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Tax

Tax Tip: 1040A Users May Report Mutual Funds Distributions

Some taxpayers with capital gains may now use the shorter Form 1040A. If your only capital gains or losses are capital gains distributions from mutual funds, and you are otherwise eligible to use Form 1040A, you may report these gains on line 10 of the 1040A. If you must use Form 1040 for some other reason, but have no other capital gains or losses, you can skip Schedule D and report your capital gains distributions on line 13 of the 1040, checking the box to indicate that Schedule D was not required.
Tax

H&R Block Launches 'Ask A Tax Advisor'

H & R Block debuted its "Ask a Tax Advisor" service, last week, which enables H & R Block customers instant access to H & R Block tax experts around the country. H&R Block's new "Ask a Tax Advisor" service allows customers quick, customized answers from H&R Block tax professionals for only $19.95 per solution. Using e-mail, live chat or phone, a Block professional will attempt to answer the taxpayer's specific tax questions.

CPA Firm Goodman & Co. Merges with Three Firms

The Virginia firm of Goodman & Company has announced its merger with three firms: Manning, Perkinson, Floyd Company, Collins Forbes and Company, and Hollrah, Bernstein & Funkhauser. The merger will increase the staff size of Goodman & Company to over 400 professionals with 66 partners. "The advantage for these firms is that they will be able to increase their service offerings to their existing clients," said Goodman's regional partner-in-charge Rich Pontyen.
Tax

Revised IRS Form W-9 Available

The IRS form W-9, Request for Taxpayer Identification and Certification, has been revised effective immediately. The new version of the form is available for downloading on the IRS Web site.The primary change to the W-9 form is a requirement that the person filling out the form identify himself or herself as "U.S. Person," as opposed to a "Foreign Person." The phrase, U.S. Person, includes resident aliens.
Tax

Intuit Offers Free On-line Tax Filing

Now in its fourth year, the Quicken Tax Freedom Project provided by Intuit, the maker of Quicken and TurboTax software, offers free on-line tax filing for all individuals and families with adjusted gross income of under $25,000, a $5,000 increase over previous years.Using the TuboTax for the Web software, Intuit is able to provide an interactive question-and-answer process in which taxpayers can enter information about their tax returns.
Tax

Tax Tip: What is Your Filing Status?

Your filing status on your tax return is a category that identifies you, based on your marital and family situation. It is an important factor in determining whether you must file a return, the amount of your standard deduction and your correct amount of tax. If more than one filing status applies to you, you may choose the one that will give you the lowest tax, according to the IRS.There are five possible filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household and Qualifying Widow(er) with Dependent Child.
Community News

KPMG's IPO Scheduled for Week of February 5

The consulting arm of KPMG is scheduled to go public the week of February 4, 2001. The stock is expected to trade on the Nasdaq under the symbol "KCIN." KPMG Consulting Inc. and its lead manager for the deal, Morgan Stanley Dean Witter & Co., are expecting to sell 112 million shares at between $16 and $18 apiece.
Tax

New Tax Resource for Mexican Business

If you have clients or subsidiaries who do business in Mexico, a new resource is now available to help navigate the waters of corporate tax planning. WorldTrade Executive, Inc., a leader in publications covering international finance, law, tax and cross-border trade, announced today the launch of its newest publication, "Practical Mexican Tax Strategies".
Tax

Have Tax Return, Need Mailing Address

Anyone mailing federal individual tax returns this year should double-check the mailing address before dropping that form in the mail.
Tax

IRS's Digital Daily Bids Farewell

To taxpayers and tax practitioners everywhere:On January 6, 1996, despite a blizzard and a government furlough, the IRS Digital Daily debuted -- on schedule and well within budget. This grass roots effort was the IRS' first Internet presence and developed by a staff of four. We worked hard with one goal in mind: making it easier for people to get the tax information they need.
Technology

Password-Stealing 'Trojan' Virus Plagues AOL Users

Anti-virus company McAfee.com Corp. is warning AOL users to be on the lookout for a number of password-swiping programs that are making the rounds attached to e-mail messages. McAfee said it has logged an increasing number of such "Trojan" programs among AOL users over the last 30 days. The worst of the bunch has been labeled "APStrojan.qa" and attempts to steal account names and passwords from users of versions 4 and 5 of AOL's software. It then attempts to forward that information to a destination outside the AOL network, the company said.

AccountingWEB Unveils Tax Resource - - TaxZONE

AccountingWEB.com is scheduled to unveil its free resource area on February 1, 2001. The TaxZONE was created to assist accountants through the tax season ahead. The TaxZONE offers a variety of information including articles, links, tools, resources, tips and guidelines to help AccountingWEB users successfully navigate their way through tax season more effectively and more profitably.“The ongoing goal of AccountingWEB, Inc.

Internet Users Span Global Boundaries with Aid to India

On January 26, the people of Gujarat, India, along the Pakistani border at Rann of Kutch, were struck by a devastating magnitude 7.9 earthquake. Death toll reports vary widely, with some ranging from more 20,000 to as many as 100,000. Bhuj, the town closest to the quake's epicenter, was the hardest hit. Field reports indicate that water, communications, power, fuel and medical infrastructure have all been destroyed or very badly damaged. The Red Cross is on the scene providing relief.

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

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.
A&A

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

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.
Technology

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, MyHDVEST.com.
A&A

Personal Checks Going Electronic?

Bankrate.com 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

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