News | AccountingWEB



Back Taxes Owed by Members of Congress

It seems that those who make the laws aren't always known for setting the best example. A recent report by the IRS on tax compliance by government employees showed that 5.03 percent of House members their employees and 4.44 percent of Senators and their aides owed back taxes or have one or more delinquent tax returns.The total amount owed by government employees in all agencies totals $2.53 billion. This amount does not include any amounts owed for which an installment agreement has been entered into."Our system of taxation relies on voluntary compliance," Charles O.

AccountingWEB Weekly News Wrap-Up - Issue 85

AccountingWEB Weekly News Wrap-Up - Issue 85 March 9, 2001Visit Our Sponsor: MondaqMarket your knowledge and expertise online for free.Mondaq publishes and distributes professionals’ articles on a variety of business areas including: finance, legal, offshore, accounting, and tax. Through our global network of affiliate firms we can maximize the reach of your expertise. All on a FREE to publish FREE to view basis.

FiNetrics Ceases Operations

FiNetrics, a start-up ASP service designed to provide accounting applications to small businesses through their CPA firms, has ceased operations this week. FiNetrics was developed and funded by divine interVentures, a technology venture capital firm.

Using The Internet For Business-What's Next? with Tim Anglim

Tips For Using The Internet For Business - What's Next?Presented by Tim Anglim, CPA, CMAPresident of The Forensic Group Contact tanglim@FraudDetectives.comThursday, March 8, 2001Visit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryThere is a relative explosion in web-based accounting resources and accounting related services.

Ergonomics Rule Killed by The House

Amidst cheers from business owners and jeers from unions, the House joined the Senate in voting down a bill that would have required extensive and expensive changes in the workplace.The ergonomics regulation, which was issued last November and would have taken effect in October, would cover over 100 million workers at more than 6 million work sites, according to the Occupational Safety and Health Administration. OSHA estimated the compliance cost at $4.5 billion, far less than many business groups.

Tax Tip: Tax Materials and Assistance In Spanish

If you need federal tax information in Spanish, you can find it in the form of recorded tax topics, free tax publications and toll-free telephone assistance from the Internal Revenue Service. TeleTax is a toll-free automated service, in English and Spanish, providing helpful tax topics and refund information. You can find a list of the 151 TeleTax topics in the instructions for Form 1040, 1040A or 1040EZ. TeleTax can also help you if it's been at least four weeks since you filed your return and you want to check on the status of your federal refund.

Kinder, Gentler IRS Losing Billions

Staff reductions and other cutbacks at the IRS have resulted in fewer audits, which in turn have resulted in fewer taxpayers paying their full share, according to former IRS Commissioner, Donald Alexander. "The more the IRS fails to enforce the law the more people take advantage of that failure," Mr.

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 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.

'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 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 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: 

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.

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 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.

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.

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.


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