News

A&A

IRS Provides Tax Relief for Small Businesses

Businesses that must account for inventories and that have a three-year average of $1 million or less in gross receipts now have an option of using the cash method of accounting. Effective for tax years ending in December 1999, a new Revenue Procedure may result in tax savings for many small businesses.The IRS has issued Revenue Procedure 2000-22 which provides an exception to the accrual accounting rules for small taxpayers, which are defined as taxpayers with average annual gross receipts of $1 million or less.
Practice

The Learning Game

Does this sound familiar? You’ve tried it all – classroom training, internal training, books, videos – and still your staff are fumbling with their new software. They KNOW there are easier ways to complete their tasks, yet they say they’re so busy there’s no time to learn how to do things more efficiently. Why is this happening? It’s not because you’ve been unwilling to provide training, it’s not because your staff doesn’t want to learn.As a consultant, I have the opportunity to observe computer users at many different organizations.
Tax

Treasury Seeks To Curb Tax Shelters

The Wall Street Journal today reported that Treasury Secretary Lawrence Summers has asked a core group of some of the nation’s top accountants, lawyers and investment firms to join him in a series of meetings to limit corporate tax shelters.According to reports, Summers and the group will focus on how to strengthen the Treasury’s rules that govern the various professions, like accounting, that are associated with the tax-shelter industry.In addition to helping solve the problem, any further legislation related to this area looks like it will not happen this year.
Community News

Intel/PwC Join for Hosting Services

Intel Online Services and PricewaterhouseCoopers have announced a strategic collaboration in which the two companies will provide hosting and e-business services to PwC clients and customers.The service already is available in the United States, while services in the United Kingdom will be available later this year.
Community News

Lack of Temp Workers Spurs Consolidation

Now that tax season is over, the push for temporary personnel from firms like Accountemps and Robert Half isn't so bad. Nonetheless, alarming trend in a lack of applicants has hurt the overall staffing business.Unemployment is at an all time low, and this does not bode well for this huge industry.
Community News

KPMG Consulting Files for $1 Billion IPO

In yet another effort to capture a larger piece of the pie, another Big 5 consulting firm has made the news, this time by filing for a $1 billion IPO.The firm is KPMG Consulting, Inc., whose main gig is to help companies with their Web strategies. The money gained from shares of stock will be used by the firm to provide working capital, repurchase preferred stock and repay outstanding debt.The venture is being financed by Wall Street giant Morgan Stanley Dean Witter. KPMG Consulting is based in McLean, VA.
Technology

AccountingWEB Offers Free Love Bug Antidote

If you are one of the reputed millions of global email users to have been hit by the notorious "ILOVEYOU" worm program, AccountingWEB has posted tools on the site to help you to disinfect your computer.The downloadable tools include a program "Bug.exe" which searches PC drives for the main virus files and any additional data it may have created.Another application, "DisInfector.exe" neutralizes and renames infected files. The remedial tools can not replace lost data.
A&A

The Legal Audit: A How To Manual For Internal Auditors

Written by Annette S. Biesecker, Executive Vice President, Accountability Services, Inc., reprinted with permission by The Financial Management Network.No one can dispute that law firms sometimes engage in outright billing fraud. Consider: Webster Hubbell, once third in command at the United States Justice Department, plead guilty to charges that he had billed his legal clients fraudulently.
A&A

Save Thousands on Conference Calls

Written by Bruce Judson - The Judson Group and reprinted with permission from The Financial Management Network.Last week I needed to set-up a conference call. To me, the process seemed unnecessarily difficult and costly: the conference call was expensive, needed to be scheduled with a telephone service operator in advance, and participants needed a special phone number and code to join the call. As I was setting all of this up, I kept thinking there must be a better service...

E-mail Tips & Tricks

E-mail is an opportunity for you to extend an impression to your recipient. Keep in mind that the protocol that accompanies a written letter also follows e-mail messages. Don’t lose your chance to market yourself with your signature line. With most e-mail software packages, an auto signature option is available. Use it to include, at a minimum, your name, your company’s name, your full mailing address, contact phone numbers, and company’s web site address.

