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Tax

IRS Gets Clean Bill of Health

The General Accounting Office couldn't find any problems with the IRS's financial statements for 2000 - a first for the tax service, which in the past has always received qualified opinions on its year-end statements."This is a significant accomplishment and an important milestone in the progress of the IRS," according to Charles O.
Tax

Tax Tip: IRS Notices - What To Do

It's a moment any taxpayer dreads. A letter arrives from the IRS - and it's not a refund check. But don't panic. Many of these letters can be dealt with simply and painlessly.Each year, the IRS sends millions of letters and notices to taxpayers to request payment for taxes, notify them of a change to their account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return. Each letter and notice offers specific instructions on what you are asked to do to satisfy the inquiry.
Technology

'Naked Wife' Computer Virus – Don’t be Tempted

A damaging computer virus has hit at least 30 organizations and one federal agency according to an article in CBS NEWS.com.This latest virus, called "Naked Wife," takes advantage of users baser instincts, according to one antivirus company official. The virus, which appears with the subject line, "FW: Naked Wife," deletes Windows and system files with .bmp, .com, .dll, .exe, and .ini extensions, and leaves the computer disabled.
Community News

Arthur Andersen Changes Name

Effective immediately, Arthur Andersen is to be known simply as Andersen. The Chicago-based firm announced the name change Monday."Andersen is the most recognized, best known name in professional services. This tremendous asset draws upon our heritage of professionalism, integrity, quality service and trust. Using Andersen as our global brand better aligns with our strategic commitment to continually enhance the breadth and depth of our capabilities.
Tax

Tax Tip: What's New for 2000 Taxes?

Do you want to learn about the principal tax law changes that could affect your 2000 tax return? IRS Publication 553 highlights the tax changes in these areas: Interest on student loans. Individual Retirement Arrangements (IRAs) - including traditional IRA income limits, and returned contributions and recharacterizations. Capital gain distributions. Foreign earned income exclusion. Standard mileage rate.
Workplace Fitness

Open Forum on Motivating Staff During Busy Season

AccountingWEB hosted an open forum workshop on Tuesday, March 6th to discuss and share ideas to help you and your firm through this year’s busy season. Read the full transcript of this session!Some of the highlights that were covered during last year’s Busy Season Open Forum included: 
Technology

Is Microsoft Trading On Your Good Name?

Many Internet users who sign up for Microsoft's free e-mail service, Hotmail, are unwittingly placing their vital statistics in a White Pages database which makes the information available to other services on the Internet.When signing up for a Hotmail e-mail account, users have the option of unchecking a box and opting out of the White Pages service.
Tax

IRS Conducting Raids on Alleged Tax Evasion Experts

One might think the IRS has more than enough to keep itself busy this time of year, what with it being tax season and all, but the Service found time last week to go on a raid rampage, performing more than three dozen searches and arresting four suspected tax evasion specialists.Among those targeted in the raids were: The Institute for Global Prosperity, an Internet company that promotes what the IRS claims are fraudulent tax and inve
Community News

KPMG Consulting Gets 'Dog of the Day' Rating

With the excitement about KPMG Consulting's recent IPO wearing off, market analysts are lining up with their ratings of the stock, and the Monday 6% drop to $17.88 per share caused Forbes.com to give the stock its "Dog of the Day" ranking.KPMG Consulting's February IPO is the biggest US IPO of the year so far, and the float has been considered successful to date.
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.

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