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Community News

Accenture May Hop on IPO Bandwagon

Accenture, the firm formerly known as Andersen Consulting, is reflecting on the success of the recent KPMG Consulting IPO and considering a public offering of its own.

Marketing Conference To Address Multiple Levels of Experience

The Association for Accounting Marketing (AAM) has announced plans for its 12th Annual Conference - AAM Marketing Summit 2001: Your Passport to Growth, will be held June 20 - 22, 2001 in Toronto, Canada. This event is the industry’s premier conference for accounting marketing and business development professionals in North America.
Technology

Computer Security a Necessary Cost of the Future

Speaking to a group of CEOs and CFOs in Omaha last week, Mary Pat McCarthy, KPMG's vice chairwoman of information, communications, and entertainment business, warned the executives of the ongoing need to budget for computer security systems.Her message was that hacking is here to stay, and that the cost of not protecting your company's on-line presence can be astronomical. The "I love you" virus that circulated last year, for example, cost businesses throughout the world $10 billion in damage to computer systems.

International Specification for Financial Statements Unveiled

The London-based International Accounting Standards Committee (IASC) has released a draft taxonomy of XBRL for Financial Statements. The entire text of this document can be viewed on the IASC Web site.
Technology

KPMG About to Unveil Internet Tax Portal

In an effort to help corporate clients assemble, analyze, and stockpile, tax information, KPMG has announced its intention to unveil Tax Portal, a service that initially will be aimed at Fortune 500 companies. The service will encompass both income and property tax.In addition to collecting tax data for clients, Tax Portal will provide services whereby companies can study scenarios for minimizing taxes.
Tax

Tax Tip: Toll-Free Telephone Service

Free tax help from the IRS is just a phone call away. The IRS provides various services through its toll-free telephone numbers. You can order forms, listen to prerecorded tax information, check on the status of your refund, ask questions about your tax return or inquire about a letter or notice you may have received.
Tax

Tax Tip: Tax on Child's Investment Income

Part or all of a child's investment income may be taxed at the parent's rate rather than the child's rate, according to the IRS. Because a parent's taxable income is usually higher than a child's income, the parent's top tax rate will often be higher as well. This special method of figuring the federal income tax only applies to children who are under the age of 14. For 2000, it applies if the child's total investment income for the year was more than $1,400.
Tax

Tax Talk Today: Filing Those Returns-200 Million Submissions

As the first wave of 200 million tax returns begin to stream into IRS centers, the February 27, 2001 broadcast of Tax Talk Today takes a timely look at the current filing season. The broadcast, from 2:00 - 3:00 p.m. EST, will engage tax professionals and IRS guests in wide-ranging discussion of tax preparation topics - service center processing, the new checkbox option, and tips and trends in electronic filing. There will be a special segment on how the IRS is thwarting tax evasion schemes.

Animal Farm Deal on Hold While SEC Looks at Books

Tyson Foods, the nation's largest poultry producer, is planning an acquisition of IBP Inc., the nation's largest beefpacker, as soon as the SEC lets go of IBP's financial statements.Although it might seem like a meat match made in food heaven, late last year the SEC began an investigation into some of IBP's accounting practices, including the recording of IBP's acquisition of DFG Foods, a Chicago hors d'oervre maker. The SEC is analyzing a possible $47 million charge that IBP may take relating to the sale.
Community News

PwC Sets July 1 Date for Separation

PricewaterhouseCoopers is to legally separate its audit and consultancy arms by July 1, London's Financial Times reports.The move is an effort to assure partners and staff that the split is to go ahead.

AccountingWEB Weekly News Wrap-Up - Issue 83

AccountingWEB Weekly News Wrap-Up - Issue 83February 23, 2001Visit Our Sponsor:Greatland Corporation Free Samples!Need last minute tax supplies? Greatland has more than 1,500 products available for express shipment!
Tax

IRS Initiates Steps to Protect Victims of Domestic Violence

The following article is provided courtesy of CCH, Inc.The IRS has announced that it has initiated a series of steps to protect victims of domestic violence who apply for innocent spouse relief. Taxpayers who are victims of domestic violence and fear that filing a claim for innocent spouse relief would result in retaliation should write the term "Potential Domestic Abuse Case" on the top of their Form 8857, Request for Innocent Spouse Relief.

Illinois Accountant Accused of Spying for Russia

An Illinois accountant and veteran FBI agent was arrested Tuesday and accused of spying for Russia for more than 15 years. Robert Philip Hanssen, 56, has worked for the FBI for 25 years and is accused of spilling secrets to Moscow for the past 15 years.Mr. Hanssen holds an MBA and is a graduate of the Northwestern University business school where he majored in accounting. He was licensed to practice in Illinois in 1973 and worked in public accounting for two years before switching his professional focus to law enforcement. FBI Director Louis Freeh described Mr.
Tax

Tax Tip: Child and Dependent Care Credit

If you paid someone to care for a child or a dependent so you could work, you may be able to reduce your tax by claiming the credit for child and dependent care expenses on your tax return, according to the IRS. This credit is available to people who, in order to work or to look for work, have to pay for child care services for dependents under age 13.
Practice Management

Developing and Running Industry or Client Task Forces, with Phyllis Weiss Haserot

FOCUSED MARKETING: Developing and Running Industry or Client Task ForcesPresented by Phyllis Weiss HaserotPractice Development CounselContact pwhaserot@pdcounsel.comThursday, February 22, 2001Visit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryMs. Haserot's session included information on the following topics: 
Education & Careers

ExamWeb Rescues CPA Review Students

Mark's CPA Review, Inc., a California-based CPA exam review company, declared bankruptcy and cancelled all ongoing CPA review classes last week, much to the dismay of about 1,000 students, currently enrolled in the company's preparation course for the May, 2001 CPA exam.Rushing to the rescue is ExamWeb, a privately held assessment company that offers online review courses in, among other things, the CPA exam.
Tax

Tax Tip: Deductible Taxes

Did you know that you may be able to deduct certain taxes on your federal income tax return? You can if you file IRS Form 1040 and itemize deductions on Schedule A. There are three types of deductible non-business taxes:State, local and foreign income taxes; Real estate taxes; and Personal property taxes.You can deduct any estimated taxes paid to state or local governments and any prior year's state or local income tax as long as they were paid during the tax year.
Technology

New Study Shows Number of E-Filers Up 300%

A revealing study by Forrester Research shows that an estimated 6 million households will file tax returns online this spring. The number represents a 4 million or 300 percent increase over last year.The increase in online filers is attributed to the increase in readily available online tax filing services, the ease of tax software programs, and a growing comfort level toward electronic filing.
Community News

Becoming More Market Driven - Getting Closer to Your Clients, with Suzanne Lowe

Becoming More Market Driven - Getting Closer to Your ClientsPresented by Suzanne LoweExpertise MarketingContact slowe@expertisemarketing.comTuesday, February 20, 2001Visit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryWould you like to see how professional service firms are trying to become more sensitive to the marketplace?
Tax

2001 Tax Hints Available On-Line

For many years, several of the IRS Service Centers produced guides for tax professionals in their area. This year, 2001 Tax Hints: Practitioner's Guide To The Filing Season has been expanded into a National Filing Season reference guide for the tax professional community.

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