News

Tax

House Votes Overwhelmingly to Repeal Estate Tax

An historic vote in the House today will pave the way for the eventual repeal of the oppressive estate tax. The vote was 279-136 to repeal the "death tax" over a period of 10 years. Sixty-five Democrats voted in favor of this bill, enough to override a projected veto by President Clinton.The tax affects about 2% of Americans, many of whom are owners of farms and family businesses. It is estimated that the repeal of the tax will cost the government approximately $50 billion per year.
Technology

Internet Businesses with European Sales Face Taxation

The European Union (EU) is considering a new program that will “level the playing field” by making U.S. high-tech companies subject to the same type of Value Added Tax (VAT) that European companies enjoy. Initial reaction among U.S. companies is that this program will discourage sales in Europe or, at least, will result in a higher price structure for items sold via the Internet to European customers.The VAT rate is 15% to 25% on non-physical goods, such as software and data. Estimates are that the tax will cost U.S.
Tax

1040PC Bites the Dust

The 1040PC provided a paper-saving method for filing tax returns, by presenting a scannable tax return prepared on a computer. The method didn’t quite catch on, and with the momentum that electronic filing has gained, the IRS feels the time is right for dropping the 1040PC format altogether.The 1040PC format will not exist in the spring of 2001, and will therefore not appear as an option on computer programs that prepare tax returns.

AccountingWEB Weekly News Wrap-up - Issue 46

The AccountingWEB Friday Wrap-Up Newswire - Issue 46 June 9, 2000 Logon to http://www.accountingweb.com for more resources. Don't know your membership logon details?
Technology

Excel Tip: Correct Erroneous Dictionary Entries in Word and Excel

Have you ever used the spell-checker in Word or Excel and clicked the Add button when you meant to click Change or Ignore? Suddenly a misspelled word has been added to your dictionary, and from now on, every time you type "acounting" instead of "accounting," the spell-checker blithely accepts your typing and ignores your shouts and pleas to correct the spelling of the word. All words that you add while using the spell-checker in any of the Microsoft Office programs (including Word and Excel), are saved in a file called Custom.dic.
Community News

SEC Offering Amnesty for Independence Violations

The SEC has initiated a look-back program in which all participating accounting firms will subject themselves to independent scrutiny of their financial independence with regard to their audit clients. Participating firms as well as their clients will be provided with a safe harbor from enforcement unless certain serious violations occurred.The look-back program is entirely voluntary, but it is hoped that the amnesty incentive will provide the necessary encouragement for firms to participate.

Audit Improvements Recommended

The Panel on Audit Effectiveness, a group appointed by the Public Oversight Board at the request of Arthur Levitt, chairman of the Securities and Exchange Commission, has completed an exhaustive examination of the current audit model being used by accounting professionals.The Panel suggested many recommendations for improvements in the conduct of audits and governance of the profession.

ePartners Forms Strategic Alliance With Pivotal

Now Offers Companies Consulting & Implementation Services on eRelationship™ 2000 Suite and eSelling 2000Dallas, TX (June 7, 2000) – Today ePartners™, Inc., the leading eBusiness solutions provider for emerging middle market companies, announced a strategic alliance with Pivotal™ Corporation (NASDAQ: PVTL), the leading eBusiness Relationship Management Company.
Practice Management

Purchasing Fraud: Detection & Prevention Checklist

Reprinted with permission by the Financial Management Network.by Leonard W. Vona, CFE, CPA Director of Internal Audit for the Research Foundation, State University of New YorkThe potential for fraud during any phase of the purchasing cycle is enormous. To detect fraud warning signs and save your organization untold dollars, add these steps to your next procurement audit: Focus your sample on the 3-5 year history of a particular purchase. What trends do you see and - more importantly - don't see?
Tax

