News | AccountingWEB

News

Tax

A User Friendly Citizen's Guide to the Federal Budget

Next year, the Federal Government will spend over $1.8 trillion. Needless to say, that's a lot of money. And the Government spends it on lots of things--on programs as large as Social Security, and on activities as small and unknown as repairs to the Washington D.C. National Zoo. How much do you know about the budget? If your answer is "not much," you're not alone.
Community News

Minnesota Firm Claims Andersen Botched Job - $6 Billion at Stake

Department 56 Inc., a Minnesota company that makes little light-up Dickens Villages collectibles and Snowbabies figurines, has filed suit against Arthur Andersen Worldwide, claiming that the company suffered "its worst nightmare" at the hands of allegedly unqualified consultants at Arthur Andersen.In 1995, Department 56 hired Arthur Andersen, then in the midst of a corporate dispute with sister company, Andersen Consulting, to perform consulting work including the acquisition and installation of a new computer system.
Tax

The Proposed Tax Cut Really Works - Here's How

The New York Times has published a comprehensive story showing exactly how President Bush's tax cut meets all the criteria described in the President's message to Congress last week. This analysis, which was prepared by Deloitte & Touche, shows exactly which taxpayers will be affected and how.Assuming the entire tax plan is enacted, and of course the plan has yet to even be presented to Congress, here's how the plan will work:The richest 1 percent of taxpayers, those with annual incomes over $370,000, now pay 31.5 percent of all income taxes.

SEC Adds 'Information For Accountants' on Updated Web Site

The U.S. Securities and Exchange Commission has significantly reorganized the SEC Web site, including a page for Information for Accountants with, among other things, a section on international accounting and auditing.
Tax

Tax Tip: Do You Have a Deductible Home Office?

Whether you are self-employed or an employee, if you use a portion of your home for business purposes, you may be able to take a home office deduction. You can deduct certain expenses if your home is the principal place where your trade or business is conducted. You can also take a deduction for business use of the home if that is where you meet and deal with clients or patients in the course of your business.
Tax

Tax Fugitive Rich's Pardon Backfires

New York state officials say they are suing pardoned billionaire financier Marc Rich for income tax evasion and are seeking $137 million owed on money he made in the 1980s while in control of two companies that were involved in illegal oil trading. The New York State Department of Taxation and Finance has filed a tax warrant against Rich, who fled the United States to Switzerland 17 years ago under indictment on a string of fraud and racketeering charges, but was c

Creating Excel Macros, with Gail Perry, CPA

Creating Excel MacrosPresented by Gail PerryAccountingWEB, Inc.Contact gperry@accountingweb.comFriday, March 2, 2001 Visit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryLearn how to create basic macros in Excel during this live workshop presentation.
Tax

Tax Cut Bill is Raced to the House Floor

Not wasting any time, the House Ways and Means Committee, Thursday, approved a version of President Bush's tax cut plan, and the House will be able to vote on the bill next week. The Economic Growth and Tax Relief Act of 2001, if made into law, will include tax reductions retroactive to January 1, 2001.The bill calls for a reduction of the current 15% tax rate to 12%, and this rate would apply to the first $12,000 earned by married couples and the first $6,000 earned by singles.
A&A

Work/Life Balance Programs - A Success Story

In a recent interview with BusinessWeek.com, Earl Maxwell, managing partner of Maxwell Locke & Ritter, a 47-person accounting and consulting firm, explains how his firm opened its eyes and hearts to a more family friendly environment. When Mr. Maxwell ran into an employee in the halls of his office building who explained to him that her mother was taking her two small children to meet their school teachers for the first time, Mr.

AccountingWEB Weekly News Wrap-Up - Issue 84

AccountingWEB Weekly News Wrap-Up - Issue 84March 2, 2001AccountingWEB's Featured Sponsor:Delays in collection hurt your cash flow. Reduce questions and delays that can postpone payment. GetPAID Software from The GetPAID Corporation automates your collection process, sends reminder invoices in a batch, tracks problems, and assigns problem resolvers. Open the cash flow tap. The faster you follow up on invoices, the faster you'll GetPAID.

