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A&A

IRS To Review Employment Tax Compliance Programs

A General Accounting Office (GAO) report, "IRS's Efforts to Improve Compliance with Employment Tax Requirements Should Be Evaluated," takes the Internal Revenue Service to task over the agency's follow through procedures for helping businesses pay their employment taxes in a timely fashion.While businesses that file form 941 receive notice of errors, interest, and penalties within five weeks of filing the form, businesses that fail to file form 941 are not notified of a problem for 14 to 28 weeks.The GAO is encourag
A&A

FASB Proposes A Change To Lease Accounting

As influential House Energy Committee Chairman Billy Tauzin called for a review of accounting rules “across the country and across corporate boards,” the Financial Accounting Standards Board (FASB) continued its relentless drive to strengthen the standards.
A&A

FASB Moves Forward on Accounting for SPEs

Under pressure to set accounting standards for the kinds of special purpose entities (SPEs) that kept debt off Enron's balance sheet, the Financial Accounting Standards Board (FASB) has tentatively decided on an approach and directed its staff to begin writing an exposure draft.The approach will be a blend of the Consolidated Policy-Modified Approach as of Sept.
A&A

Former SEC Chairmen Urge Congress to Free FASB

Former chairmen of the Securities and Exchange Commission (SEC) testified before the Senate Committee on Banking, Housing, and Urban Affairs on February 12, 2002 on the issues that have arisen as a result of the Enron collapse. A key topic was their shared frustration with the process for setting accounting principles. They urged Congress to find a way to free the Financial Accounting Standards Board (FASB) from the business pressures of constituencies and funding dilemmas.
A&A

Survey Finds Employees Feel They Are Not Treated With Respect

By The Discovery GroupPart 1 - THE PROBLEMOne out of every two employees feels he or she is not treated with respect and dignity by the management of their organization.Does this matter? Of course! Without management respect, employees will eventually: Lose their respect for management, Stop trusting management, Become resentful and less motivated, and  Lose commitment to the organization and its goals.Part 2 - WHAT CAN BE DONE?
A&A

Reminder: Retirement Plan Amendments Due By February 28

The IRS has issued a reminder to employers and retirement plan administrators that they must amend their employees' retirement plans to comply with the changes made by the "GUST" laws by the February 28, 2002, deadline. The deadline affects qualified retirement plans, including Code Sec. 401(k) plans, defined benefit pension plans, profit-sharing plans, ESOPs and Keogh plans.An exception to the February 28, 2002, deadline exists for plans with a fiscal year other than a calendar year. The deadline for those plans is the last day of the fiscal year that began in 2001.
A&A

FASB Releases Proposal for Revenue Recognition Project

The Financial Accounting Standards Board (FASB) has released for public comment a proposal for a new project on Issues Related to the Recognition of Revenues and Liabilities. In many respects, this is a “back-to-basics” project that will reexamine fundamental concepts. But don’t let the theoretical considerations deter you from reading this proposal.
A&A

Investors Get Scammed in SEC-Backed Sting

Gotcha! The SEC has created a unique and harmless "sting" operation to remind investors that research on a company is paramount to investment success.
A&A

Goodwill Write-offs: Paper Losses or Squandered Money?

First quarter earnings announcements of many companies bring news of huge one-time write-offs under the Financial Accounting Standards Board’s Statement No. 142, Goodwill and Other Intangible Assets. This is leading to controversy and changing performance measures.Huge write-offs and controversyFor media giant AOL-Time Warner Inc., the projected write-down for first quarter 2002 amounts to a breath-taking $40 to $60 billion.
A&A

FASB Forges Ahead on Three New Frontiers

At its January 9, 2002 meeting, following a rash of well-publicized complaints about the slowness of the accounting standard-setting process, the Financial Accounting Standards Board (FASB) decided to forge ahead on three new frontiers. It tentatively agreed to: 1. Issue for public comment a prospectus for a major project to update the concepts and principles of revenue recognition. 2.
A&A

New Considerations For Financial Statement Prep This Year

The recessionary economy. Recent business failures. The events of September 11. All of these economic influences converged in 2001 to create one of the most turbulent financial reporting environments in recent memory, requiring the extra care and attention of financial statement preparers to ensure that the public has a clear picture on the health and welfare of American businesses.The Big Five accounting firms, in cooperation with the American Institute of CPAs, has issued a detailed list of risk factors to consider when preparing and communicating financial results for 2001.
A&A

Description of FASB Projects Discussed January 9, 2002

The following project descriptions were excerpted from materials made public at the FASB meeting on January 9, 2002. 1. Revenue recognition. The proposed project would have two principal goals: (1) enhancing the authoritative and conceptual guidance for recognizing revenues, and (2) refining the conceptual guidance for defining and recognizing liabilities. The FASB project would lead to the issuance of a new accounting standard on revenue recognition that would apply to business entities generally.
A&A

BusinessLaw.gov Offers Small Business a Hand

BusinessLaw.gov, an online resource designed to provide legal and regulatory information to America's small businesses has a wealth of information. Topics on the Web site range from the most basic and crucial, such as choosing a business structure or hiring a lawyer, to highly specialized issues such as e-commerce and exporting. The site also acts as a gateway to federal, state and local information that affects small businesses. From the site, business owners may quickly check zoning codes for their local area, or file a complaint with the Office of the National Ombudsman.
A&A

AccTrak21 Offers Free Accounting Software

"WHY SHOULD I READ THIS?"This is a special high-value Holiday Season accounting software promotion offer restricted to CPAs ONLY. Offer is limited to the first 50,000 respondents on a "first-come, first-served" basis. Offer closes January 15th, 2002. "WHAT'S THE OFFER?" FREE Internet download of licensed copy of award-winning, multi-user, AccTrak21 Perform@ Accounting & Business Intelligence software, retail value $6,160. (One-time License Registration Fee of $25 applies - no other fees or charges).
A&A

Web Site Provides Nationwide Real Estate Tax Rates

Mortgage loan administrators have a new service they can rely on to provide access to real estate tax information from across the country.First American Real Estate Tax Service has launched its Property Locator Service Database which provides Internet access to real estate tax data from more than 22,000 taxing authorities.The service is being touted as the first nationwide real estate tax database in the real estate industry.
A&A

IRS Announces Change that Favors Small Businesses

Nearly two years ago, the IRS released guidelines requiring many businesses with revenue over $1 million to use the accrual method of accounting instead of the cash method.
A&A

SBA Funds Grant Program for Very Small Businesses

America’s smallest businesses will now have access to more training and technical assistance to help them start or grow a business under a new program funded by the U.S.
A&A

QuickBooks Releases Accountant Version of Program

Intuit has announced the release of a new accountants' version of the QuickBooks program, QuickBooks Premier 2002: Accountant Edition.The newest addition to the QuickBooks library features real-time remote access to the popular accounting software for small businesses, as well as many other attributes.
Technology

PPC Offers Online Financial Planning Solution

PRESS RELEASEPPC, one of the nation’s leading solutions providers for tax and accounting professionals, says its customers and their clients can now "connect, communicate and collaborate" over the Internet for "total life cycle" personal financial planning. PPC’s new Personal Financial Center (PFC) offers the unique combination of PPC’s exclusive and respected engagement guidance and software tools for CPAs, together with powerful new online financial planning software applications for professional advisers, as well as consumer-oriented software and content for the client.
A&A

SBA Offers New Loan Program

The U.S.

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