Audits of Low Income Taxpayers on the Rise

A recent study by Syracuse University has confirmed that for the first time ever, low income taxpayers are more likely to be audited by the IRS than high income taxpayers.Low income taxpayers, defined as the "working poor" with annual income below $25,000, are being targeted to catch fraudulent claims of earned income tax credits.Audits of low income taxpayers, which the study said also included taxpayers who don't file any taxes (income = $0), generally are handled through computer generated correspondence.
Technology

If Dr. Seuss Wrote Technical Manuals for Computers

Reprinted from Leadership Express, the newsletter for Academic Partners of the American Accounting Association.Computer Instructions, by Dr.
Tax

IRS Announces New Specialty Areas for Businesses

New specialty areas in the IRS’s Large and Mid-Sized Business division are geared toward helping businesses file and pay their taxes correctly.

HOT Trade Show Trends

If you think that trade shows are a marketing tool of yesteryear, think again. A recent survey of one thousand executives shows that 85 percent believe trade shows are MORE important today.The trick is that the way they visit trade shows has changed. Trade show visits aren't a haphazard jaunt down the aisles; they are pre-planned strategies with a mission. And, because of lack of time, serious visitors stay late to accomplish their task. But, according to another survey, more than 60 percent of booths are empty the last hour of the show.
Practice Management

Improve Efficency in your Workplace with Systematization

Trent Kaeslin, Practice Development Coordinator for Results Accountants' Systems was our guest Tuesday in the workshop room here at AccountingWEB.

Systematizing: Improving the Effectiveness - with Trent Kaeslin

Trent KaeslinPractice Development CoordinatorResults Accountants' SystemsSession Moderator: Welcome to all of you! Please feel free to ask questions and be assured that we will come back to any questions we miss.I want to welcome Trent Kaeslin as our Workshop Leader today.
Technology

Internet Bigger than Industrial Revolution

With predictions that the Internet industry will top $1 trillion by early 2001, researchers have come to the not-too-surprising conclusion that the Internet is responsible for the nation’s businesses becoming more and more productive.A recent report on measuring the Internet Economy Indicators as they affect U.S. businesses was commissioned by Cisco Systems, Inc. and performed by a team of research experts, which included graduate faculty members from the University of Texas at Austin Business School. The group examined 3,000 U.S.

Where do businesses go to find an accounting firm?

Bsource.com - ever heard of it? If you act quickly, you can list your accounting firm with the web site and get exposure to millions of qualified, prospective clients. So what's the deal? Well, Bsource is a matchmaker for businesses and vendors. Beyond being a directory online, the site uses a proprietary matching system that connects you with clients that specifically match your firm's skills and interests.Many news sites use Bsource as their "matchmaker" service, so you get the benefit of being on many sites at once with just one listing.
A&A

National Network of Accountants Founder Honored

Joe Tucciarone, CFP, founder of the National Network of Accountants, Woodbury, New York has been named as one of Accounting Today's Top professionals in financial planning. The list, compiled annually by Accounting Today, one of the nation's leading publications for the accounting profession, was released in May. The list consists of leaders and practitioners in the financial planning and accounting fields that have influenced CPA involvement in personal financial planning sector. "I am very honored to be recognized by Accounting Today.
Technology

What Will Happen to Us if Bill Gates Stops Controlling Our Lives?

He's at it again - Bill Gates never seems to stand still when it comes to computers and technology. His latest pronouncements involve what Gates refers to as the "bottom line" of Internet usage. The Gates vision projects a third phase of the Internet which follows the initial phases of using the Internet for advertising and conducting business transactions over the Internet. The third phase emphasizes business profitability.Microsoft has already developed the software necessary for achieving the Gates dream.

Girls Going Places Scholarship Awards!

Do you know a young woman between the ages of 12 and 16 who shows potential to succeed in business? Do you know a young woman who makes a difference and demonstrates budding entrepreneurship or financial sense? Do you know a young woman who deserves to be awarded a college scholarship? If your answer is yes to any of these questions tell us about her in 1,000 words or less and submit your entry by September 1, she could be a $15,000.00 scholarship winner. “Our world is in the midst of great economic change.

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