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Tax

Tax Tip: Education Credits Can Help At Tax Time

Are you footing the costs of higher education for yourself or your family? Education tax credits can help offset those costs. The Hope Credit and the Lifetime Learning Credit are education credits which you can subtract in full from your federal income tax, not just deduct from your taxable income. The Hope Credit applies only for the first two years of post-secondary education - such as college or vocational school - and it can be worth up to $1,500 per student, per year. It does not apply to graduate and professional-level programs.

Friday Humor - Accenture Parody Appears on Internet

Some people clearly have too much time on their hands...Spoof-meisters have masterminded a parody of the Andersen Consulting rebranding exercise and formed Indenture, the new name for Bigtime Consulting. Visitors to the Indenture website can see comic attempts at humor in the form of cartoons, fan mail, merchandise, plus a message from Indenture CEO Joe Backhand. "Since January 1 2001, Bigtime Consulting has been known as Indenture. All references on our new site to Bigtime Consulting refer to Indenture.
Education & Careers

Accenture Offers Key Points for Success in E-Management

Do you envision yourself at the helm of an Internet-based company?

Break the Rules of Good Organization to Get Ahead

The new year brings with it resolutions to organize your office by creating endless files, cleaning off your desk and even cleaning your computer screen.However, if you're like most business professionals, some or all of these tasks already have gone by the wayside.The rules have changed for organization, and the way to get ahead is not by cleaning up your desk, but by organizing projects according to deadlines.
Tax

Tax Tip: Taxability Of Social Security Benefits

Whether your Social Security benefits are taxable depends on your total income and marital status. Form SSA-1099, which Social Security recipients receive by January 31, shows your total benefits, but determining your taxable benefits requires putting pencil to paper. Generally, if Social Security benefits were your only income, your benefits are not taxable and you probably do not need to file a federal income tax return.
Practice Management

Illinois Business Owners Favor CPA/Lawyer Partnerships

Based on a new survey conducted by the Illinois CPA Society, 75 percent of more than 2,000 business executives have no objection to CPAs and lawyers working together as partners.Moreover, 85 percent said that they would not sever their relationship with a CPA who partnered with someone they did not know.

AccountingWEB Weekly News Wrap-up - Issue 77

The AccountingWEB Friday Wrap-Up Newswire - Issue 77 January 12, 2001* * This week's newswire is sponsored by HD Vest * * **LATEST NEWS***LATEST NEWS***LATEST NEWS**1. Deloitte Paves Way for Women in Accounting2. PricewaterhouseCoopers to Cut Partners3. KPMG Consulting Moves Forward with IPO Plans4. A Students' Guide for the Accounting Profession5. Use Outlook Calendar to Manage Your E-Mail Follow-Up!6.

Excel Tip: Perform Fast Calculations in Excel

If you want to find the largest value in a series of cells, you can create a formula to do that (=MAX(cellrange)), but there is a an easier way to get the answer. To view the largest value in a range of cells: Select the cells to be included in the range, and you will see the sum of the range displayed on the status bar, which is the horizontal area below the worksheet window.If the status bar is not displayed, click Status Bar on the View menu. Right-click the status bar, and then click Max.
Community News

A New Era of Accountability-Winning the Talent War for Women

A few years ago, Deloitte & Touche took a good hard look at its efforts to retain and advance talented women professionals. They were recruiting nearly as many women as men, but they experienced a much higher turnover rate for women. They realized that many of the women left due to a lack of advancement opportunities in the male-dominated environment. The firm decided to hold an intensive workshop for over 5,000 of its U.S. managers to discuss the subtle gender-based assumptions many of the women experienced.

Help Pay for College With Credit Card Purchases

Very soon, you may be able to put money aside to help finance your children's education when you use a credit card.A new service offered by UPromise hopes to capture market attention by placing rebates on consumer products into a 529 plan, a state-sponsored savings plan in which any monies are tax-deferred until withdrawal.

