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Tax

Tax Tip: Alimony Payments Have Tax Implications

When the end of matrimony leads to the start of alimony, how does it affect your taxes? Alimony payments you receive are taxable to you in the year received. The amount is reported on line 11 of Form 1040. You cannot use Form 1040A or Form 1040EZ. The person making the payment may claim a deduction in the year paid on Form 1040. You must give the person who paid the alimony your Social Security number or you may have to pay a $50 penalty. If your decree or agreement calls for both alimony and child support and specifies amounts for each, only the alimony is taxable.
Technology

More Excel Tips with Gail Perry

More Excel Tips!Presented by: Gail Perry, CPA,Managing Editor of AccountingWEB and author of Excel 2000 Answers!January 11, 2001Visit the AccountingWEB Workshop Calendar for upcoming workshop sessions.SummaryHere are some of the tips discussed in Gail's Excel workshop on January 12, 2001. Look for more of these tips in future stories on AccountingWEB.
Technology

PCPS 2000 Member Survey - Top MAP Issues

Partnering for CPA Practice Success (PCPS) has just received the results from its 2000 Member Survey. The survey was distributed to the full PCPS membership — about 6,500 firms.The goal of the survey was to gather information about management and practice issues facing firms in the profession.

Levitt Provides Guidance to Top 5000 Audit Committees

On January 5, 2001 Securities and Exchange Commission Chairman Arthur Levitt sent the following letter to the audit committee chairmen of the top 5,000 public companies. Dear Members of the Audit Committee: Almost a year ago, the Commission, our major markets and standard setters – building on the work of the Blue Ribbon Committee on Audit Committee Effectiveness – adopted rules that strengthen the audit committee's independence, and give its members the tools and the wherewithal to fulfill their duty to the investing public.
Education & Careers

How Does Your Cost of Living Compare to Tiger Woods'?

Tiger Woods vs John Q. Public!When Tiger decides to buy a house, he does just that, no questions asked. But when you compare his relative cost of living to an average $30,000 a year worker, perspective gets a little skewed. For instance, a $300 stereo system to you is the equivalent of Tiger Woods plunking down 33 cents.
Community News

KPMG Consulting Moves Forward with IPO Plans

KPMG Consulting LLP is continuing its move in the direction of an initial public offering planned for early in 2001. The firm recently amended its SEC filing to include a price estimate on its shares.The offering will net KPMG Consulting something in excess of $2 billion. Some of the proceeds will be used to repurchase stock from Cisco Systems which has decided to divest itself about half of its 19.9% holdings in KPMG Consuting.Upon completion of the IPO, parent company KPMG LLP will be left with ownership of approximately 20% of the consultancy.

AICPA's CITP Enhances Practice Development

AICPA's newest professional designation, Certified Information Technology Professional (CITP) distinguishes CPAs who are proficient in information technology, and enhances the CPA’s credibility as the premier provider of IT services among employers and clients. "Historically, management and financial staff often claim that they do not get what they need from IT for increasing the bottom line; or that the business does not get the promised return from their IT investment," says James Metzler, partner, Gaines Metzler Kriner & Co.

New Exposure Draft Amends Portions of GASB 34

GASB 34 was created to make annual reports easier to understand, as well as more useful, for anyone who uses governmental financial data to make decisions.
Tax

Tax Tip: Don't Overlook Home Mortgage Points

Did you buy or build a new home in 2000? Many new homeowners don't know they can deduct points paid on home mortgage loans. The IRS reminds homeowners this can really pay off because some home mortgage points are fully deductible in the year they are paid.To fully deduct mortgage points in the year paid, the following requirements must be met: Your main home secures your loan. Paying points is an established business practice in your area.The points paid were not more than the amount generally charged in that area.You use the cash method of accounting.
Community News

KPMG Reports 11% Growth

Worldwide revenues for KPMG grew by 11% to $13.5 billion for the year ended September 30, 2000, the Big Five firm has reported.KPMG chairman Stephen Butler highlighted the "record results and profitability" for the year, and noted how the firm "has stronger geographic balance than the rest of the industry, which has a greater concentration of revenue in the United States." "Consulting services grew 11% this year to $3.9 billion; Tax and legal services climbed 16% to $2.9 billion; Assurance services grew by 8%, to
Community News

