News

Community News

Former C&L Vice Chair Goes to Jail

The number three US executive from Coopers & Lybrand, the forerunner of PricewaterhouseCoopers, pleaded guilty to fraud in New Jersey last week.Robert T. Caruso, former vice chairman, was sentenced to 27 months for his crimes - which included frauds worth $318,000 involving Seton Hall University and the firm when he made donations to various Catholic charities.
Tax

Congress Passes Tax Measures, Adjourns for 2000

The following article is provided courtesy of CCH, Inc. The 106th Congress has passed all of its remaining spending and tax measures and has adjourned for the year. The Consolidated Appropriations Act, 2001 (HR 4577), approved on Dec. 15, contains the Community Renewal Tax Relief Bill of 2000 (HR 5662), a $25-billion, 10-year measure that encourages renewal of economically distressed communities.
Community News

PwC Lands Contract for Army Training

Secretary of the Army Louis Caldera announced today that the Army has awarded a $453 million contract to PricewaterhouseCoopers to provide distance education for an estimated 80,000 soldiers over the next five years.This program will enable soldiers to obtain college degrees and professional certifications using computers and online courses while they serve in the Army."This cutting edge, cyberspace program will provide unprecedented educational opportunities for our soldiers," said Caldera. "It reinforces the Army's long-term commitment to investing in its people.

GE Training Program a Win-Win for Budding CFOs

No one would disagree that Jack Welch has built General Electric into a huge, well-respected company. Still, with such a large effort, the company has put quite a bit of emphasis on a career track for financial professionals, and it's all about mindset and education.Budding financial staff go through the Financial Management Program (they are called FMPs), an experience that offers classroom and on-the-job training to 350 new recruits each year.
A&A

CFOs Stay With Employers Seven+ Years

How long do you think the tenure of a CFO is with any one employer?According to a new survey from RHI Management Resources the average length is seven years or longer.Of those responding, 41 percent said they stayed with their employers this amount of time. The survey was conducted among 1,400 CFOs working in companies with 20 or more employees."For accounting and finance professionals, achieving CFO status is a career apex," says Paul McDonald, executive director. "Tenure tends to be more established at this level.
Tax

House, Senate Plan Final Action on Tax, Spending Bills

The following article is provided courtesy of CCH, Inc.The House plans to consider a few tax measures before its target adjournment on Dec. 15.

MicroStrategy Executives Face Stiff SEC Fine

Executives of troubled MicroStrategy, the Virginia-based software development company, have been hit with what has been billed as the largest penalties ever inflicted by the SEC in a non-insider trading case. Company Chairman, Michael Saylor, and two other executives will pay $350,000 each, and give up a total of $10 million in what the SEC is calling "ill-gotten gains," a result of an extensive investigation by the federal agency.Still to be determined is the role played by the company's accountants, PricewaterhouseCoopers.
Practice Management

Using Online Tax Organizers in Your Tax Practice

How to Use Online Tax Organizers in Your Tax PracticePresented by: Tim Lenneman, CPA of Global Tax NetworkThursday, December 14, 2000The AccountingWEB Workshop RoomTopics for this workshop included: What are online tax organizers? Functionality that is important when using an online tax organizer Security and privacy matters Benefits to using

Spotlight on Edward Zollars

AccountingWEB SpotlightEdward Zollars, CPATax and Technology partnerHenricks, Martin, Thomas & Zollars, Ltd.Curiosity in trends helps keep your practice vitalMost days find Edward Zollars in his firm's office occasionally chatting online with fellow cyber-travelers … but don't think he's wasting valuable work time.Zollars of Phoenix, Ariz., is an early entrant and major enthusiast of participating in accounting discussion forums over the Internet.

AccountingWEB Weekly News Wrap-up - Issue 73

============================================================= The AccountingWEB Friday Wrap-Up Newswire - Issue 73 December 15, 2000 Members Logon to http://www.accountingweb.com for full access to all our resources. Don't know your Logon Membership Details?

