Technology news February 2006

Technology

NetSuite Named Top SMB Business Application Suite

NetSuite, Inc. leads the rankings of on-demand business management software for small and mid-sized businesses (SMBs) according to a new study of SMB business suites from Yankee Group.
Community News

CCH Disclosures Checklist Available on the Center

Members of the American Institutes of Certified Public Accountants (AICPA) Center for Public Company Audit Firms (CPCAF or the Center) will now have access to CCH’s SEC Disclosures Checklist tool to assist them in performing high quality public company audits by ensuring they are complying with the disclosure requirements under the rules and regulations of the Securities and Exchange Commission (SEC).
Community News

XBRL Movement Gains More Tech Vendor Support

The bandwagon for EXtensible Business Reporting Markup Language (XBRL), the rapidly-evolving Internet-based software code for financial reports, has added two new key technology members over the past week.Advertisement
Technology

Tax Prep Open Source Code Effort Reports Promising Start

A fledgling Internet-based tax preparation platform offering free software to tax preparers and an open source code to that software from which programmers could theoretically build other technologies key to the tax prep process, has attracted a handful of practitioner members and is discussing potential development opportunities with at least one of the tax prep industry’s top five software companies, according to the site’s founder, a CPA.“Providing an open source code format has never been done in tax preparation, but it has been done successfully in many other areas.
Tax

Policing Resume Padding

The state of Washington is considering a bill that would impose a $1,000 fine on those claiming, in writing, to have an academic degree they didn’t possess. Also, failing to disclose that a listed degree came from an unaccredited institution will cause a fine. The bill passed the Washington House last week and now goes to the Senate, according to the Seattle Post-Intelligencer. These degrees are offered to people based on their general life experiences. The bills aim to close legal loopholes concerning “diploma mills” operating within the state and in foreign countries.
Technology

AOL, Yahoo! to Charge Businesses for Commercial E-mail; Senate Debates Two-Tiered Access to Internet

E-mail providers American Online (AOL) and Yahoo! announced Sunday an optional, fee-based program that will route e-mail directly to a user’s mailbox, and identify it as “AOL Certified Mail” without first sending the message through junk mail filters, the New York Times reports.
Technology

SEC Ponders: Is XBRL At Tipping Point

After seven years of fits and starts, the EXtensible Business Reporting Markup Language (XBRL) software code being developed by an accounting profession-led group, is raising the question of whether its has finally reached the “tipping point” of necessary market acceptance, according to the Securities and Exchange Commission’s (SEC’s) Chief Information Officer Corey Booth.The SEC, which would clearly like to see XBRL become the standard reporting format for public companies, is grappling to determine if the programming code can ever make it over the tipping point and reach the cr
Technology

What’s New for TaxTools 2006?

CFS Tax Software Tools 2005 lineup of six programs has been updated this year with updates to two existing applications and added six new applications. CFS Tax Software Tools offered these applications in 2005.
Technology

13 States Mandate E-filing, Tax Administrators Group Hopes More Join

Thirteen states now mandate that tax preparers electronically file their clients’ individual tax returns. More such mandates may be required, if the Internal Revenue Service (IRS) is to ever realize its vision of widespread e-filing, argues the Federation of Tax Administrators (FTA).Last week, when reports surfaced that the IRS is five years behind its goal of having 80 percent of all returns electronically filed this year, FTA President Harley Duncan said that his organization has concluded that the e-filing growth that has occurred is primarily due to the state mandates.
Technology

Vertex Property Tax Reference Joins CCH State Tax Offerings

CCH, a Wolters Kluwer business, announced on Monday that the company had acquired the Property Tax Reference from Vertex Incorporated. The product will immediately be rebranded CCH Property Tax Reference as it joins CCH’s authoritative and popular line of state tax online, print and CD-ROM products for tax, accounting and compliance professionals.“CCH is committed to providing professionals with the most authoritative, comprehensive research resources available,” Angela Darrow, CCH product manager, said in a prepared statement.
Technology

Comparing Tax Prep Software

The use of computerized tax preparation software has risen with the number of taxpayers filing their returns electronically. According to the Internal Revenue Service (IRS), some 68.5 million individual returns were filed electronically in 2005. That is more than half of all returns filed and 11.3 percent more than in 2004. Of those, 17 million were prepared on home computers, up 17 percent in 2005, according to the Associated Press. Lois Forsythe, owner of MMP Computers, told the Associated Press, “It’s so much easier.
Technology

Cell Phone Users May be Eligible for Federal Excise Tax Refund

A federal appeals court in Washington D.C., in December, became the third appeals court to void the federal excise tax on telephone services which are billed only by time, and not by time and distance, USAToday reports. The excise tax, originally levied to support the Spanish-American War, was last amended in 1965, when the statutory definition of long distance charges became “time and distance”, according to technology-reports.com. The government has argued that the intent of the law is to tax all commercial long distance.
Technology

GoDirect Campaign Aimed at Baby Boomers

A nationwide telephone survey of 1,400 adults sponsored by The U.S. Department of the Treasury and the Federal Reserve Banks, part of their join GoDirect initiative, revealed that, contrary to widely held perceptions, baby boomers are less inclined to use direct deposit than today’s seniors, a U.S. Treasury press release reports.
Tax

Think Personal E-Mails are No Big Deal? Think Again

We all do it. Using the company's e-mail system to send jokes, “talk” with friends or even comment on the boss–it's considered just a small part of an ordinary work day.But consider this: How would you like those e-mails to be made public? An anti-spam software maker has done just that, posting 515,000 e-mail messages from Enron employees at EnronEmail.com. The e-mails were released to the public in 2003 by the Federal Energy Regulatory Commission, which collected them during its Enron investigation. The company, InBoxer Inc.