AccountingWEB Teams Up With MicroMash To Provide CPE Offerings

AccountingWEB is pleased to announce that it has teamed up with MicroMash to bring AccountingWEB members access to over 100 titles in Accounting, Auditing, Taxation, Management, Industry Courses, Personal Development and more. MicroMash has been recognized as a superior content provider for the past 15 years, and that won't change in this age of "all you can eat CPE". MicroMash guarantees that the extensive curriculum is of the highest caliber, combining the latest in computer technology with the most advanced coursework.
Tax

Tax Tip: Selling Your Home

If you sold your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing a joint return), according to the IRS. This exclusion is allowed each time that you sell your main home, but generally no more frequently than once every two years. To be eligible for this exclusion, your home must have been owned by you and used as your main home for a period of at least two years out of the five years prior to its sale. If you and your spouse file a joint return for the year of the sale, you can exclude the gain if either of you qualify for the exclusion.

Officials Charged in Largest Accounting Fraud Ever

In a civil suit filed by the SEC in federal court Wednesday, the former chairman and vice chairman of Cendant Corporation were indicted for conspiracy and wire fraud and accused of doctoring the books of predecessor company, CUC International Inc., for the purpose of misleading shareholders. The two had resigned from the company in 1998.
Tax

Preparing an Exit Strategy for Your Business

Preparing for your retirement is part of every businessperson's long-term goal. But what if you are the owner/operator of the business? You have invested money, time, hard work into growing your business and now it is time to step down. What should you do?When the time comes, you may want your business to continue and prosper, but you don’t want the IRS to take possession of your hard-earned gains with estate taxes. Maybe your business has taken a hard fall, and you need to know your liquidation options.
Tax

H&R Block Penalized $500,000 for Deceptive Advertising

A federal judge assessed a penalty of $507,477 against H&R Block for misleading advertising.
Tax

How Does the Bush Tax Cut Plan Affect You?

Tuesday night, President Bush officially unveiled his hopes, plans, and promises for a new budget and a new direction in the nation's economy. The centerpiece of his speech before Congress and to the nation was his tax cut plan.Under the Bush plan:All federal income tax rates will be cut from the five current levels (15%, 28%, 31%, 36%, and 39.6%) to four, lower levels (10%, 15%, 25%, and 33%).
A&A

AccountingWEB's Recommended Research Site-Check it Out!

The U.S. Department of Labor’s Web site provides a wealth of information for students, accounting professionals, and human resources representatives. At this site, you can gather information on a specific industries, occupations, projections for an occupation, or trends for a client’s industry. The site highlights many areas including Career Guides, Inflation and Spending Guides, Employment Projections, Wages by Occupation, and Employment Cost.
Community News

Andersen Consulting Brand Heading for the Graveyard

Arthur Andersen, upon divorcing itself from the firm of Andersen Consulting, now known as Accenture, retained the right to own and use the name, Andersen Consulting. Now it has announced official plans to eliminate the name entirely.Richard Boulton, global head of Arthur Andersen's Business Consulting division, announced this week that his company "does not want to hide its consulting strength.""Our consulting division is a very different organization to Andersen Consulting. We don't want to be seen as passing ourselves off as them," Mr.
Tax

Tax Tip: Faster Refunds Through Direct Deposit

Want a faster refund? More taxpayers are choosing direct deposit as the way to get their tax refunds. The payment is more secure -- there is no check to get lost. And, it's more convenient -- no special trip to the bank to deposit a check. To request direct deposit, follow the instructions for "Refund" on your tax return.Nearly 30 million people had their tax refunds deposited directly into their bank accounts during the 2000 filing season, a 25 percent increase from the year before.
Community News

Pizza & Doughnut Contest Winner - Crisp Hughes Evans LLP

AccountingWEB is pleased to announce the winner of the "AccountingWEB 2002 Free Pizza and Doughnuts Contest." Crisp Hughes Evans LLP, located in Greenville, South Carolina is the lucky winner of free pizza and doughnuts from March 1st through April 16th. Summer Brooks submitted her firm’s name for the contest and was chosen from 98 entries. Crisp Hughes Evans has offices in North Carolina, South Carolina and Georgia.

Pages

Premium content is currently locked