AccountingWEB Weekly News Wrap-up - Issue 41

The AccountingWEB Friday Wrap-Up Newswire - Issue 41May 5, 2000Logon to http://www.accountingweb.comfor more resources.Don't know your membership logon details?
A&A

Crowe Chizek Forms Investment Banking Subsidiary

Crowe, Chizek and Company LLP, a leading accounting and consulting firm, today announced the formation of Crowe Chizek Capital Markets LLC. The wholly-owned subsidiary will provide investment banking services with a focus on sales and divestitures of closely held businesses with transaction sizes less than $100 million.
Community News

Final Big 5 Holdout may Need to Restructure

Less than three months ago, the Public Accounting Report published an article indicating that Big 5 accounting firm Deloitte & Touche was "bucking the trend" of restructuring and insisted that it would keep its "full service" image available to clients.However, in an article in the Financial Times this week, Jim Copeland, CEO of Deloitte Touche Tohmatsu has indicated that increasing pressure from regulators might force the Big 5 firm to consider restructuring, eliminating the ability to offer both
Technology

Don't get Bitten by the 'Love' Bug

It seems that love is in the air today. And it is infecting computers from Asia to Europe and now the United States in one of the worst outbreaks of computer viruses ever to hit the Internet.First of all, before you read any further, if you see an email with "I Love You" in the subject line, BE SURE TO DELETE IT COMPLETELY FROM YOUR SYSTEM.Now, the story.

Deltek Wins Financial Management Software Shootout Second Year in a Row

Deltek's Advantage and ET Enterprise Products Rated Number 1 for Professional Services Firms McLean, Virgina - May 4, 2000 - Deltek Systems, Inc. (NASDAQ: DLTK). For the second consecutive year, leading professional services organizations from the architecture, engineering (A&E) and design industry overwhelmingly voted Deltek's Advantage with ET Enterprise™ the clear winner of PSMJ Resource's 2000 Financial Management Software Shootout.
A&A

Playboy Gains Capital & 'Spins' Web Division

Playboy Enterprises, Inc. is a huge, international company with many concerns besides its publishing business. Today, when building capital is everything and losses are sky-high in certain cases, a company like Playboy has no other option than to get rid of its most draining businesses.In this case, it's the Web division. The larger question, though, rests with the way Playboy is handling the loss.
Community News

DT Ad Campaign Really 'Great'

On television, print advertising and other venues, it takes only seconds to capture the attention of leaders, decision makers and the business marketplace.A new advertising campaign for Deloitte & Touche is banking on the fact that featuring 'great' people who work for D&T will attract attention to the international accounting and consulting firm's services.The $15 million campaign is produced by Keiler & Co.
A&A

How Pokemon is Like the Stock Market

Do your kids collect Pokemon cards? Do you have a favorite niece or nephew who just can't get enough of the craze?In many ways, Pokemon is like the stock market. In its most basic form, a Pokemon card--one that is rare--is just like a non-profitmaking, non-dividend paying asset. Rare cards are parallel to a tiny free float.

Paul Dunn

Paul DunnFounder, Results Accountants' SystemsPaul Dunn is the Founder and Founding Chairman of Results Accountants’ Systems (RAS), the Accountants' Boot Camp process and the Results Accountants’ Network.He first started working with the Accountancy Profession in 1970 when he was one of just ten people in the Australian start up of Hewlett Packard.
Technology

Great Plains to Acquire Rival Software Company

Great Plains, an accounting software industry leader, announced yesterday plans to acquire rival software company, Solomon Software.The new company will have more than 130,000 customers, 2,200 team members and a worldwide network of 2,000 channel partners. Great Plains will acquire Solomon through the issuance of approximately 2,600,000 shares of Great Plains common stock and $35 million in cash.

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