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Tax

Stealth Tax Act Seeks to Curb IRS

Senate bill 286, "Stealth Tax Prevention Act," has been introduced by Senator Richard Shelby (R-AL) with the intent of keeping tabs on any attempts of the IRS to increase federal revenues with tax increases.Under the provisions of the act, any IRS regulation that seeks to increase federal revenues over current prices or revenues would be subject to congressional review and disapproval within 60 days after the regulation is issued.Sen.
Tax

IRS Modernization Takes Another Giant Leap Forward

The Internal Revenue Service announced Thursday the completion of a cornerstone in its systems modernization effort by successfully consolidating and upgrading its major computer systems. The IRS consolidated 67 mainframe computers spread across 12 locations to 20 mainframe computers in just 3 locations.
Technology

Deloitte Consulting & Oracle Join to Serve Health Care Industry

Deloitte Consulting will expand its current alliance with Oracle Corporation to provide leading edge information management solutions to the health care industry using the ASP hosting model supported by Oracle. Oracle and Deloitte Consulting expect that this new model will benefit both patient and provider by lowering costs of entry and enhancing data collection processing.
Tax

St. Louis Volunteers Rack Up Record Refunds

St. Louis, MO – February 6, 2001 – Over 300 volunteers worked long hours Saturday, January 27 and Saturday, February 3, 2001, helping 392 families prepare their federal and state tax returns to receive refunds of $495,000. Every dollar of these refunds goes directly to the families.The St. Louis Tax Assistance Program (TAP) helps working families or elderly residents with total incomes below $26,000 per year. January 27, 2001, TAP launched its fourth season of free tax return preparation at three locations in the St.

Trouble Being Recognized as a Registered Member?

Occasionally, people who register on the AccountingWEB site encounter problems with being recognized as a registered member. If the word "Visitor" appears at the top left of the screen, that means that you are not recognized as a registered member and that you do not have full access to the site.What you need to do:Make sure that you used the correct username and password to log on to the site.
Education & Careers

Record Earnings for Outside Board Members - Study

According to a recent study conducted by the global management consulting firm of Towers Perrin and reported by CFO.com, the average total compensation for outside board members of S&P 500 companies has sky rocketed. The average compensation in 2000 according to the study was $100,807. This increase according to the study is mainly due to the growing number of companies compensating their directors with stock options instead of cash payments.
Tax

Tax Tip: Gratuities and Taxes

Do you work at a hair salon, barber shop, casino, golf course, hotel, restaurant or drive a taxi cab? The tip income you receive as an employee from those services is taxable income, according to the IRS.As taxable income, these tips are subject to federal income tax, Social Security and Medicare taxes, and may be subject to state income tax as well.You must keep a running daily log of all your tip income.

Illinois Accountant to Brand Himself as CPA

During his bid for state controller in 1998, Illinois State Senator Chris Lauzen (R-Aurora), was the subject of a negative radio advertising campaign in which his opponent stated Lauzen was not a licensed CPA.Lauzen rebutted the ads claiming the fact that he was not licensed to perform audits was a technicality, and that he was certified as a CPA by the state of Illinois.To drive the point home, Lauzen has decided to go to court in March to have his name officially changed to "Christopher J. Lauzen, CPA."Lauzen expects the name change will have little effect on his personal life.

Macola Software Acquired by Netherlands Exact Software

Netherlands-based Exact Software Company has signed an agreement to acquire the US-based company Macola Technologies Inc.Macola has a prominent market position in the middle market of Enterprise Resource Planning (ERP) solutions, based on and around manufacturing organizations in the United States. With some 250 employees and an annual revenue of approximately $28 million, Macola sets the foundations for the Exact group to increase its global presence in to the United States. "This acquisition is of strategic importance to the Exact Group.
Tax

IRS Moves Forward With Internet Presence

The Internal Revenue Service is looking forward to expanding and improving its presence on the Internet.During the next few months, the IRS will be changing the homepage from the Digital Daily to a more contemporary styled portal page.
Community News

KPMG Consulting Enters Uncertain Market

An oversubscribed initial public offering of KPMG Consulting (KCIN) was expected to be overshadowed by a share slump in one of its major shareholders. But the IPO, launched today, was one of the strongest IPO's in a year.Shares were priced at $18.00, opened at $20.44 and shot up to $24+ on fairly heavy volume on the first day of trading. Analysts expected the trading to be negatively affected by Cisco Systems, which owns 20% of the consultancy, who saw its shares fall by 13% earlier this week after posting results below expectations.

