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Tax

Tax Tip: Gift Giving

If you give any one person gifts valued at more than $10,000 in a year, it is necessary to report the total gift to the Internal Revenue Service. You may even have to pay tax on the gift. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value.You make a gift when you give property, including money, or the use or income from property, without expecting to receive something of equal value in return.

Free Pizza and Doughnuts for Tax Season!

We all know the daily routines during tax season, eat and work, eat and work, eat and sleep, enough said. AccountingWEB would like to sponsor one firm during the upcoming tax season (March 1st through April 15th). We will gladly pay for pizza and doughnuts during the six-week period between March 1 and April 15! To enter your firm into the AccountingWEB Free Pizza and Doughnut Contest, all you have to do is have your colleagues register on-line for free to the AccountingWEB service.

FASB Issues Exposure Draft on Business Combinations

February 14, 2001 - The Financial Accounting Standards Board has released its limited revision of the proposed statement, "Business Combinations and Intangible Assets - Accounting for Goodwill." The revised Exposure Draft contains the FASB’s tentative decisions requiring use of a nonamortization approach to account for purchased goodwill. Under that approach, goodwill would not be amortized to earnings, as originally proposed.
A&A

Intuit Releases 'Site Frame' Web Sites for Small Businesses

Intuit recently released a new version of QuickBooks Site Solutions for small businesses. The new version includes the service "Site Frame," that enables small businesses to insert third-party developed applications directly into their QuickBooks Site Solutions Web sites with a plug and play interface. The new applications will assume the look and feel of the business' Web site. "Small businesses want robust Web sites that help them run their businesses more effectively," said Intuit's Small Business Division vice president and general manager Dan Nye.

Unger Named as Acting SEC Chairman

The White House announced that President George W. Bush has designated Laura S. Unger as Acting Chairman of the U.S. Securities and Exchange Commission. The temporary appointment of Unger had been expected following former SEC Chairman Arthur Levitt's announcement in December that he intended to leave before the end of his term. Levitt's last day was Friday. Rep.

NCCPAP Denounces "Cogintor/XYZ"

FOR IMMEDIATE RELEASE Contact:Robert Goldfarb or Herb Schoenfeld (516) 364-0100NCCPAP DENOUNCES "COGNITOR/XYZ"The Board of Directors of the National Conference of CPA Practitioners (NCCPAP) voted overwhelmingly to reject the AICPA's concept of "Cognitor/XYZ".After months of discussion and analyzing the "cognitor/XYZ" proposal at committee meetings culminating with a presentation by John Hunnicut, the AICPA's senior vice president of public affairs, to NCCPAP's Board regarding the AICPA's position on the subject, the NCCPAP Board decided that "cognitor/XYZ" was n
Technology

Amazon's Downloadable Software Store Open For Business

Amazon has launched its newest product offering, a downloadable software store, where customers can purchase and download software directly to their desktops. The store, which plans to sell software titles from Quicken TurboTax to Norton AntiVirus 2001, flaunts one of the company's inherent advantages over its brick-and-mortar counterparts: the convenience of technology.
Technology

Stock Trading Via OnStar in Your Car – What Next?

General Motors and Fidelity have joined forces to enable drivers to check portfolios, trade stocks and mutual funds while driving down the freeway! Beginning early springtime, market information and stock quotes will be accessible through GM's OnStar in-car communications system. Trading and account features will be available later this summer. Fidelity officials describe the service as the latest in their effort to allow customers to manage their money whenever the spirit moves them.
Practice Management

When Accounting Firms Enter the World of Group Insurance, with Herbert Lichtman

When Accounting Firms Enter the World of Group InsurancePresented by Herbert LichtmanPresident and CEO, GroupWorksTuesday, February 13, 2001 4:00-5:00 p.m. ESTVisit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryGroup insurance presents both great opportunities and great challenges for accounting firms.
Tax

Tax Tip: Tax Assistance for Individuals with Disabilities

If you are unable to complete your income tax return because of a physical disability or hearing impairment, you may get help from the IRS through its Volunteer Income Tax Assistance/Tax Counseling for the Elderly (VITA/TCE) programs, or through a special TDD phone number that is available in both English and Spanish.The Volunteer Income Tax Assistance (VITA) program has IRS-trained volunteers who provide free tax assistance at neighborhood locations such as churches, schools, libraries and community centers. VITA is aimed at those who may find it difficult to pay for tax assistance.

