News

Tax

Tax Tip: It's Not Too Late for a Roth IRA Conversion

There is a common misperception about converting regular IRA funds to the Roth IRA, that being that this was a decision that needed to be made and acted upon in 1998. The Roth IRA, a personal retirement account that can be created by any low or middle income taxpayer with earned income, provides tax-free income security for retirement. Annual contributions, which are currently limited to $2,000, are not tax deductible, but all money withdrawn from the Roth after age 59½, including all money earned in the account, is tax-free.

AccountingWEB Weekly News Wrap-up - Issue 74

The AccountingWEB Friday Wrap-Up Newswire - Issue 74December 22, 2000Members Logon to http://www.accountingweb.comfor full access to all our resources. Don't know your Logon Membership Details?
Practice Management

Personal Coaching an Asset for Accounting Firms

Many public accounting firms push their partners to prepare individual marketing plans that support the firm’s goals. Why are so many of these plans ineffective?As Yogi Berra once said, “If you don’t know where you’re going, you’ll likely end up someplace else.” Partners too often don’t clearly define where their plans will take them. Instead, they leave planning to a committee, service team or niche group, and they don’t bring personal coaching into the process. As a result, the plan is impersonal.

CPAs Chosen by Seoul Government for Service

Demonstrating that business is done differently overseas, the Seoul government has announced that it will increase the number of CPAs by 35.1 percent in 2001. The increase is designed to enhance the corporate marketplace and the quality of accounting services.The government will select 750 public accountants, or 295 more than it selected in 2000. In fact, over the last five years, the number chosen has steadily increased, with the total as of of late September at 5,108. To continue to meet the demand, the governmnet plans a 20 percent increase each year.

The Intellectual Property of Harry Potter

Many CPAs and accounting professionals who work in intellectual property will be glad to know that the basic, ethical rules of retaining ownership held the test of time with regard to Harry Potter.Last March, just after it was announced that a film version of the first Harry Potter story would be made, companies began registering Internet domain names - 107 to be exact - to capitalize on the success of the book and potential movie.Time Warner, who owns the marketing rights to Harry Potter, took the matter all the way to the United Nations’ World Intellectual Property Organization, the
Technology

Business 2.0's 21 Resolutions for 2001

It was a volatile year for the dot.coms. The world of cyberspace experienced failures around every corner, CEOs abandoned their start-ups in droves and no one could second guess what the business and public wanted next.Business 2.0 has compiled List of 21 Resolutions for 2001, grouped into four areas: customer service, timing, business plans and actions.

Breaking News: Microsoft Acquires Great Plains

Microsoft has just announced that it has reached an agreement to acquire Great Plains Software.Microsoft’s acquisition of Great Plains will accelerate the success of small and medium companies globally with integrated, extensible business management software solutions needed to succeed in an increasingly interconnected economy.

FASB Announces End of Goodwill Amortization

It is a landmark decision. The Financial Accounting Standards Board has announced than an acquiring company can no longer amortize the goodwill associated with the acquisition.The ruling is tentative now, and is expected to become final by spring of 2001. It is also expected that the ruling will apply retroactively.The decision is good news for many companies. Although amortization is strictly a paper transaction, until now companies that amortized goodwill reported expenses that depleted current earnings.
A&A

Study Reveals Accountants Want Job Flexibility, Training

A Kelly Financial Resources study reveals that finance and accounting professionals across the nation prefer flexible schedules or working as project consultants to the traditional workday.The study was the result of a survey of more than 1,000 finance and accounting professionals. Many of those surveyed indicated a plan to become self-employed or a business owner. The study noted that despite job satisfaction, loyalty and above-average incomes, financial workers are looking for some kind of change.
Community News

Former Andersen Auditor Made Same Mistake Twice

AccountingWEB ran a story earlier this month regarding the failed Baptist Foundation of Arizona audit by Arthur Andersen.It now has been discovered that the auditor, Jay Ozer, also was involved in a failed audit 10 years ago with Lincoln Savings & Loan, The Arizona Republic reports that it obtained the investigative report from the Attorney General's office that provided details on Ozer.According to the state of Arizona's Attorney Genera
A&A

KPMG Consulting Cuts Number of Common Shares

The much-anticipated Initial Public Offering (IPO) for KPMG Consulting made the news again yesterday when the firm announced it would reduce the number of common shares that will be made available in the initial sale.The original number of shares was 367.1 million, and now the number is down to 354.6 million.

SEC Chairman Arthur Levitt Stepping Down

For nearly eight years, Arthur Levitt has served as chairman of the Securities and Exchange Commission. Levitt announced earlier this week that he would step down before mid-February. Appointed through 2003, by President Clinton in July 1993, Levitt is the Commission's 25th chairman and has become the longest serving chairman on the Commission.
Technology

Take a Test Drive of New Web Audit Software

Last June we reported the formation of an agreement between Deloitte & Touche and Intacct Corporation to produce a web-based accounting service that would be offered to accounting firms.The service, which combines the accounting knowledge of Deloitte & Touche and the software engineering skills of Intacct Corporation, is now live, and it will allow accounting professionals who work with small- and medium-sized enterprises the opportunity to use sophisticated auditing techniques on the web.

AICPA Announces New COO

Clarence Davis, former CFO for the American Institute of Certified Public Accountants has been named the new Chief Operating Officer of the organization.Prior to joining the AICPA, Davis headed up his own consultancy firm for seven years, Clarence A. Davis Enterprises, Inc., and before that he spent 23 years with Spicer & Oppenheim in New York. He was a senior audit partner with the firm.
Technology

Three Free Voice Portal Services

Have you ever wished you could access the Internet when you don't have a connection handy?Welcome to Voice Portals - a new generation of technology that enables a user to access the Web over a telephone.
Technology

Send a Document Via E-mail Without Opening Outlook!

If you need to send a document via e-mail, here’s how you can do it without even opening your Outlook program.While you are in Word, Excel, or PowerPoint, go up to the File menu, point to Send To, and then click Mail Recipient (as Attachment).Fill in the Receipts, Subject, and message boxes and click Send.Or if you have Word 2000: On the Standard toolbar, click E-mail.In the To and Cc boxes, enter the recipient names separated by semicolons.By default, the name of the document appears in
Technology

Don't Count on Windows' Clones

Talk of free, open-source Windows' clones may be just that, talk, if companies far and wide won't adopt any Windows-like operating system other than Microsoft Windows.At a price tag as high as $300 per copy, corporate America, naturally, would love to find a free operating system. While there are several vendors working on cloning Windows, none so far have lived up to the public's expectations.A spokeswoman from Southwest Airlines put the topic in perspective.

ERISA Liabilities for CPAs - Be Informed

ERISA legal requirements can rise up to bite an unsuspecting CPA at any time. In June of this year, the U.S. Supreme Court made it clear that CPAs and other service providers may face exposure under ERISA for various transactions with employee benefit plans, even though, in many cases, their actions seem innocuous.
Community News

How the Internet is Changing the Practice of Accounting, with Michael Platt

How the Internet is Changing the Practice of AccountingPresented by: Michael PlattCEO of AccountingWEBVisit the AccountingWEB Workshop Calendar for upcoming workshop sessions.

Uninsured Workers Number 42 Million

Although the number of uninsured workers decreased 1.7 million between 1998 and 1999, a new study from the Health Insurance Association of America (HIAA) indicates that the economy could push the number of uninsured to 61 million by 2009. Employers should be concerned about these numbers because of the fact that health insurance coverage affects recruitment and retention.

Pages


Already a member? log in here.