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Community News

Falsified Records Sends San Francisco CPA to Prison

A San Francisco CPA will spend at least one year in Federal prison for his role in altering tax returns to secure more than $2.1 million in loans from five banks.Regen Chinn of Chinn Accountancy Corp. was found guilty for his role and was sent to prison for 33 months. Also charged was Jack Young Jr., owner of Clement Tour and Travel, for his part in the scheme.
Practice Management

CPA Advice Leads to Growth

Stephen Gibson is an entrepreneur-in-residence at Brigham Young University, and has published a column with his reflections of simple, yet solid, advice he gained from his CPA of 26 years.CPAs may want to review his list for a glimpse into what a few simple ideas means to him.
Technology

Internet Sales Tax Solution Proposed

TAXWARE International, Inc., the leading developer of transaction based, worldwide commercial tax software, is currently developing software for service providers that will enable taxes to be tabulated for anyone in the United States. The new software will even automatically report those taxes to the proper authority.Although the feds have halted government bodies from taxing online sales until 2001, that doesn’t prevent some states from imposing a usage tax. These states require residents to report out-of-state purchases.

CFP Board Reports Record Number of Candidates

According to the Certified Financial Planner Board, a record-setting 1,920 people sat for the November 1999 CFP Certification Examination. Of that number, 54.3 percent passed the exam.Since it’s inception, 12,373 people have passed the 10-hour, two-day exam that covers 106 interrelated financial planning topics. The pass rate is 57.3 percent of the total participants who have sat for the exam.Individuals with certain degrees and professional credentials may take the exam without verifying educational topic coverage.
Technology

Internet Utility - "Live" Dictionary/Thesaurus For Web Pages

Here's an interesting twist: Go to www.voycabulary.com and you can link any web page you want to a live dictionary and a thesaurus, allowing you to click on any word on your requested web page and get both a dictionary definition as well as a thesaurus suggestion for the word. Why would you need this? You may not, but it sure could be a useful teaching tool for your kids! Try it out and let us know what you think.

TexSYS RD Launches National CRM Practice With SalesLogix

Company to offer Integrated Front and Back Office to more than 6,000 Financial Services CompaniesTexSYS RD, one of the nation’s leading software integration companies, and SalesLogix Corporation (NASDAQ: SLGX), one of the leading providers of customer relationship management (CRM) and e-commerce software, have announced a business partnership that will make SalesLogix’s products available to TexSYS RD’s 6,000 customers around the world.With this relationship, TexSYS RD launches a national CRM practice, the first of its kind in the middle market.

SEC Files Suit Against Fraud Perpetrator

This week, the Securities and Exchange Commission filed a civil lawsuit in a Chicago Federal court against a man who calls himself "Tokyo Joe." The SEC claims the New York resident illegally advised investors to buy stocks that he, himself, was selling at the same time.His real name is Yun Soo Oh Park, and he charged members of an investment club $200 for stock tips and advice.
Community News

EY Earns Oracle Top Business Partner Award

Oracle has announced that it has bestowed its top business alliance partner award on Big 5 firm Ernst & Young.The honor was given to EY executives during Oracle's Open World conference in Los Angeles. EY received the award based on the firm's innovative way it has integrated the software into its consulting services.This award is the latest in a series of honors for EY. Last year, the GartnerGroup honored the firm as "best in class" for its Oracle applications. Oracle previously honored EY with a similar award in 1995.
Community News

Dallas KPMG Chief Receives Top Honor

C.H. Moore, head of the Dallas office of KPMG will receive the Anti-Defamation League's Henry Cohn award at a dinner on Thursday, Jan. 13 in Dallas.The award marks the 23rd year it has been given to local community leaders. Moore is honored for his "distinguished service and leadership in preserving liberty, counteracting bigotry and advancing the cause of human rights, dignity and equal opportunity."The Anti-Defamation League is a worldwide organization dedicated to raising awareness in human and civil rights' issues.

H&R Block Introduces Form-Free Tax Prep

Imagine. You walk in and sit down in front of a computer as it asks you simple questions about your tax return. A short time later, your federal or state return is ready to be filed electronically. You pay the vendor $9.95 for a federal return or $4.95 for a state return and you leave. Could it really be that simple?H&R Block seems to think so. What was just described is their new Tax Online Program. The program will be available January 15, 2000.

