News

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.

Social Security Beneficiaries Get Modest Increase

Contact:NEIL ALLEN847-267-2179allenn@cch.comMARY DALE WALTERS847-267-2038mediahelp@cch.com(RIVERWOODS, ILL., October 23, 2001) - Social Security beneficiaries in 2002 will see a modest increase in their monthly checks, according to CCH INCORPORATED (CCH), a leading provider of tax and payroll law information and software.

For Top Earners, Payroll Tax Takes Bigger Bite Next Year

(RIVERWOODS, ILL., October 23, 2001) - Despite cuts in income tax rates scheduled for next year, payroll taxes for some highly-paid wage earners just went up by $279 for 2002, according to CCH INCORPORATED (CCH), a leading provider of tax and payroll information and software. This is the result of a projected increase in the wage base on which Social Security taxes are due, from $80,400 in 2001 to $84,900 in 2002.The tax increase will show up in the amount of FICA (Federal Insurance Contribution Act) tax deducted next year from the paychecks of those earning above the 2001 wage base.

AccountingWEB Weekly Resource Guide - Issue 23

AccountingWEB Weekly Resource Guide - Issue 23October 22 - 26, 2001RESOURCES FOR ACCOUNTINGWEB MEMBERSThis Resource Guide Sponsored by: SPARDATA Business Valuations1. Workshop: Moving from Accessibility to Universal Access: Bridging Today's Techniques and Tomorrow's Web2. An Alliance of Tax Firms Available to All3. "XYZ" - National Conference of CPA Practitioners Speaks Out4. Business Valuations - Free Information Kit5.
AccountingWEB Life

Good Planning Requires A Multi-Disciplinary Team

Comprehensive Planning Is Necessary To Best Serve Your Client - Good Planning Requires A Multi-Disciplinary Team
Tax

IRS Launches New Program to Nab Professionals

The IRS is using state professional licensing agencies to help identify taxpayers who have current licenses and are therefore probably working and earning a living. Matching names with IRS computer records to determine if these professionals are filing tax returns, the IRS hopes to zero in on millions of tax evaders.Working with the Minnesota Revenue Department, the IRS has begin matching W-2 information and data from 1099 and 1098 forms with names of professionals with active state licenses, including lawyers, real estate brokers, accountants, insurance agents, and others.

New Rankings: World's Most Expensive Cities

William M. Mercer Consulting has released its new list of the world's most expensive cities in which to live. Topping the list is Tokyo, Japan, which was also ranked in first place last year. New York City, with its eighth place ranking, is the only U.S. city in the top 10. The 10 cities with the most expensive living costs in the world are:Tokyo, JapanMoscow, RussiaHong KongBeijing, ChinaOsaka, JapanShanghai, ChinaSt.
Tax

2002 Social Security Wage Base Announced

The Social Security Administration has announced the new wage base for application of Social Security tax withholding, effective January 1, 2002. The taxable wage base will increase 5.6% from $80,400 to $84,900.This increase will have the effect of raising the amount of Social Security tax paid by individuals making at least the maximum in Social Security taxable wages by $279, bringing the total tax to $5,263.80.
Technology

Improve Customer Service Using MS Outlook

In today's competitive market, customers expect fast answers when they use e-mail to contact you or your firm. Although you don't have to find an answer to the customer's question, resolve his complaint, or put together a quote within minutes, you do need to acknowledge that you have received the client's message and that you are working on providing the requested information. This part of customer relations can be easy to do with Microsoft Outlook.

A-Z Index of AccountingWEB

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Tax

Depreciation Rules Change Due to Terrorist Attacks

The IRS has issued Notice 2001-70 on Disaster Relief From Application Of Mid-Quarter Convention in Tax Code Depreciation Rules. In this notice, the IRS relieves taxpayers from using the mid-quarter convention for computing depreciation expenses.Recognizing that since the September 11, 2001 terrorist attacks many taxpayers may have encountered difficulty completing acquisitions and placing in service of property in accordance with plans made earlier in the year, the IRS has decided to soften the rules regarding the mid-quarter convention.

