News

'Cognitor' Vote Delayed Eight Months

According to the Electronic Accountant, the AICPA has delayed its Council vote until Spring 2001 on the adoption of the XYZ designation - tentatively now known as 'cognitor.'The original vote was to approve whether to put the cognitor concept before the entire AICPA membership.Bob Elliott, AICPA chairman, said the delay of the vote until the spring meeting provides more time to provide information on the credential to Council and to the general membership.The term 'cognitor' created quite a buzz when a

AccountingWEB Weekly News Wrap-up - Issue 58

The AccountingWEB Friday Wrap-Up Newswire - Issue 58September 1, 2000Members Logon to http://www.accountingweb.com for full access to all our resources.Don't know your Logon Membership Details?Go to ht
Technology

Fogdog Tempts Fate with Fuzzy Accounting

There's been a lot of business at the Fogdog sporting goods web site as customers are rewarded for making purchases with a plethora of free offers. And the Fogdog income statement looked great - all of the company's promotional items and shipping expenses were categorized as marketing expense, making the gross margin at Fogdog look pretty appealing.Apparently the practice is pretty widespread among start-up Internet companies trying to boost profit margins to attract investors.
Practice

Get Started with Online Accounting

Service is what will set the successful ASPs aside from the unsuccessful ones. "I think service is the single most important aspect." according to Jack Fox, M.B.A., author of, among other titles, Building a Profitable Online Accounting Practice. Mr. Fox presented the AccountingWEB workshop on August 31, "Online Accounting…Frontline to Bottom Line." Mr. Fox addressed aspects of online accounting, describing how accountants can pave the way for the new economy.

Online Accounting: Front-line to Bottom Line, with Jack Fox

Online Accounting: Front-line to Bottom Line, with Jack Fox, M.B.A., author of Building a Profitable Online Accounting PracticeAccountingWEB Workshop presented 8/31/00Session Moderator: Welcome everyone and thanks for joining us today. Today's guest is Jack Fox. Jack is an unforgettable speaker, retreat facilitator, practice development consultant, master of ceremonies and accomplished professional stand-up comedian.
Tax

CLINTON NIXES ESTATE TAX REPEAL

As expected on Thursday afternoon, President Clinton vetoed the proposed repeal of the Estate and Gift Tax. The bill will return to Congress where legislators will attempt to override the veto. The White House said that it did not believe the Republican-dominated Congress had enough votes to override the veto. If all those who initially voted for the passage of the bill vote to override the veto, the necessary two-thirds majority will prevail.Under current law, the first $675,000 of property left by a deceased person is exempt from tax.
Technology

Natural Language Technology is Here

Advanced software that allows computers to understand the exact meaning of questions and answer them with speed and precision has just become available, through an alliance between Andersen Consulting and answerFriend. AnswerFriend develops natural language processing technology to improve e-commerce. QuestionEngine can understand requests in everyday language and specialist jargon.
Tax

US Public Will Pay $602 Billion in Taxes Online by 2006

Despite funding struggles and bureaucratic inertia, eGovernment will change the way authorities deal with their citizens. According to a new report from Forrester Research, federal, state, and local governments will collect 15% of taxes online by 2006 – a total of $602 billion. “An increasingly demanding and wired public is looking for speed and convenience from its government,” said Jeremy Sharrard, associate analyst at Forrester.
Community News

Rapper Rips PwC

Andre “Dr. Dre” Young, Grammy-winning gangsta rap star and highly respected record producer, has accused PwC (formerly Coopers & Lybrand) of causing a loss of over $20 million by mismanaging his finances, diverting funds, stealing money from him, and engaging in conflicts of interest. “They stuck it to me big time,” the star said of the accounting firm. Young is co-founder of the Death Row record label. PwC has paid $10 million in out of court settlements in two other Death Row-related claims but his holding fast in its fight against Young.
Community News

PwC Joins in Fight Against SEC

First it was the Big 3, Andersen, Deloitte, and KPMG up against the Securities & Exchange Commission regarding the auditor independence guidelines the SEC is hoping to enforce. Then Ernst & Young jumped in with the others, claiming the SEC’s proposal would make it impossible for audit firms to enter into strategic alliance or joint ventures, even with non-audit clients. That left PricewaterhouseCoopers as the only hold out, sticking up for the SEC and supporting the change in guidelines. Now it looks like the group is a team again.