Educate Employees on 401(k) Ups and Downs

It's no surprise that the market has not performed as well as it could have over the last few months.
Community News

H&R Block Launches $1 Million Promotion

H&R Block, the world's leading tax preparation firm, this week unveiled the H&R Block Million Dollar Giveaway promotion. Anyone who before April 15, 2001, uses H&R Block's tax services - in office, software or online - or the company's mortgage and financial services will automatically be entered into a drawing to win $1 million. "We've got a million reasons why doing business with Block is a smart choice this year," said Mark A. Ernst, H&R Block's president and chief executive officer.

Arthur Andersen Names Joseph F. Berardino CEO

Arthur Andersen, announced today that Joseph F. Berardino is named chief executive officer, an elected position with a four-year-term, effective immediately. Berardino recently served as the managing partner for the assurance and business advisory practice in North America. Berardino will also serve as managing partner-chief executive of Andersen Worldwide, the legal parent of Arthur Andersen.
Tax

Tax Tip: Alimony Payments Have Tax Implications

When the end of matrimony leads to the start of alimony, how does it affect your taxes? Alimony payments you receive are taxable to you in the year received. The amount is reported on line 11 of Form 1040. You cannot use Form 1040A or Form 1040EZ. The person making the payment may claim a deduction in the year paid on Form 1040. You must give the person who paid the alimony your Social Security number or you may have to pay a $50 penalty. If your decree or agreement calls for both alimony and child support and specifies amounts for each, only the alimony is taxable.
Technology

More Excel Tips with Gail Perry

More Excel Tips!Presented by: Gail Perry, CPA,Managing Editor of AccountingWEB and author of Excel 2000 Answers!January 11, 2001Visit the AccountingWEB Workshop Calendar for upcoming workshop sessions.SummaryHere are some of the tips discussed in Gail's Excel workshop on January 12, 2001. Look for more of these tips in future stories on AccountingWEB.
Technology

PCPS 2000 Member Survey - Top MAP Issues

Partnering for CPA Practice Success (PCPS) has just received the results from its 2000 Member Survey. The survey was distributed to the full PCPS membership — about 6,500 firms.The goal of the survey was to gather information about management and practice issues facing firms in the profession.

Levitt Provides Guidance to Top 5000 Audit Committees

On January 5, 2001 Securities and Exchange Commission Chairman Arthur Levitt sent the following letter to the audit committee chairmen of the top 5,000 public companies. Dear Members of the Audit Committee: Almost a year ago, the Commission, our major markets and standard setters – building on the work of the Blue Ribbon Committee on Audit Committee Effectiveness – adopted rules that strengthen the audit committee's independence, and give its members the tools and the wherewithal to fulfill their duty to the investing public.
Education & Careers

How Does Your Cost of Living Compare to Tiger Woods'?

Tiger Woods vs John Q. Public!When Tiger decides to buy a house, he does just that, no questions asked. But when you compare his relative cost of living to an average $30,000 a year worker, perspective gets a little skewed. For instance, a $300 stereo system to you is the equivalent of Tiger Woods plunking down 33 cents.
Community News

KPMG Consulting Moves Forward with IPO Plans

KPMG Consulting LLP is continuing its move in the direction of an initial public offering planned for early in 2001. The firm recently amended its SEC filing to include a price estimate on its shares.The offering will net KPMG Consulting something in excess of $2 billion. Some of the proceeds will be used to repurchase stock from Cisco Systems which has decided to divest itself about half of its 19.9% holdings in KPMG Consuting.Upon completion of the IPO, parent company KPMG LLP will be left with ownership of approximately 20% of the consultancy.

AICPA's CITP Enhances Practice Development

AICPA's newest professional designation, Certified Information Technology Professional (CITP) distinguishes CPAs who are proficient in information technology, and enhances the CPA’s credibility as the premier provider of IT services among employers and clients. "Historically, management and financial staff often claim that they do not get what they need from IT for increasing the bottom line; or that the business does not get the promised return from their IT investment," says James Metzler, partner, Gaines Metzler Kriner & Co.

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