A New Recipe for the CPA Profession, With Richard Savich, PhD

A New Recipe for the CPA ProfessionPresented by: Dick Savich, PhD, CPA,President of ABKO ConsultingTuesday, January 94:00 - 5:00 p.m., Eastern TimeVisit the AccountingWEB Workshop Calendar for upcoming workshop sessions.Summary Richard Savich presented a live, interactive workshop focusing on the future of the accounting profession and the role consulting will play.
Tax

Tax Tip: Publication 17 -- One Stop For Tax Help

Facing a lot of different tax questions this year? IRS experts have pulled together an overview of common tax issues in one convenient place - Publication 17. "Your Federal Income Tax," available at the IRS Web site in the Forms and Pubs section, contains a vast array of helpful information in one guide. From stock sales to student loans, people can get many of their questions answered in this 276-page publication. A sampling of the items covered in 38 chapters:Need help deciphering the mysteries of the Roth IRA?
Education & Careers

A Student's Guide to the Accounting Profession!

They call accountants bean counters, but while you have to be good at math to be an accountant, counting is only the means to a more important end: ensuring that financial information is truthful. An accountant's work can range from an audit, which is a formal analysis of an organization's financial statements, to the day-to-day reckonings of a bookkeeper making sure a small business pays its suppliers and gets paid by its customers.
Tax

California Tax Camp no Picnic for Participants

Just like the U.S. Army, instructors at this week's tax boot camp in southern California help students "be all they can be."Such is the motto at this five-day, intense learning experience sponsored by the San Diego Chapter of the California Society of CPAs.

What's old is new Again: Senior Execs in High Demand!

If you wait long enough, that narrow tie or a longer-than-average skirt will come back into style. The same adage holds true in business, where some key executives are finding now that the dot.com heat has cooled and experience is once more in demand.Fortunately, for the seasoned executive, s(he) didn't have to wait very long."The profile of the most desirable CEO looks dramatically different today than it did nine months ago," says Scott R. Gordon, managing director of Internet recruiting at search firm Spencer Stuart.
Technology

MS Office Clones Provide Web-based Productivity

It's no secret that more and more of our software applications and suites will be Web-based, even before the new year is up. Microsoft already has turned its Office suite into a Web-based application, and is working on improvements so that the next version will be ready by mid-2001.Still, Office may not be everyone's solution. There are clones of some of the most popular productivity suites already on the Web.ThinkFree Office has positioned itself somewhere in between Web-based software and the kind that all of us are familiar with on our PCs.

Levitt Focuses on Investor Rights at Final Town Meeting

During his final public Town Meeting, Jan. 16 in Philadelphia, outgoing SEC Chairman Arthur Levitt plans to deliver an address on individual investor rights and responsibilities."We have witnessed one of the most powerful and striking developments in the history of our capital markets - the rise of the individual investor," Levitt says.

SurePayroll.com Launches Industry’s First Private Label Payroll Solution for Accounting Firms

SKOKIE, IL – January 8, 2001 –SurePayroll.com (www.SurePayroll.com), the industry’s leader in Web-based payroll, announces the creation of the first private label online payroll application designed to for accountants and their clients. Simply put, the application named e-Payroll Service, gives accountants the option to offer their clients their own web-based payroll service branded with their firm’s name and identity. The private label service includes payroll processing and real-time preview, nationwide tax filing, direct deposit and payroll reports.
Tax

Tax Tip: Thousands of Refund Checks Remain Unclaimed

WASHINGTON - Tens of thousands of taxpayers still haven't received tax refund checks from 1999 tax returns. The outstanding refunds are worth millions of dollars. The IRS wants to get these refund checks back to where they belong.An annual review by the IRS last fall showed more than 90,000 taxpayers had not received tax refund checks worth $67.4 million. The average per-check amount was $734.If you think the IRS may still have your refund check, call the toll-free assistance line at 1-800-829-1040. There are many reasons why refund checks might not reach taxpayers.

Barnes & Noble University Offers Free Courses

Bookseller Barnes & Noble has found a novel way to sell books - allow authors to host training courses based on book content.

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