introduced legislation that would provide a temporary 50% bonus depreciation deduction for all businesses that purchase fixed assets during the period between September 11, 2001, and July 1, 2002.The Economic Stimulus Through Bonus Depreciation Act of 2001, Senate bill 1553, offers businesses the 50% first-year bonus depreciation in addition to the normal depreciation deduction, computed as if the bonus depreciation did not exist.

Top Books of the Top 100 of 2001

Recently, Accounting Today announced its annual list of the 100 Most Influential People in Accounting for the year 2001. Many people named on the list shared their most recent reading experiences.
Tax

IRS Clarifies 401(k) Catch-Up Rules

New proposed Treasury Regulations expected to be published in today's Federal Register will clarify certain areas of confusion regarding the age 50 catch-up rules for 401(k) plans that were introduced as part of last year's tax act.The new tax act provides that employees who are 50 or older are entitled to make catch-up contributions totaling $1,000, in addition to their regular maximum contributions, to a company-sponsored 401(k) plan.

CPA2Biz May Ease Restrictions on State Associations

The original plan for state CPA association partnership with the AICPA's for-profit Web site, CPA2Biz, called for a 10-year commitment with an automatic 10-year renewal and a hefty fine for leaving the fold. In addition, participating states would transfer ownership of certain affinity programs to CPA2Biz.

New War Bonds Provide Patriotic Investment Option

A revival of the popular World War II war bonds is anticipated next year as Congress votes to reinstate the once-popular patriotic investment and encourage national economic support of the anti-terrorism effort.The Senate has already passed a bill to authorize the issue of war bonds, and the House is expected to follow suit quickly. Proceeds from the sale of war bonds go to the government untargeted, so the money can be used at the discsretion of the federal government.

Pages


Already a member? log in here.