Using Online Tax Organizers in Your Tax Practice, with Tim Lenneman

AccountingWEB Workshop: December 14, 2000Presenter: Tim Lenneman, of Global Tax NetworkSession Moderator: Today we are pleased to welcome Tim Lenneman to the AccountingWEB workshop room. Tim is a native of Lansing, Michigan and a graduate of Texas Tech University with a degree in Accounting.

IASC Requests Response on Fair Value Principle

The International Accounting Standards Committee, together with other members of the Financial Instruments Joint Working Group of Standard Setters (JWG), today published for public comment the JWG’s "Draft Standard and Basis for Conclusions – Accounting for Financial Instruments and Similar Items" (the "Draft Standard"). The document represents the views of JWG members, who are representatives or members of accounting standard setters or professional organizations in ten jurisdictions.

Companies with Cash to Spare

The latest PricewaterhouseCoopers Trendsetter Barometer survey, released today, indicates that nearly one in five (18%) of the country's fastest growing companies have surplus cash to invest.For the survey, CEOs from 421 product and service companies were interviewed over the last five years. The surveyed companies range in size from $1 million to $50 million in revenue.Survey results show that companies with cash to spare are utilizing three different investment strategies. Some companies are acquiring securities in certain publicly-traded companies.

Canada Works Toward Global Standard

Canada's Accounting Standards Board today released a draft proposal on accounting for financial instruments. The proposal is based on valuing financial instruments, including derivatives and debt, at current market value as opposed to historical cost.The fair value proposal is in compliance with a recognition of a need for an international standard of valuation. Such need for a comprehensive standard on accounting for financial instruments is being addressed by the U.S.

International Accounting School to Open

Chuo University in Japan has announced it will open a graduate school devoted to producing international accounting and financial affairs specialists. The school is slated to open in 2002.Certified Public Accountants and other accounting professionals will be admitted to the school, which hopes to produce students with a deep knowledge of international accounting standards.Japan hopes the graduate school will enable Japanese companies to hire local talent.
Technology

Free way to Test the Security of Your Internet Connection

How secure is your Internet connection? Regardless of whether you're a stand-alone user, or connected through a Local Area Network, hackers and others may be trying to break into your computer RIGHT NOW!"You can sit there and say that you are only one person, and who would even try?" says Joe Reinbold, publisher of Home Income Quarterly E-dition. "While that may be so, do you know exactly what you have saved on your computer - credit card numbers, account numbers, personal information?
Community News

Lawsuit Against KPMG Raises Medicare Concerns

A lawsuit against KPMG in Florida raises issues as to whether accounting professionals should be involved in Medicare billing issues done on behalf of their clients.The suit alleges that the firm, in 1990-93, helped five state hospitals falsify Medicare cost reports that were used to illegally inflate the hospital's payments from Medicare.Although KPMG has publicly said they did nothing wrong (back then it was KPMG Peat Marwick), the U.S. Justice Department, last week, joined the lawsuit against the firm.

Excel Tip: Great Shortcut for Data Entry

Here's a shortcut that will save time when you have a lot of data to enter in a block of columns and rows in your spreadsheet.If you are entering data in a block of cells, you can enter information across the first row of the block by pressing Tab to move from one cell to the next.When you are ready to enter information in the next row of cells, press Enter and you will be taken to the leftmost column of the block.For example, say you need to enter data in the cells B3 through Q12.
Tax

Final Rules for Reporting Tips Electronically

The following article is provided courtesy of CCH, Inc.The IRS has adopted final regulations that allow employers to establish electronic systems for use by their tipped employees in reporting their tips to the employers. The new rules also address substantiation requirements for employees using electronic systems. The final rules are effective as of Dec.
Tax

Small Businesses Are Overpaying AMT

The Taxpayer Relief Act of 1997 included a provision whereby businesses with average gross receipts of no greater than $5 million for three consecutive taxable years are no longer liable for Alternative Minimum Tax.

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