News

Tax

IRS Audits Decline as Agency Deals with Cutbacks

IRS Commissioner Charles O. Rossotti announced Thursday that the number of tax returns selected for audit during 2000 decreased by nearly 50% over the prior year. The chances of a tax return being audited during 2000 was 1 in 200, compared to 1 in 112 in 1999. Mr.
Tax

Democrats Respond to Proposed Bush Tax Cut

Congressional Democrats came forward Thursday with their own set of principles that they believe should be applied to any tax cut measures that proceed through Congress.Senate Minority Leader Tom Daschle (D-SD), announced the Democratic plan which contains three basic ideals:The American people deserve a major tax cut.
Tax

Baptist Temple Seized for Tax Evasion

Federal marshals took possession of the Indianapolis Baptist Temple early Tuesday morning in a peaceful exchange. Six supporters of the church, including the church's former pastor, were carried off the property by the 85 deputy marshals who were acting on the authority of the U.S. Supreme Court.The church had been in the news for the past year as a result of a dispute over $6 million in taxes owed to the IRS.

FASB Issues Special Report on FASB Statement No. 140

The Financial Accounting Standards Board (FASB) published a Special Report today that addresses the most frequently asked questions about FASB Statement No. 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities.The report is designed as an aid in understanding and implementing Statement 140, which is effective for the transfer and servicing of financial assets and extinguishments of liabilities occurring after March 31, 2001.
Technology

Tip: Use AutoCorrect to Help Speed Up Your Typing!

If you would like to increase your words per minute, or are required to type long names, words like "Cognitor" that you have to stop and think about or repeat a certain word throughout your document, try the AutoCorrect Feature in Word.The AutoCorrect feature allows you to set up typing shortcuts, so you only need to type in part of the word or a special code such as xyz and Word fills in the rest. For example, if I need to type Employee Retention Survey (referencing a project throughout your document), you can just type ers; then press the SPACEBAR, presto, Word does the rest.
Tax

Tax Tip: Taxpayer Rights a Priority for IRS

The law that required the IRS to reorganize also required the tax agency to include the protection of taxpayer rights as one of its most important values. In its day-to-day operations, the IRS and its employees make taxpayer rights a top priority. This includes explaining those rights to taxpayers, keeping taxpayer information private and confidential and being professional and courteous. Besides what is expected of IRS employees, taxpayers have many other rights. They have the right to have someone represent them before the IRS and to accompany them to any meeting with IRS employees.
Technology

On-Line Surveys Provide Important Client & Employee Info

AccountingWEB has located a Web site where firms can obtain on-line surveys to help gather information about the characteristics, behaviors, opinions, and knowledge of your client base or employees. Survey results can produce pertinent information regarding a specific problem, new products or new ideas.A web site called Web Surveyor can assist your technical team in creating an on-line survey to give to your clients, or an employee survey for internal use on your Intranet.

AccountingWEB Weekly News Wrap-Up - Issue 82

AccountingWEB Weekly News Wrap-Up - Issue 82February 16, 2001Members Logon to http://www.accountingweb.com for full access to all our resources.Don't know your Logon Membership Details?Go to
Community News

Personal Planning and Coaching for Your Firm, with Terri Sommella

Personal Planning and CoachingPresented by Terri SommellaPresident, Sommella Market StrategiesContact terri@sommellamarketing.comThursday, February 15, 2001Visit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryLearn how personal planning can provide immediate return to your firm's marketing investment. Ms.
Tax

Tax Tip: How To Prepare Your Tax Return For Mailing

Your tax return is complete and ready to be mailed. Before sealing that envelope, take a few minutes to make certain that all information is complete and accurate. Avoid mistakes that may delay your refund or result in correspondence with the IRS.Here are just a few items to complete prior to mailing your tax return: Sign your return. Your federal tax return is not considered a valid return unless it is signed. If you are filing a joint return, your spouse must also sign. Provide a daytime phone number.
Technology

Tips For Using the Web Wisely and Efficiently in Your Business

Promoting your product(s) or service(s) is just one of many ways you can benefit from using the Internet. To unlock the vast potential of the Internet, consider using it for:Customer research. Get the latest information on prospects before meeting with them. A general search of a client's name on the Web can lead you to press releases, news stories, and advertising material that may not be found in trade magazines or newspapers.
Technology

FreeEdgar Will Cost $9.95 per Month

The free e-mail service, FreeEdgar that provides consumers with an e-mail notification of SEC filings of particular companies will begin charging a $9.95 per month fee for customers tracking over five companies. Customers can still look up information for free on the site, noted Senior Vice President Jay Sears.
Tax

Nonprofits Beware: The IRS is Watching You On-Line

The IRS has announced its intention to consider revoking the tax exempt status of nonprofit organizations that link to political campaigns or lobbyist groups on their Web sites. There are currently no guidelines as to how tax exempt organizations should conduct themselves on the Internet. The IRS is trying to determine if new rules are necessary, or if existing rules can be applied to organizations with an Internet presence.Some nonprofit organizations will probably benefit from a little guidance in this area.
A&A

SBA & Great Plains Software Offer Free Online Conference

The Small Business Administration will sponsor its first-ever Internet conferences for small businesses on February 20 and 22 hosted by Great Plains Software, Inc. The one-hour online conference, titled "Jump Start Your Business Success," is designed to teach techniques on how to grow successfully and to serve as a question-and-answer forum.

Laws to Protect You From Credit Card Fraud

If you are concerned about your personal liability for credit card fraud, take note. For the most part, you can be liable for up to $50 worth of fraudulent purchases, only if you don't report your card stolen or missing.The Federal Fair Credit Billing Act protects you when somebody misuses your credit card. If you report the misuse or report your card stolen within two business days of finding out about it, you're not liable for any unauthorized charges on your account.
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.

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