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More Excel Tips

In a recent workshop at AccountingWEB, author and AccountingWEB Managing Editor Gail Perry shared some of her favorite Excel tips.Workshop sponsored by National Payment CorporationHere are some more of the tips that were discussed in January's workshop event:Placement of To
Tax

Tax Tip: Education IRAs Can Make College Costs Less Taxing

The Education IRA is an incentive to help parents and students save for higher education. Up to $500 may be contributed to a child's Education IRA each year. Earnings on contributions will be distributed tax free provided that they are used to pay the beneficiary's postsecondary education expenses. Any individual who meets adjusted gross income (AGI) requirements can make a non-deductible contribution on behalf of a child under the age of 18. The AGI requirements are $95,000 for single taxpayers and $150,000 for married taxpayers.
Tax

Beware: 'Tis the Season for Tax Scams!

Millions of Americans who are preparing their tax returns this spring have one desire in common - how can we reduce our taxes? Bankrate.com writer, Kay Bell, has compiled a summary of some of the more popular tax scams that attract the attention of taxpayers hoping to save money.

Audit Independence 'a Function of Auditor Size,' say Researchers

Academics have found that larger audit firms are less likely to compromise their independence than smaller ones when providing non-audit services to their clients.And when the provision of non-audit services - and consequently the fee - is relatively high, these smaller firms find it hard to resist aggressive accounting by their clients.The Lancaster University study into non-audit services, auditor independence and earnings management found that the latter's proximity to analyst's forecasts varies according to the size of the fee for Big Five and non-Big Five firms.Pelham Gore, Peter

Accountant Gets Go-Ahead to Sue Employer

A 5'11" 333-pound accountant has received permission from the New Jersey state appeals court to sue his employer for discrimination. The court granted permission for the lawsuit to continue if the plaintiff can produce medical evidence proving that his weight is not a product of "overindulgence and lassitude."Joseph Lally, 46, is seeking restitution on the grounds that he was fired from J.P. Woods Co. as a direct result of his obesity.
Tax

Pavarotti Could Be Jailed for Tax Evasion

Six months after appearing to settle a tax dispute, opera star Luciana Pavarotti has been ordered to stand trial for alleged tax evasion, according to London's Sunday Times.In July, the opera singer agreed to pay £8m in back taxes after a meeting with Italy's finance minister, Ottaviano del Turco.

Buffet Takes Stake in H&R Block

Investor Warren Buffett's company, Berkshire Hathaway Inc., has become the second-largest shareholder in H&R Block. Buffett, owner of Berkshire Hathaway Inc. in Omaha, NE, disclosed the ownership in a filing with the SEC last week. The purchase makes Buffett an 8.43% shareholder in H&R Block with ownership of 7,697,500 shares. Only Fidelity, the mutual funds company, owns a larger stake in the company with a total holding of 8,056,448 shares.It is estimated that Buffett's holding is three times larger than that of co-founder and retired Chairman Henry Bloch.

FEI Exec Details Agenda for New SEC Chairman

Earlier this week, President Bush appointed Laura Unger as acting chair of the SEC. A permanent successor to departing chair, Arthur Levitt, has not yet been named.Phillip Livingston, President and CEO of Financial Executives International, has identified several key issues that are of utmost importance to financial executives.
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.

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