Intacct Raises $21 Million in Funding

PRESS RELEASE: Backing includes new investors Goldman, Sachs & Co, JK&B Capital and returning investors Hummer Winblad Venture Partners and Deloitte & Touche LLP Feb. 13, 2001 (Los Gatos, Calif.)– Intacct Corporation, a leading provider of web-based accounting and related online business services, today announced the close of a $21 million round of investment led by JK&B Capital of Chicago. Another major investor is Goldman, Sachs & Co. Also included in this new round of capital are current investors Deloitte & Touche LLP and Hummer Winblad Venture Partners.
Tax

Planning Opportunities Abound with New IRA Rules

On January 11, 2001, the Treasury issued sweeping changes to the IRA required minimum distribution rules. Typically, when Treasury or the IRS promulgate new rules, taxpayers and professional advisors react apprehensively, fearing the worst, but hoping for the best.
Technology

Send & Receive Faxes & Voicemail From Your Computer

If you travel, or just can't seem to get your faxes out on time or want to track your voicemail more closely, you can try one of the services offered by eFax.com. Free and fee based software downloads are available from eFax.com. Below are a few of the downloads available along with information on each product highlighted. sign up for a personal eFax number.
Community News

Formalized Flextime? The Perk That Brings Productivity

An informative article by, Workforce.com provided some great ideas on how to incorporate flexible scheduling in your company.In 1997, more than 25 million workers varied their hours to some degree, with staggered start times, compressed workweeks, job sharing, and part-time hours, according to the article “Flexible Schedules and Shift Work: Replacing the 9-to-5 Workday?” by Thomas Beers in the June 2000 issue of Monthly Labor Review. But, he adds, most flexible workers alter their schedules on an informal basis.
Tax

New Executive Director of NATP

David Martin has been named Executive Director of The National Association of Tax Practitioners (NATP). Mr. Martin has more than fifteen years of experience with association management and has demonstrated success in marketing, education, and technological innovations.Prior to joining NATP, David was president of Real Estate Rover.com, and COO and Managing Director of the Real Estate Buyer's Agent Council.

Equity Compensation Plans Come Under SEC Scrutiny

The Securities & Exchange Commission has proposed a rule under which equity compensation information will have to be published in company annual 10-K or 10-KSB reports.
Technology

Lotus Notes Inventor Does it Again - New Groove Software!

Ray Ozzie the inventor of Notes software is at it again. Ozzie invented Lotus Notes, one of the most well designed client-server applications ever, and his new program, Groove could be an even bigger deal than Notes was. Lotus Notes was an entirely new way of working—so new, in fact, that few companies understood why they might want Notes. "I can't tell you how agonizing it was," recalls Ozzie.
Tax

Tax Tip: Foreign Income

With more and more U.S. citizens earning money from foreign sources, the IRS reminds people that they must report all such income on their tax return, unless it is exempt under federal law.This applies whether a person lives inside or outside the United States.
Tax

IRS to Step Up Pressure on Non-Withholders

The IRS plans to announce soon its intention to investigate several businesses that have been publicly proclaiming they do not withhold payroll taxes on wages paid to their employees but instead pay their employees 100% of the wages earned.Several companies participating in this tax boycott have declared their anti-tax position on the Internet, listing their names on various Web site

Controversial 'Cognitor' Name Dropped by AICPA

Only the name has changed. The concept is still very much a reality - a new global financial expert that transcends the confining definition of a certified public accountant. Amid a sea of backlash from members of the profession objecting to the strange name, the AICPA has officially dropped the front-runner choice of cognitor as the designation for the global accountant of the future. "There is so much opposition" to the cognitor name, said Judith Trepeck, part of the management team of the global institute working to put this new designation into place.

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