News

Community News

Andersen Family Feud Heats Up to the Tune of $14B

The saga between Andersen Worldwide and Andersen Consulting continues to make the news, although negotiations are moving slower than previously expected.This week, Andersen Worldwide filed a $14.6 billion countersuit against Andersen Consulting, maintaining its position that if Andersen Consulting wants to make the split between firms permanent, it must return the "Andersen" brand name, along with the technology it uses to run its business.Andersen Consulting has gone on record by saying that a counterclaim has n
Tax

IRS Concerned About Nanny tax

A new tax report issued by the IRS calls attention to taxpayer non-compliance with "nanny" provisions.Statistics indicate only about 300,000 of the 122 million-plus individual income-tax returns filed last year included Schedule H - the form used to pay social security and Medicare taxes.In 1999, the law mandates that anyone who pays a household worker $1,100 or more must pay Social Security and Medicare taxes through Schedule H.

Sexual Harassment

You can be sure that sexual harassment is alive and well in corporate America. Just ask Monica.

1st Global Holds 8th Annual Conference

The resounding theme of 1st Global, Inc.’s 8th annual national conference, held on October 27th through 30th in Tucson, Arizona was quality service and relationships. The financial services group sent the message that the key to success for CPAs and accounting professionals is to balance the need for efficiency with the value of building strong client relationships.
Practice

Improve Routine Tasks -- Cautiously

Finding a better way to do routine tasks can save time and money. Find a process where you can shave 10% off the time it takes you to do these tasks, and the numbers will start adding up. But beware: putting your energies towards improving efficiency on unnecessary work is foolhardy!
Tax

Large Family Could be a Tax Red Flag

Most CPAs and accounting professionals know that the alternative minimum tax (AMT) traditionally applies to high-income taxpayers who place monies in tax shelters and other vehicles to avoid an increasingly higher tax liability.However, when framed differently, it also applies to families who have a large number of children. Why? The AMT is initiated when a taxpayer pays in what the government considers too little tax.
Community News

Andersen Consulting Sues for Lost Compensation

Andersen Consulting has filed a suit against Computer Sciences Corporation, alleging that the company neglected to pay the consulting firm $10 million for work associated with a subcontracted project.Andersen was not successful in settling the suit through mediation. The work stems from a seven-year outsourcing agreement dating back to 1993 in which the two companies would jointly manage J.P.

CPA Internships Provide Great Opportunities

Remember when you were in school and craved an internship with a large firm or any size business that would give you solid experience, great contacts and a bit of encouragement?Despite the fact that the press has carried stories of how some students opt for slinging burgers or working retail rather than concentrating on finding a good internship, providing a student with this opportunity is paramount to book learning and a win-win situation for everyone.One of the nation's most popular colleges, Baylor University in Waco, TX, says that internships are once again enviable and cherished.
Practice Management

Working With Employee Morale

As a manager, you know that employee morale can work for you or against you. When employee morale is high, so is productivity and vice versa. What makes employee morale go south is another idea completely. It could be a result of any one of hundreds of workplace situations. Do you have a partner or manager who disrupts your work environment? Do employees feel unappreciated? Your role as a manager is to ferret out these issues and put employee morale back on top.Figuring out the root of the problem can be a challenge.

California Looks at Raising Property Taxes

Boy have times changed. Just 20 years ago, anyone who simply suggested raising property taxes in California would have been driven out of the state ... never to be let back in.Now, a March 2000 ballot will ask voters to make it easer to pass local bond elections by moving from a two-thirds majority to a simple majority vote. In turn, experts believe property taxes would increase as a way to finance bond issues like the building of new schools.The last time California attempted something similar was in 1993.

Big Blue Rumored to buy PeopleSoft

Rumors can be good or bad depending on the truth, speculation and, of course, end result.Shares of PeopleSoft recently rose 18 percent when it was heard that IBM might be purchasing the popular provider of enterprise and business solutions.PeopleSoft has been in the news quite a bit lately for mishaps in installations at some well-known companies, as well as for acquisition speculation.
Technology

SEC Asks for Help to Regulate Excessive Internet Revenues

The financial repercussions of the yet-to-be-defined world of the Internet has caused the Securities and Exchange Commission to seek the help of organizations like the Financial Accounting Standards Board who issue accounting rules.The SEC wants these bodies to tighten the way they require Internet companies to book revenue in an effort to decrease the amount of fraud in Internet companies reporting high or excessive figures.The SEC also reported it has found Internet companies booking revenue for
Community News

Andersen Drives Into Lucrative Financial Market With GM

Arthur Andersen has entered into an agreement with General Motors to acquire the car manufacturer's transaction processing assets worth $250 billion.In a separate agreement, Andersen also will provide General Motors with various transaction processing services for a new service center environment.

Congress Passes Tax Extensions

CONTACT:MARY DALE WALTERS 847-267-2038 mediahelp@cch.com NEIL ALLEN847-267-2179allenn@cch.comTax Legislation Update from CCHTAX BREAKS SAVED AS CONGRESS EXTENDS PROVISIONSAMT Won’t Reduce Impact of Popular Credits(RIVERWOODS, ILL., November 22, 1999) – Congress failed to take a major step forward on taxes this session, but as the year draws to a close, it has managed to avoid taking several steps back, according to CCH INCORPORATED (CCH), a leading provider of tax and business law information and software.
A&A

Helping Clients Make Money With Uncle Sam

Last year the federal government spent $260 billion on outsourced services. Accounting and consulting firms have plenty of opportunities to get a piece of the pie.

Speed Skiing

I recently met an Olympic skier. He set the Canadian record for skiing in 1992. His feat was speeding down a mountain at 135 M.P.H. He went from amateur skier to Olympic skier in 5 years. If I make it sound easy, it wasn’t. His was the story of an ordinary skier who became an extraordinary one. The story of his training to replicate competitive skiing conditions and improve performance was incredible, amusing and harrowing.
A&A

Cash Balance Plans Offer Lump Sums

The announcement earlier this year by IBM rocked the planned benefits world when Big Blue changed their benefits fom a pension plan to a cash-balance plan.Employees working at IBM shouldn't feel they are alone. In fact, more than 325 companies with names like AT&T and Xerox, also have converted to cash-balance plans.Most everyone understands that the traditional pension plan thrives through employee and employer donations for the long-term.
Community News

H&R Block Participates in Fast IRS Refund Program

Kansas City-based H&R Block has joined one of several tax services participating in a new IRS pilot program offering faster refunds in exchange for more heavily scrutinizing taxpayer claims.It's a win-win situation for both parties.

AccountingWEB Weekly News Wrap-up - Issue 18

The AccountingWEB Friday Wrap-Up Newswire - Issue 18 November 19, 1999 http://www.accountingweb.comIn the headlines this week:1. Venture Capital Funding Hits The Accounting Sector 2. Turning Gender Differences Into Business Opportunities 3. Arthur Andersen To Attempt Profit-Sharing Mechanism4. Emotional Intelligence In the Workplace5. Free Tax Return Preparation Hits The Marketplace 6. Taking Time To Teach Training Tips7.

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