CFO Views on Federal Financial Management

A new survey commissioned by Grant Thornton and the Association for Government Accountants tracks the trends, issues and beliefs by CFOs related to Federal financial management.The Millenium AGA CFO Survey: Formula for Enterprise Insight has been conducted each year since 1996. The top areas of concern based on survey results included roles, management, technology, structure and people.
Tax

Roth 101: A Refresher Course

Now that the Roth IRA has been around for a few years, many CPAs and accounting professionals have extolled the value of the plan to their clients, but for some reason, many taxpayers aren't taking advantage of this vehicle.To refresh your knowledge of the Roth IRA, here is a basic explanation of its benefits and parameters.The Roth IRA is available in a $2,000 contribution or Roth conversion, and the latter plan often brings about the most savings.
Technology

Here's a First: Virus Attacks Handhelds

A new virus, that is already dealt with and resolved, illustrates the vulnerability associated with handhelds and their ability to catch a virus.This virus, which really was in the form of a 'Trojan Horse,' was called the Crack 1.1, and was the result of a download program for handhelds.

Boss Needs to Share Vision with Staff

As the boss, you probably know exactly where the company is going and where it is in reaching these goals. It’s important to let employees in on this. Unfortunately, employers sometimes assume that the staff knows exactly what upper management is thinking and that’s not always the case. It’s especially important to share how the company is faring when employees see an increase in workload but are unsure as to why this is occurring.Never be afraid to get personal about your convictions. In fact, most employees will appreciate knowing how you feel.

Why Not Test Your IQ Online?

Tucked away on the web site of England's Chartered Institute of Taxation is a section on IQ tests.The tax body says there are a number of tests to be found on the web, and has picked out three which provide a score for you on-line.It does point out that the Institute has no control over external sites and it cannot take any responsibility for any aspect of those sites. So don't blame the CIOT if the results are not what you expected!Why not have a go, and don't get depressed!

Arthur Andersen Faces Multi-Million Dollar Baptist Lawsuit

A religious organization has filed a lawsuit against Arthur Andersen, claiming its former auditor's negligence led to its bankruptcy and the loss of hundreds of millions of dollars.Arthur Andersen had acted as the auditor of the Baptist Foundation of Arizona (BFA) for 15 years.

Air Travelers Wing Their Way to Online Purchases

MilePoint.com has teamed up with several major airlines and some online retailers to initiate an exchange program – miles for merchandise. Participating airlines include (so far): Delta, Northwest, US Airways, Continental, America West, and TWA. Also participating is Hilton HHonors Worldwide which currently participates in the frequent flyer miles program.
Practice Management

Have You Considered Value Pricing?

Talk to Ron Baker about how to bill clients and you won't hear any talk of timesheets. Instead, you will enter the world of value pricing, where a job costs what it is worth, not a fee based on how much time it took to complete. Ron Baker is the author of the best-selling book, The Professional’s Guide to Value Pricing, and has also authored several courses for the California CPA Education Foundation.
Technology

Le Club Prive Bilked Members for Millions

The SEC has filed suit against Le Club Prive, an Internet club, offering advice and recommendations about investments to its members. The suit alleges that the club’s pyramid scheme is a “sham” operation and all assets of the club have been temporarily frozen. A temporary restraining order has halted all club activity.Members of Le Club Prive paid $1,495 to join plus a $149 monthly fee. Members could purchase unregistered shares in mutual funds that promised big returns, and received investment advice. The pyramid feature of the club involved recruitment of new members.
Tax

Eighth Circuit Overturns Tax Court

Previous tax rulings, notably the INDOPCO Inc. vs. Commissioner case, have required that the tax treatment of officers’ salaries in an acquired subsidiary be capitalized.

Pages


Already a member? log in here.