News

Missing Field on Order Form - ACPA International

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Tax

Mellon Bank Tax Return Problem Gets Worse

Earlier this year it was disclosed that, in the spring of 2001, employees at Pittsburgh's Mellon Bank tax processing center, responsible for processing tax returns for the states in the northeast, hid and in some cases destroyed by shredding at least 40,000 federal income tax returns and accompanying payments.The amount of the destroyed tax return checks was estimated to be at least $810 million.Now it appears that the number of mishandled tax returns excee
Tax

End-of-Year Tax Strategies for Investors

By Julian Block, attorney and former IRS investigatorTime is running out on your opportunities to save taxes for 2001. Here are some tips to guide you in your search for steps to take by Dec. 31.CAPITAL GAINS. There is a break for long-term capital gains from sales of stocks and other investments owned more than 12 months. The top rate is 20 percent, versus a top rate of 39.1 percent for "ordinary income," which is IRS jargon for income from sources such as salaries, business profits, dividends, and interest.CAPITAL LOSSES.
Community News

KPMG Humorless Over Disclosure of Company Anthem

Chris Raettig, a 22-year-old technical strategist working in London, maintains a Web site where he provides an online journal and bits of interesting trivia for what at one time was a small group of friends and other visitors. Earlier this year Mr. Raettig added a page to his Web site where he began compiling corporate anthems that he was able to locate on the Internet and from other sources. "Because they were amusing I decided to try and track down more of them," Mr. Raettig explains.
Community News

POB to Oversee Deloitte Peer Review of Andersen

The Public Oversight Board, the group that, among other tasks, oversees the peer review process required of all public accounting firms that audit publicly held companies, has decided to take an active role in the expanded peer review that Deloitte & Touche is providing to Andersen.Andersen announced last week it has requested the expanded review as a result of the recent news of Enron's misstated financial statements."We're looking at the systems and specific areas affected by the

CRM Revenues Forecast to Increase Nearly 20 Percent

A new in-depth study on CRM spending by Aberdeen Group chronicles the expected spending for critical market segments, which include sales force automation, marketing automation, customer service automation, field service management, help desk, and partner relationship management. Despite current economic conditions, the research indicates that the worldwide market for CRM will resume growth by 2002. As a result, revenues are forecasted to increase at 19.9% over the next five years.

SEC Releases Regulation Fair Disclosure Study

As promised, the Securities and Exchange Commission has revisited the issues that concern publicly held companies regarding Regulation Fair Disclosure, the ruling that requires publicly held companies to provide information that could influence the purchase of shares simultaneously to every potential investor. Earlier this year, during confirmation hearings, SEC Chairman Harvey Pitt expressed his support of Reg FD, but stated his intention to examine complaints about the regulation should he be confirmed as SEC chairman.

XYZTalk Distributes Global Credential Opposition View

The Internet site XYZTalk.com, having been provided with access to the AICPA membership mailing list, has dispatched its position letter on the proposed global business credential, the Strategic Business Professional (IISBP).This is the text of that letter:Fellow AICPA Member and Fellow Trustworthy CPA: Please, if you care at all about your profession, about your future, about your career, about the future careers of Certified Public Accountants, I beg you to keep reading this email. I have kept it short and sweet and provided links for more information.

AccountingWEB Weekly News Wrap-Up - Issue 124

AccountingWEB Weekly News Wrap-Up - Issue 124December 7, 2001This News Wrap-Up Sponsored by:Oracle Small Business Suiteand1099 PRONEWS FOR ACCOUNTINGWEB MEMBERS1. Enron: Andersen Hits Back after $1B Lawsuit Threat2. IRS Releases 2002 Withholding Tables3.

Report Says Auditing Review Process Lacks Discipline

In the second of a series of two articles about the accounting profession, The Washington Post staff writers investigate the disciplinary process in place in the accounting profession.The reporters examined hundreds of cases of disciplinary action against accountants and found, for the most part, that accountants rarely face public accountability. "The deterrent effect that's necessary is just not there," according to Douglas R.

Missing Field on Order Form - Moore Stephens North America

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Missing Field on Order Form - Leading Edge Alliance

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Missing Field on Order Form (INPACT Americas)

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Education & Careers

2002 Accountants Salary Guide Released

Robert Half and Accountemps have released their new 2002 Salary Guide, designed to provide comprehensive data on average starting salaries for accounting and finance professionals.Salary ranges for 2002 are based on actual starting compensation in 2001. the information in the guide is derived from the job searches, negotiations, and placements conducted by Robert Half International's U.S. offices.Salaries projected in the guide reflect salaries at the time of hire and exclude bonuses and other factors that may be included in a starting compensation package.
Tax

IRS: Lower Interest Rate on Tax Over/Underpayments

The IRS has announced the following new quarterly interest rates for overpayments and underpayments of taxes, all of which represent a drop of one percentage point: 6% for overpayments 5% for corporate overpayments 3.5% for the portion of a corporate overpayment exceeding $10,000 6% for underpayments The new interest rates will be effective for the quarter beginning January 1, 2002.
Technology

Virus Alert: New Virus on the Loose

Hot on the heels of the Badtrans worm comes a new threat to the world's computer systems.The Goner virus has "Hi" in the subject line, and e-mails itself out to all users in Outlook Address Books. It then attempts to delete several files, including anti-virus software. Users are being told to delete the e-mail as soon as they receive it, and on no account open the Goner.scr attachment. The mail reads, "When I saw this screen saver, I immediately thought about you.

SEC Fires Warning Shot Over Tech Statements

The Securities & Exchange Commission (SEC) has told investors to be wary of the financial statements of many high-tech companies.Its latest Investor Alert has cautioned against taking pro forma announcements - the kind favored by companies such as Amazon, Yahoo and Cisco - at face value.The watchdog agency said such statements should be treated with "appropriate and healthy skepticism.""Because 'pro forma' financial information by its very nature departs from traditional accounting conventions, its use can make it hard for investors to compare an issuer's financial information with ot

Refinancing Advice for Your Small Business Clients

Contributed by Chris Lehnes, Vice President of Business Development for CIT Small Business Lending Corporation"Cash is king." This saying has become a cliché over the years, but to a small business owner, it could not be more true.

Wolters Kluwer Acquires Execusite

Provider of Customized Web Sites for Accounting Professionals Will be Integral Component of CCH Destination Site Strategy(CHICAGO, December 5, 2001) - Wolters Kluwer said today that it has acquired Execusite, Irvine, Calif., the leading provider of quality web site solutions for accounting and tax professionals. Execusite (execusite.com) will become part of CCH Tax Compliance, Torrance, Calif., and have a critical place in the further development of specialized applications for Tax.CCHGroup, the recently launched destination site created by CCH Tax Compliance, CCH U.S.
Tax

IRS Releases 2002 Withholding Tables

The IRS has released the income tax withholding and advance earned income credit payment tables for 2002.

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