AccountingWEB Weekly News Wrap-up - Issue 80

The AccountingWEB Friday Wrap-Up Newswire - Issue 80 February 2, 2001 Members Logon Members Logon for full access to all our resources. Don't know your Logon Membership Details?This week's newswire is sponsored by National Payment Corporation

Tax Tip: Who Must File A Tax Return?

There are some instances where you may not be required to file a tax return. But the IRS reminds you to keep a few things in mind. First, over 70 percent of all individual filers of federal income tax returns are due a tax refund, and it may be to your advantage to file, even if you are not required to. Next, the law requires you to file a tax return if your income is above a certain level.

NetLedger Upstages Intuit and Peachtree

NetLedger, Inc., the leader in Web-based solutions that enable small businesses to succeed in the new economy has swept awards in its category from prestigious publications including PC Magazine, PC World, and Ziff Davis Smart Business (formerly PC Computing). PC Magazine honored NetLedger for its strong ledger, payroll, accounts payable, and accounts receivable modules. Additionally, NetLedger is recognized for being the first to use the strengths of the Web in its e-commerce tools for integrating users' books with an electronic storefront as well as built-in online bill payment.

Tax Tip: Which Form --1040, 1040A, or 1040EZ?

If you are filing a tax return on paper, you should use the simplest form for which you qualify. The simpler the form, the less chance for an error that may cost you money or delay the processing of your return. The simplest IRS form is the Form 1040EZ. The 1040A covers several additional items not addressed by the EZ. And finally, the IRS Form 1040 should be used when itemizing deductions and reporting more complex investments and other income. Here are a few general guidelines on which form to use.

H.D. Vest Launches Free Tax Return Program for 2001

H.D. Vest has launched the 2001 version of its free tax prep web site. For the second year in a row, H.D. Vest will be offering free preparation and e-filing of their tax returns for consumers. The site has added several features for 2001, including the opportunity to open and fund an Individual Retirement Account (IRA) online and a paperless option with the new self-select PIN from the Internal Revenue Service. Users can also set up a free personalized Web site,

Personal Checks Going Electronic? recently ran this article about the future of personal banking. The next time you write a personal check it could be deducted from your account as fast as an ATM withdrawal. Banks and retailers across the nation are ushering in the day when you write a check and it is debited instantly and electronically from your account. The future of checks as debits will be fed through a device that reads your account number at the bottom of the check.
Community News

Tips for Financial Planning in Your Practice, with Joe Tucciarone

Tips for Financial Planning in Your PracticePresented by Joe TucciaroneNational Network of AccountantsContact Bill Corbett, National Network of Accountants wjcorbett@worldnet.att.netThursday, February 1, 2001Visit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryJoe's session included the
AccountingWEB Life

Constant Marketing is Key to a Healthy Business

Whatever your specialty -- corporate accounting, tax preparation, financial consulting, etc. -- you need more than accounting skills to remain successful. You also require marketing savvy to keep your business prospering.

Oops! IRS Letter to Taxpayers Contains Misinformation

The IRS has issued a news release indicating that 286,000 letters were sent to people who claimed the Earned Income Tax Credit on their 1999 tax returns raising questions about whether these people were entitled to claim the credit.The letter contained some misinformation about where taxpayers should call to resolve child custody issues. The letter mistakenly directed taxpayers to contact state revenue agencies.

Tax and Accounting Software Publishers

ACCPAC International - A division of Computer Associates InternationalAPPX Software, Inc.ASI Communications - Application software specializing in ATM and point-of-sale transactionsAQSoftware, Inc. - Contribution calculation productsAbacus Accounting SystemsAccounting S

e-Controller and PlanetUplink Promote e-Accounting for 2001

New Partnership allows freedom to focus on your business in 2001.e-Controller, a Certified QuickBooks ProAdvisor Center and Peachtree Authorized Resource Center specializing in online accounting services and PlanetUplink, a Certified IBM Business Partner specializing in Application Hosting Services are bringing in the New Year by offering an exciting Internet based accounting solution. NO MORE ACCOUNTING. Think about it.