Indiana Accountant Fires Gun at White House

Neighbors in Evansville, Indiana, describe the man as friendly, a jogger who kept a neat lawn. But apparently this mild-mannered accountant has another side.Wednesday morning Secret Service officers shot Robert W. Pickett, 47, after he randomly fired shots at the White House in Washington, D.C. The man was outside the White House, on the back side, which faces the Washington Monument. President Bush and Vice President Cheney were inside. No one but the gunman was harmed. After a 10-minute stand-off, Secret Service officers fired and shot the gunman in the leg.
Tax

AccountingWEB Editor Authors New TurboTax Book

The Quicken Press, part of Osborne/McGraw-Hill, has recently published TurboTax Deluxe: The Official Guide, a resource for preparation of 2000 tax returns.
Education & Careers

Grads Dress for Success-Tips on Professional Appearance

Once you've graduated and enter into your career of choice, the rules for success are not as straightforward as they were in college. Deciding what to wear will be the first of many important decisions you'll make each day. Why is what you wear so important? Because your clothes are your packaging. The way you look creates the first impression that people will have when they interact with you face-to-face. This is the image they'll keep in their minds when they have subsequent contact with you on the phone or through e-mail.What you wear shows how you rate the events of the day.

What a Surprise! Boomers Will Drain Federal Budget

The General Accounting Office announced Tuesday that today's projected budget surpluses will be overwhelmed by the baby boom generation when it hits retirement. "Without a change in entitlement programs, demographics will overwhelm the surplus and drive us back into escalating deficits and debt," said David Walker, comptroller general.Mr.
A&A

Financial Planner Tops List of Best Occupations

According to the Bureau of Labor Statistics, among the estimated 260,000 financial planners in the United States, the average starting salary is $28,000. The median income for experienced planners is $107,000, and some earn as much as $200,000 a year. Planners agree that the CFP's requirements for a broad knowledge of taxes, retirement, estate planning and the stock market are very helpful.
Tax

Tax Tip: Free Help From the IRS

Sometimes when you are preparing your federal tax return, you need a little help. The IRS offers free assistance by computer, telephone, fax, and in person. The IRS can assist you with obtaining forms, publications and answers to a wide range of tax questions. If you qualify, IRS can even help you find free tax preparation.How to get help: Personal Computer - With your personal computer and Internet connection, you can access a wealth of free tax information at www.irs.gov.
Education & Careers

Seeking Financial Aid for College? Check Out These Sites

If you're like most students, you'll probably need some help with college costs. The first step is to apply for federal aid.
Education & Careers

Managing Generation Gaps: Tips for Generation-Xers

As more and more Generation-Xers enter into management positions, companies need to prepare for the inevitable changes, from dress code to working hours.More and more often, these young managers are taking charge of those multi-million dollar projects and even companies, which may rock the boat, so to speak. Below are just a few issues of this trend:Work to live, not live to work - Gen-Xers are very much into measuring performance by output.Pay your dues - Gen-X managers are focused on performance rather than hours worked or tenure.
Technology

Hot ASPs - Communications and Accounting Applications

According to a recent survey by Zona Research Inc., communications, financial/accounting and e-commerce offerings remain the most common types of applications being accessed from application service providers.The survey found that the number one application being accessed was communication applications, followed by financial and accounting applications and, e-commerce. "One measurable benefit of using ASPs is that they allow end users to focus their IT resources on their core competencies rather than worrying about things like whether everyone's e-mail is up and running," said Commi

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