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IRS Data Files May Not Be Secure

The General Accounting Office, Congress's watchdog agency, has published a report citing security lapses in the Internal Revenue Service computer system.

Tax Tip: IRA Contributions Can Be Made Until April 16

If you haven't put any money into an Individual Retirement Arrangement (IRA) for tax year 2000, or if you've put in less than the maximum allowed, you still have time, according to the IRS. You can contribute to either a traditional or Roth IRA until the April due date of your tax return.If you make a contribution for the previous tax year, tell the IRA trustee which year the contribution is for. Otherwise, the trustee may report the contribution as being for the year in which it was received.You may contribute up to $2,000 of your earnings each year to an IRA.

Common Mistakes to Avoid When Filing Your Return

Here's hoping you didn't make any of these mistakes and that you get through tax season with your bank account and good humor still intact!Making math errors. Not including Social Security numbers. Not signing and dating your return.Not using the pre-printed label and envelope from the tax package. Forgetting about interest and dividends. Forgetting to donate unwanted items to charity. Not including all your forms. Not properly tracking your investment basis. Using the EZ form when a longer form could cut your taxes.

Wolters Kluwer North America Acquires ePace! Software

Audit Engagement Software Innovator Will Become Part of CCH INCORPORATED (CHICAGO, March 19, 2001) – Wolters Kluwer North America (WKNA) said today that it has acquired ePace! Software, Newport Beach, Calif., a provider of audit and engagement software for accounting professionals. ePace! will be integrated into CCH Tax Compliance, Torrance, Calif., which produces the ProSystem fx Office software suite for CPA and accounting firms. Terms of the agreement were not disclosed.Founded in 1997, ePace!
Community News

How Does Your Firm Compare?

In 1999, the U.S. Census Bureau published detailed information on CPA firms for the first time. Statistics indicated that a total of 53,651 CPA firm offices nationwide employed more than 389,340 people, generated total revenues of over $38.6 billion, and supported an annual payroll of over $15.1 billion. The individual reports provide detailed information for each state and metropolitan area and for many larger counties and cities. According to national statistics, the average CPA firm office possesses the following characteristics: 7.26 employees.

Internet Tip: How Current is that Web Site?

There are billions of pages available on the Internet today.

SEC: Bloodthirsty or Just Doing its Job?

At the core of a massive plan to scrutinize up to one fourth of the nation's public companies is a continuation of the SEC's role as financial watchdog.

PR - Intacct Offers Online Faxing of Reports/Documents

PRESS RELEASE - Intacct Web-based Accounting Service Offers Online Faxing of Reports and DocumentsNew, touch-of-a-button functionality allows Intacct users to send reports and documents via e-mail or fax over the WebMarch 15, 2001 (Los Gatos, Calif.)—Intacct Corporation, the leading provider of professional-strength, web-based accounting and related online business services, today announced it has teamed with j2 Global Communications (NASDAQ-JCOM), a web-based provider of messaging and communications services, to create electronic faxing of complete or partial

Intacct Provides Migration from Older Accounting Systems

PRESS RELEASE FOR IMMEDIATE RELEASE Intacct Web-based Accounting Service Offers Speed and Ease of Migration from Older Accounting SystemsUsers of mid-market accounting programs can migrate to Intacct’s web-based service in minutes rather than monthsFeb.

The Next Generation Accountant: Strategists of the Future

Next Generation Accountant: Strategists of the FuturePresented by Paul McDonaldExecutive Director, RHI Management ResourcesMarch 15, 2001Visit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryThe full transcript of this workshop appears below. Here are the major topics that were discussed: 1. Becoming an Adviser   a.

Tax Tip: Amended Returns

Oops! You've discovered an error after your tax return has been filed. What should you do? You may need to amend your return. The IRS usually corrects math errors or requests forms (such as W-2s) or schedules left out. In these instances, do not amend your return. However, do file an amended return if any of the following were reported incorrectly: your filing status your total income your deductions or credits Use

AccountingWEB Weekly News Wrap-Up - Issue 86

AccountingWEB Weekly News Wrap-Up - Issue 86March 16, 2001Visit Our Sponsor: Mondaq**LATEST NEWS***LATEST NEWS***LATEST NEWS**1. And Then There Were . . . Four?2. Three Sales Tips for Tax Season3. Baird Kurtz & Dobson and Olive, LLP to Merge4. Tax Tip: Refunds - How Long Should They Take?5. KPMG Must Face the Music, SEC Style6. Ten Quick Internet Tips To Save You Time7.
Practice Management

The Most Important Aspect of Business - Getting Paid

Compliments of Robert Goldhaber, Esq. -Member of the National Network of Accountants’ Preferred Provider NetworkThe key to staying in business is receiving payment for the services you provide, and receiving that payment in a timely manner. In most instances, getting paid for services performed, or for goods sold, is not a problem. But what do you do when payments are not forthcoming? Do You Want to Do Business with this Customer?In reality, every businessperson should start thinking about being paid prior to performing any work or selling any goods.
Community News

John Capone Leaves SEC for Andersen

The Arthur Andersen Financial Services Industry Practice has named John Capone as Partner in its North America Asset Management Practice, effective April 15, 2001. Capone is leaving his position as Chief Accountant of the Securities and Exchange Commission’s Division of Investment Management.

Tax Tip: Volunteer Income Tax Assistance (VITA)

Are you puzzled by the tax law and which credits and deductions you can take? If so, then why not take advantage of the IRS Volunteer Income Tax Assistance (VITA) Program and the Tax Counseling for the Elderly (TCE) Program, both of which offer free tax help. VITA and TCE sites are located at convenient community locations. These sites provide free basic income tax return preparation to individuals with low to moderate incomes, individuals with disabilities, non-English speaking taxpayers, and the elderly.
Community News

PwC Says No Go to IPO . . . For Now

Despite a flurry of recent reports to the contrary, management at PricewaterhouseCoopers refuses to confirm plans for an Initial Public Offering.A spokeswoman from PwC claims the firm is giving equal consideration to three possible options for its management consulting practice: an IPO, an outright sale, or a "consortium of investors."In addition, the spokeswoman, who remained unnamed but was quoted in an article at, stated that no decision about these possible options wo

Low Cost Ways of Enriching Employee Experiences

Every employee wants to feel that he or she is a part of the bottom line in an organization. Below are just a few ideas to help you incorporate this attitude into your firm's culture.Interesting work. No one wants to do the same boring job over and over, day after day. And while any job will always require some repetitive tasks, everyone should have a high level of interest in at least part of the job. Information. Information is power, and employees want to be empowered with the information they need to know to do their jobs better and more effectively.

Tax Tip: Refunds - How Long Should They Take?

Are you expecting a tax refund from the IRS this year? If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your return electronically, your refund should be issued in less than three weeks, even faster when you choose direct deposit.You can have a refund check mailed to you, or you may be able to have your refund deposited directly into your bank account. Direct Deposit into a bank account is more secure because there is no check to get lost. And it takes the U.S.

The Impact of The Revised U.S. Accounting Standards

In a recent study, "No Accounting For... Goodwill," Merrill Lynch analysts identified some significant benefits of the proposed FASB changes to accounting standards. These benefits included an acceleration in merger and acquisition activity and a decline in price-to-earnings ratios (P/Es) for most industries.

Three Sales Tips for Tax Season

By Terri M. SommellaClient service is a hot issue in firms around the globe. When partners think of client service, they hardly equate the subject with selling. Yet questioning and listening skills, which are the foundation of any good sales program, are also the skills needed to give better client service and strengthen our relationships. During tax season, your contact with clients and prospects is at its peak.


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