AccountingWEB Weekly News Wrap-up - Issue 24

The AccountingWEB Friday Wrap-Up Newswire - Issue 24January 7, 2000http://www.accountingweb.comIn the headlines this week:1. SEC Slams PwC For Auditor-Independence Rule Violations2. Worldwide Women's Business Conference To Draw 100,0003. E-Commerce Profit Centers Identified By Clients As The Biggest Growth Area For CPA Firms In The Next Five Years4. Can Auditors Be Barred For Failing To Detect Fraud?5.
Community News

Free Refund Anticipation Loans Being Tested in California

H&R Block has announced that it is testing a new service in California, offering refund anticipation loans to clients at no charge.The prospect of clients getting cash in anticipation of their refunds has been popular for a few years now. H&R Block, along with many other tax return preparation outfits has been offering this service with a charge typically of about $20 or a percentage of the loan.
Community News

Can Auditors Be Barred From Service For Missing Fraud?

In a landmark case that it sure to send shockwaves throughout the accounting profession, the SEC is seeking to bar two accountants from a Big 5 firm from signing off on public company audits because they failed to detect a massive fraud at California Micro Devices five years ago.The CPAs gave Cal Micro a clean bill of health, but an internal investigation weeks later uncovered an enormous employee fraud resulting in over one third of the company's revenue being erroneous.
Community News

SEC Slams PwC on Auditor Independence Violations

In its continued crackdown of the auditing profession, the Securities and Exchange Commission today announced the results of an independent review, citing the partners at PricewaterhouseCoopers with over 8,000 violations of the auditor-independence rules.The majority of the violations occurred in cases where partners or their family members owned stock or mutual funds from companies that PwC was auditing, and a percentage of the problem stemmed from the recent merge
Technology

Tips for E-mail When Traveling Abroad

All of us who travel and check e-mail on a regular basis have encountered poor connections--or perhaps no connection at all--in remote locations. This can put the kabosh on even the most experience traveler!Traveling overseas may be even more tenuous.

Security Hinders NY Online Tax Program

As a service to taxpayers and accountants, the New York State Department of Taxation and Finance has provided the ability to visit the agency's Web site and obtain the state's list of estimated tax payments to enable individuals to compare their own payments to the state's.However, the system is not without fault, and the main problems seem to fall into the security arena.Up to now, access has been given based on social security numbers and the taxpayer's name.

Is Free DSL Too Good to be True?

There are lots of free Internet companies out there to choose from, so it’s not surprising that free DSL wouldn’t be too far behind. Broadband Digital Group (BDG) has just announced that they want to be the first company to offer the first free, broadband consumer Internet-access service.The company is offering the chance for potential customers to register for free DSL services.

Apply Your Y2K Investment for the Long Haul

OK - we're all tired of hearing about Y2K, but the investment you made and the preparation you endured along the way should not go to waste. There are many ways companies can learn from their extensive preparation to help them with future projects--and save money along the way.KPMG has compiled a short list of benefits for the short- and long-term. For example, if you are a company that hired Y2K specialists, these people already are trained on your systems and know quite a bit about your operation.

Six Travel Resolutions for the New Year

All of us travel at one time or another for business or pleasure. Thankfully, the cost of traveling on a plane has dropped considerably, and in some markets, Saturday night stayovers do not necessarily bring down the cost of ticket. As a result, we're traveling more frequently than before.In the event your trip goes awry, as in overcrowded planes, overbookings, lost luggage and the like, what do you normally do? Get mad - or get even?Start the year out right by considering these six travel resolutions.
Technology

Donating old PCs Leads to Privacy Woes

It's the beginning of the new year and companies traditionally update their systems with new servers and PCs to outfit their offices. While it may seem warm and fuzzy to give the PCs to a charity, be forewarned: you may be giving away personal information embedded within the PCs unless you take the proper precautions.While companies think they are fulfilling this task by simply deleting or getting rid of files, this isn't nearly enough. Just deleting files "hides" the information rather than getting rid of it completely.

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