News

A&A

Touched by an Angel or Stung by the Devil?

This week's PC Expo brought out the best the computer world has to offer for the future of small business, including a strategic effort for start-up entrepreneurs to seek venture capital funding.A two-day seminar called 'Touched by an Angel' put start-ups at the mercy of 'angels' or so-called investors. Entrepreneurs were given four minutes to plead their case, but most of the time, every one was shot down. Why?Experts attending the seminar picked on this point and that point.
Technology

Support Dying for Internet Tax Moratorium

Pro-tax bills have surfaced in both the House and Senate, supported by legislators who recognize the loss in tax revenue that states will continue to suffer as sales on the Internet proliferate. The current Internet sales tax moratorium expires in October, 2001, and it is unlikely any further legislation to either extend this moratorium or institute a sales tax policy will occur this year. All but five states have a sales tax, but currently no state enforces the taxation of sales if the seller has no in-state store or warehouse.
A&A

Rev 'em up! Porsche Boxsters as Benefits Incentive

Today's corporate benefits plan includes all the traditional modes, such as 401(k) plans, insurance, vacation and the like. But Porsche Boxters?Mercury Computer Systems recently awarded 24 such cars to management as an incentive to boost sales and increase the company's earnings. What's the fallout from an incentive program like this?Analysts outside the company think stockholders should be upset that the company is investing its money into benefits like a Porsche.

AccountingWEB Weekly News Wrap-up - Issue 49

The AccountingWEB Friday Wrap-Up Newswire - Issue 49 June 30, 2000 Logon to http://www.accountingweb.com for more resources. Don't know your membership logon details?
Tax

IRS May Become Competitor in Online Tax Filing Arena

The Clinton administration’s fiscal 2001 funding request includes a requirement that the IRS provide tax preparation and filing services at no charge on its web site.
Tax

Marriage Tax Relief Bill Goes to Senate Floor

The latest attempt at passing marriage tax penalty relief bill was approved by the Senate Finance Committee Wednesday, under the leadership of Senator William Roth. The bill offers a complete restructuring of the standard deduction and the tax brackets so that married taxpayers pay taxes as if they are two single taxpayers. The bill is expected to land on the Senate floor in July. President Clinton has indicated a willingness to sign such a measure, but only if a Medicare prescription drug bill is incorporated into the plan.
Technology

Online Banking: Is it in Your Clients' Future?

Many accounting professionals have used the Internet to conduct business with the IRS and other organizations for some time, but may have held off their support of online banking for their clients because of security issues.A new survey reveals Americans remain, for the most part, skeptical of online banking.
A&A

The Effect of Interest Rate Hikes on Small Business

By the time you see the late news, you'll know backwards and forwards that the Federal Reserve Bank didn't raise short-term interest rates, but may do so again in August.In the meantime, how does this affect small business? More and more CPAs and accounting professionals rely on the small guys for their bread and butter income, so what kind of effect does a rate hike really have on the economy for the small business owner?Plenty, most of which has to do with financing the start-up or new business venture.

SurePayroll.com is open for business

HIGHLAND PARK, IL —June 28, 2000 — MEDIA ALERTGround-breaking On-line Payroll Solution to Reduce Time and Money Spent on Payroll by 50 percent. Marketplace Demand:In a survey conducted by DraftWorldwide, nearly 25 percent of the small business owners surveyed are not happy with their current payroll system. According to an ICR study, 40 percent of 11 million small business owners are fined an average $845 by the IRS for inaccurate or late payroll filing—which translates into more than $3 billion dollars annually.
A&A

CPAs Have Role to Play in B2B Commerce

It's no secret that B2B (Business to Business) Commerce has brought extremely lucrative profits, but did you know it's now a multi-trillion industry?Amidst the hustle and bustle of making money, many financial professionals are puzzled as to their role in the long-term environment. Just what is the CPA's role as the financial advisor to clients, customers and employers?A new Journal of Accountancy article (click on link below) traces the growth of the market and the place financial advisors have in the food chain.

Great Plains Attracts Big 5 for Global Account Initiative

In an effort to focus business on large, multi-national companies who need assistance with implementing its solutions, Great Plains has announced an alliance with many leading market players in a new program called the 'Global Accounts Initiative.'Partners include two Big Five firms, Deloitte & Touche and KPMG, as well as Ernst & Young Technologies.

Quick Tips for Researching on the Internet

Jim Kaplan, author of The Auditor's Guide to Internet Resources and webmaster of AuditNet, an electronic information network for auditors, presented a workshop featuring tips and tricks for successful researching on the Internet.Jim Kaplan is the Internal Auditor for Fairfax County Public Schools, the 12th largest school district in the United States. He founded AuditNet with the goal of linking auditors around the world with audit-related resources.
Community News

SEC Takes Accounting Firms to the Mat

The SEC today announced plans to curb the accounting profession's participation in various consulting efforts. Concerned that accountants are compromising their ability to perform independent audits, the SEC is trying to force accounting firms to discontinue certain consulting activities or, as some firms have already begun doing, separate the activities completely from their audit practice.Auditing, once the bread and butter of accountants, has dropped from 70 percent to 30 percent of accounting firm revenues, according to an SEC spokesperson.

Excel Tip: Modelling and What-If? Analysis With Pivot Tables

This is one in a series of Excel Pivot Table Tutorials developed by AccountingWEB software consultant David Carter.
Tax

Tax Scofflaws Exposed

A list of 50 individuals and businesses owing delinquent taxes to the State of Maryland appeared on the Maryland Comptroller's web site yesterday. The list reflects approximately $10 million in unpaid taxes.Maryland is not the first state to attempt this type of public humiliation. Others participating in such a program include California, Connecticut, Illinois, Montana, New Jersey, New York City, and Washington D.C.

Perform an Audit from your Desk

Deloitte & Touche and Intacct have announced the formation of an agreement to co-develop a web-based accounting service that will be available by subscription to accounting firms everywhere.

Tips & Tricks to Stay Connected While on Vacation

Busy professionals have less and less leisure time these days thanks to an ever-increasing workload, responsibilities and duties. However, everyone - including the partner, owner, manager and staff, should spend time out of the office.That's good on paper, but how can you actually take a vacation and stay in touch with the office?

Bringing XML Into Mainstream Use

The recent popularity of XBRL or eXtensible Business Reporting Language has fueled the discussion regarding its namesake, XML.The latest news on the XML-front indicates that the reporting language is poised to move from high-end applications into mainstream use through various 'shrink-wrapped' software programs.For example, companies like Adobe Systems, Quark and even Microsoft have announced that XML will be used for various programs.The issue regarding whether high-level training on XML will be required for these off-the-shelf programs is being debated.
A&A

When Friends go Into Business Together ....

One of the more dated clichés is never do business with friends or relatives. However, in today's booming economy, doing business with friends, for example, makes sense in many ways thanks to a shared philosophy and mission.How do successful businesses between friends incubate? Very well, according to experts if timing is right and the friends remain friends.First, both parties must share the same goals, and that means more than just wanting to leave the current job for the other side of the fence.
A&A

PwC may Spin off Corporate Finance Unit

More changes are in store for PricewaterhouseCoopers and their massive restructuring.

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