AuditWatch Strengthens Management Team

September 14, 2001Contact:Thomas P. Houck, President(800) 775-9866AuditWatch Strengthens Management TeamHERNDON, VA — AuditWatch, Inc. has hired Kathleen R. DeLong, CPA, as an Executive Vice President. She will be primarily responsible for overseeing marketing and new product development efforts.Prior to joining AuditWatch, Kathy served as the Director of Consulting Quality at Olive LLP in Indianapolis, IN.

Andersen announces global revenue of $9.3 billion

contact: Patrick Dorton, Andersen, 1 703 962 2152, patrick.m.dorton@us.andersen.comJulie K. Hallinan, Andersen, 1 312 931 8569, julie.k.hallinan@us.andersen.com10 percent growth over past year, despite slowing economyCHICAGO, October 11, 2001 — Andersen, the global integrated professional services firm, today announced record global net revenue of US$9.3 billion for the fiscal year ended August 31, 2001. Global revenue grew 15 percent before the impact of exchange. Expressed in U.S. dollars, revenue grew 10 percent.

AccountingWEB Weekly News Wrap-Up - Issue 117

AccountingWEB Weekly News Wrap-Up - Issue 117October 19, 2001This News Wrap-Up Sponsored by:SPARDATA Business ValuationsNEWS FOR ACCOUNTINGWEB MEMBERS1. New List Published: 100 Most Influential in Accounting2. "XYZ" - National Conference of CPA Practitioners Speaks Out3. Indiana CPAs Support Global Credential4. IRS to Begin Docking Social Security Benefits5.

What's MDP? And…What's in it for me?

By David A. Miller, II, former Marketing Director, Rosen Seymour Shapss Martin & Co., LLPUnpack your binoculars and focus in on the future, because the "MDP Express" is roaring down the tracks. And this train ain’t gonna slow down while you scratch your head and think about it. You’ll either be ready to get on board or be left standing by the tracks, waving goodbye with your white hanky as it disappears around the bend.This really is not difficult stuff. Multidisciplinary Practice (MDP) is simply adding services under one roof. You already know all about the concept.
Technology

Congress Ban on Internet Access Tax to Expire

The moratorium on taxes that target the Internet is set to expire this weekend. The House last week voted to extend the moratorium for two years, but objections of several Senators to the fact that taxes on Internet sales were not addressed by the House bill interfered with passage. Both the House and Senate are now in recess until Tuesday.The House chose to isolate the issue of the moratorium on tax on Internet access charges by passing a bill that dealt only with that aspect of Internet taxation.
Community News

PwC Joins the Army

Big Five firm PricewaterhouseCoopers has been awarded a $20 million contract to provide web-based training to soldiers in the U.S. Army.The services will be provided through the Army's 400 digital training facilities. In addition, soldiers will be able to study from home.PwC will team with Science Applications International Corp., Saba Software Inc., REMtech Services, ACS Systems & Engineering, Inc., and O'Connell and Associates to provide software development, integration, system development, and post-development and support for the Army Distance Learning Program.

New List Published: 100 Most Influential in Accounting

Accounting Today magazine has released its list of the Top 100 Most Influential People in Accounting for 2001. The list includes familiar names from throughout the accounting profession, including leaders of large accounting firms, officers of the AICPA and other accounting organizations, innovators, technology service providers, and more.Members of the top 100 were surveyed as to their opinions on certain timely issues.

Top Executives Vote in Favor of Financial Disclosure

After a year in place, the SEC's Regulation Fair Disclosure (FD) is fulfilling its promise of fair and equal disclosure of companies' financial information to the general public, according to top executives. In the latest PricewaterhouseCoopers (PwC) Management Barometer, nearly 90% of those surveyed said Regulation FD should be continued. However, 68% said the SEC should issue specific guidelines about what information requires disclosure, and what does not.

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