55% of Americans Don't Know Cost of Retirement

Most Americans have no idea how much they will need to live on once they retire according to the Quicken Fiscal Literacy Survey. More than 35% of all respondents did not know just how much they needed in order to retire, a one-percent increase from the 2000 Survey. The survey indicates that around 30% of Americans could only sustain themselves economically for a few months in the event of job loss; that same number of Americans don't even contribute to a pre-tax retirement program.

Accounting Firms Recognize Strategic Importance of Marketing

PDI's Advance Marketing Symposium 2001 Shows How Marketing and Sales Functions Are Driving Firm ProfitsAccounting marketing has grown up and is now playing a central and strategic role in leading firms to greater profitability. This was a major theme of PDI's Sixth Annual Marketing and Sales Directors Forum, held January 25 and 26 in Chicago. The agenda featured presentations by top consultants, marketing directors and sales professionals: Jeffrey S.

SBA Launches Online Women's Business Center

Small Business Administration Administrator Aida Alvarez has announced that the award-winning Online Women’s Business Center has a new look and a new address on the Internet. The free, interactive entrepreneurial Web site, formerly managed by a grantee, will now be managed directly by the SBA’s Office of Women’s Business Ownership."The Online Women’s Business Center, which we launched just three years ago this month, has become the premier training site for women entrepreneurs worldwide," said Ms. Alvarez.

CCH Business Owner's TOOLKIT™ Tax Guide 2001 Now Available

Third Edition of Popular Tax Guide Bundled with Free Online Income Tax Returns, Filing Offers Entrepreneurs Knowledge for Year-Round Tax Needs(Riverwoods, ILL., January 26, 2001) – CCH INCORPORATED (CCH), a leading provider of tax law information and software, today announced the availability of CCH Business Owner’s Toolkit™ Tax Guide 2001, created specifically to help small, single-owner businesses manage their taxes and prepare their 2000 tax returns.

Wolters Kluwer Acquires TSOFT Financial Software

Acquisition Will Become Part of CCH’s Bankers Systems, Inc.(CHICAGO, January __, 2001) – Wolters Kluwer North America said today that it had reached a definitive agreement to acquire the assets of TSoft Financial Software, Inc., Marietta, Ga., a provider of software and compliance support for financial services institutions. TSoft will operate as part of CCH INCORPORATED’s Bankers Systems, Inc., St. Cloud, Minn., unit. CCH is a leading provider of tax business and financial services law information and software and a Wolters Kluwer North America company.

Bush Tax Plan Promotes Charitable Giving

Citing a desire to make it easier for faith-based and community organizations to offer social welfare programs, President Bush is moving ahead with an initiative to allow non-itemizers a tax deduction for charitable donations. House Ways and Means Committee member Jennifer Dunn (R-Washington) has indicated her willingness to introduce the legislation. A similar bill introduced by Dunn in the 106th never reached fruition.

Tax Tip: What To Do If You Haven't Received a Form 1099

If you received certain types of income, you may receive a Form 1099 for use with your tax return. You should receive these forms from the payer by early February, according to the IRS. Payers have until Jan. 31 to mail these forms to you. If you have not received an expected 1099 by a few days after that, contact the payer. If you still do not get the form by February 15, call the IRS for help at 1-800-829-1040.In some cases, you may obtain the information that would be on the 1099 from other sources.

IRS to Cross-Reference K-1 Information

We all know the IRS cross-references information between W-2 forms and 1099 forms and the tax returns of the recipients. If there is a discrepancy between what the recipient reports on his tax return and the amount on the official form, a correspondence is initiated in which the IRS attempts to straighten out the matter.The IRS has not attempted any such cross reference with K-1 forms, those forms that show your share of ownership in a partnership, trust, or s corporation. Until now.

FiNetrics Accounting Institute Endorsed by Industry Insiders

FiNetrics Inc., a business service provider (BSP) developing an integrated and comprehensive suite of online financial applications and services for emerging and medium-sized businesses, announced this week the availability of its CPA partner program, FiNetrics Accounting Institute. Leading CPA consultants Jay Nisberg and Charles McCann are among the first to enroll in the program and endorse FiNetrics products and services as the fastest and most profitable way for CPAs to give their businesses an e-commerce edge.


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