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.

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.

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 ( 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.

IRS Releases 2002 Withholding Tables

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

Enron: Andersen Hits Back after $1B Lawsuit Threat

Andersen chief executive Joe Berardino has lambasted the financial reporting system as it was hit by a $1 billion legal threat from disgruntled former employees of the energy giant Enron.According to an article in the British newspaper, The Times, members of Enron's retirement plan are seeking the damages, together with the return of Andersen's fees, in the first shot in what could be a lengthy battle for compensation in light of the $80 billion lost at Enron.
Community News

Big Five Vow To Improve Standards

Facing up to a raft of negative publicity for the accounting profession in light of Big Five firm Andersen's association with failed energy giant Enron, members of all of the Big Five firms joined proverbial hands on Tuesday and vowed to uphold higher standards in the future."When businesses fail and public confidence wanes, all involved in the capital markets have a responsibility to actively seek to understand the core problems and pursue meaningful solutions," the chief executives of Andersen, KPMG, Deloitte & Touche, PricewaterhouseCoopers and Ernst & Young

Washington Post Articles Take Aim at Accountants

The Washington Post has begun a series of articles that place the accounting profession under a microscope.
Community News

BDO Seidman Contacts AICPA Members re Global Credential

Accounting firm BDO Seidman, 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:Subject: Please Vote NO on Proposed Global Credential To our Colleagues: We find ourselves at a critical professional crossroads.
Community News

KPMG Consulting Gets High Marks from Georgia Teachers

KPMG Consulting has been awarded a $22.5 million contract to set up a software system to administer the pension fund of the Teachers Retirement System of Georgia (TRSGA).The group chose KPMG Consulting because of the "extensive experience with the public retirement systems and large-scale systems integration projects" of the firm's National Retirement Practice.TRSGA serves approximately 250,000 members and manages $38 billion in pension funds.

IRS Warns of Sham Charities Looking for Used Cars

The IRS is warning taxpayers to watch out for charities that are clamoring for used car donations as the year winds down. The last month of the year is typically a busy time for charities to collect from taxpayers hoping to generate a year-end tax deduction.Before donating a vehicle to charity, the IRS suggests you make sure the charity is a bona fide tax exempt organization, which you can do easily by examining IRS Publication 78, Cumulative List of Organizations.

E&Y Web Site Recognized Among CIO`s Top 50

CIO Magazine has announced winners in its fifth annual CIO Web Business 50 Award program, which honors outstanding web sites across business, government, and non-profit platforms.Ernst & Young's The Branding Zone, Web site was included among the 2001 winners. The Branding Zone is an intranet and extranet Web site that provides resources for E&Y professionals and select vendors for protecting and enhancing the firm brand.
Community News

PwC Program Wins Government Tech Leadership Award

PwC Consulting, a business of PricewaterhouseCoopers, has announced that eArmyU, the e-learning portal developed and operated by PwC Consulting for the U.S.
Community News

Andersen Denies Rumor of Merger

Once again, Big Five firm Andersen is trying to put to rest the rumor of a possible merger. Joe Berardino, Andersen's global managing partner and chief executive, stated this week that the firm intends to continue making acquisitions and foster associations with other firms, but no plans are on the table for a merger.In particular, Andersen hopes to build its Andersen Worldwide legal network, particularly in Great Britain. Associations with law firms in the U.S.

The Top 20 Stories on AccountingWEB

Official Word From the IRS on Tax RebatesNew Rankings: Top 100 Accounting FirmsTen Quick Internet Tips To Save You TimeAccountants' 2001 Salary Survey ResultsDeloitte New York Offices Destroyed In Terrorist Attacks16 Sure-Fire Ways to Get Your Tax Return AuditedWhat Do You Think About the 'XYZ' Credential?Tips for Passing the CPA Exam

AccountingWEB Weekly Resource Guide - Issue 28

AccountingWEB Weekly Resource Guide - Issue 28 December 3 - December 7, 2001 This Resource Guide Brought to You By: Oracle E-Business Suite and PPC1. Disaster Recovery Planning2. Welfare to Work Tax Credit Can Benefit Your Company3. IRS Issues New Industry Guidelines4.

Virus Alert: W32/BadTrans Worm Spreading

Over the weekend, home e-mail users have reported the spread of a new e-mail worm that targets vulnerabilities in Microsoft Outlook and Outlook Express to send itself to unanswered e-mail in the user's inbox.According to user reports and virus resource sites, W32/BadTrans arrives with a message subject heading beginning with "Re:" - and often nothing else. The e-mail carries an attachment with two variable filename attachments; however, Windows may hide the existence of the second file extension from the user.
Community News

PwC Sacks 1,100 at Enron as SEC Targets Andersen

Administrators from PricewaterhouseCoopers have cut 1,100 UK jobs at the European holding company of the Enron group - just as U.S. watchdog the Securities and Exchange Commission announced that it plans to investigate the work of Andersen, auditors for the troubled energy group.PwC's Tony Lomas commented, "The over-riding priority is to preserve the valuable parts of the business and to reduce the cash needs of the business whilst seeking to secure the future of certain Enron businesses and its employees." Only around 250 Enron staff will be left working in the UK.


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