News

AccountingWEB Teams up With PASSOnline to Deliver Online Training

AccountingWEB is proud to be a sponsor of PASSOnline, an interactive, computer based training resource for CPAs. PASS has been selling quality CPE for CPAs and other financial professionals since 1990.
A&A

Human Resources IT Roadmap

Small-business owners and human resources managers who are shopping for information technology usually don't have the luxury of corporate-size budgets. But they still need software and systems powerful enough to handle today's complex HR demands and able to grow with their company's needs.For a growing number of businesses with one to 100 employees, the answer lies with application service providers (ASPs) and their Web-hosted business tools.

Morningstar Provides Year-End Wrap-Up for Investors

If you're looking for an in-depth overview of the stock market's performance for 2000, or if you're wondering what trends may come into play with your investments for 2001, look no further than Morningstar's comprehensive Year 2000 in Review. Find out which stocks, industries, ADRS, Large Caps, and mutual funds performed best during 2000, and which were the year's worst.

OSHA - Is Your Firm Ergonomically Ready?

OSHA's new rules, which go into effect January 16, 2001, cover all U.S. workers not employed in the agriculture, construction, railroad or maritime industries — in other words, 102 million workers in virtually every other line of business, big or small. Full enforcement of these regulations, following a nine-month grace period, begins October 15, 2001. The estimated total cost to businesses has ranged from OSHA's projection of $4.5 billion a year to industry figures of $125 billion a year.

SEC Powers May Be Reviewed

Legislators in Washington are considering an examination of the regulatory powers held by the SEC, with an eye toward modernizing some of the commission's more antiquated rules and cutting back the far-reaching powers of the SEC.Led by Phil Gramm (R-TX), head of the Senate Banking Committee, members of Congress may take aim at the fact that present day securities laws are not adequate with respect to emerging technologies.

Projected Budget Surplus Bolsters Bush Tax Cut Plan

The following article is provided courtesy of CCH, Inc.A sizably higher, long-term federal budget surplus projection would not change President-elect Bush's position on the need for his $1.3 trillion tax relief plan, transition spokesman Ari Fleischer emphasized. At a Dec. 22 press briefing, Fleischer was asked about a Dec.
Tax

Tax Garnishment Cause of Shooting Spree

In apparent response to the discovery that the IRS had ordered his company to garnish his wages for back taxes, a Massachusetts software tester came to work bearing a semiautomatic assault rifle, a 12-gauge shotgun, and a pistol, and killed seven members of the company accounting department.Michael McDermott, 42, had recently learned of the garnishment, which would have extracted "a couple thousand dollars" from his wages for back taxes and related penalties and interest. His employer at Edgewater Technology, Inc.

Shopping Procrastinators Hit Online Jackpot

If you still have some holiday shopping to complete, you're in luck. Retailers nationwide are trying to unload unsold holiday merchandise in an effort to make way for the spring and summer inventories that will soon hit the shelves.Now may be the right time to head for the shopping malls and take advantage of year-end sales.
Tax

Tax Tip: It's Not Too Late for a Roth IRA Conversion

There is a common misperception about converting regular IRA funds to the Roth IRA, that being that this was a decision that needed to be made and acted upon in 1998. The Roth IRA, a personal retirement account that can be created by any low or middle income taxpayer with earned income, provides tax-free income security for retirement. Annual contributions, which are currently limited to $2,000, are not tax deductible, but all money withdrawn from the Roth after age 59½, including all money earned in the account, is tax-free.

AccountingWEB Weekly News Wrap-up - Issue 74

The AccountingWEB Friday Wrap-Up Newswire - Issue 74December 22, 2000Members Logon to http://www.accountingweb.comfor full access to all our resources. Don't know your Logon Membership Details?
Practice Management

Personal Coaching an Asset for Accounting Firms

Many public accounting firms push their partners to prepare individual marketing plans that support the firm’s goals. Why are so many of these plans ineffective?As Yogi Berra once said, “If you don’t know where you’re going, you’ll likely end up someplace else.” Partners too often don’t clearly define where their plans will take them. Instead, they leave planning to a committee, service team or niche group, and they don’t bring personal coaching into the process. As a result, the plan is impersonal.

CPAs Chosen by Seoul Government for Service

Demonstrating that business is done differently overseas, the Seoul government has announced that it will increase the number of CPAs by 35.1 percent in 2001. The increase is designed to enhance the corporate marketplace and the quality of accounting services.The government will select 750 public accountants, or 295 more than it selected in 2000. In fact, over the last five years, the number chosen has steadily increased, with the total as of of late September at 5,108. To continue to meet the demand, the governmnet plans a 20 percent increase each year.

The Intellectual Property of Harry Potter

Many CPAs and accounting professionals who work in intellectual property will be glad to know that the basic, ethical rules of retaining ownership held the test of time with regard to Harry Potter.Last March, just after it was announced that a film version of the first Harry Potter story would be made, companies began registering Internet domain names - 107 to be exact - to capitalize on the success of the book and potential movie.Time Warner, who owns the marketing rights to Harry Potter, took the matter all the way to the United Nations’ World Intellectual Property Organization, the
Technology

Business 2.0's 21 Resolutions for 2001

It was a volatile year for the dot.coms. The world of cyberspace experienced failures around every corner, CEOs abandoned their start-ups in droves and no one could second guess what the business and public wanted next.Business 2.0 has compiled List of 21 Resolutions for 2001, grouped into four areas: customer service, timing, business plans and actions.

Breaking News: Microsoft Acquires Great Plains

Microsoft has just announced that it has reached an agreement to acquire Great Plains Software.Microsoft’s acquisition of Great Plains will accelerate the success of small and medium companies globally with integrated, extensible business management software solutions needed to succeed in an increasingly interconnected economy.

FASB Announces End of Goodwill Amortization

It is a landmark decision. The Financial Accounting Standards Board has announced than an acquiring company can no longer amortize the goodwill associated with the acquisition.The ruling is tentative now, and is expected to become final by spring of 2001. It is also expected that the ruling will apply retroactively.The decision is good news for many companies. Although amortization is strictly a paper transaction, until now companies that amortized goodwill reported expenses that depleted current earnings.
A&A

Study Reveals Accountants Want Job Flexibility, Training

A Kelly Financial Resources study reveals that finance and accounting professionals across the nation prefer flexible schedules or working as project consultants to the traditional workday.The study was the result of a survey of more than 1,000 finance and accounting professionals. Many of those surveyed indicated a plan to become self-employed or a business owner. The study noted that despite job satisfaction, loyalty and above-average incomes, financial workers are looking for some kind of change.
Community News

Former Andersen Auditor Made Same Mistake Twice

AccountingWEB ran a story earlier this month regarding the failed Baptist Foundation of Arizona audit by Arthur Andersen.It now has been discovered that the auditor, Jay Ozer, also was involved in a failed audit 10 years ago with Lincoln Savings & Loan, The Arizona Republic reports that it obtained the investigative report from the Attorney General's office that provided details on Ozer.According to the state of Arizona's Attorney Genera
A&A

KPMG Consulting Cuts Number of Common Shares

The much-anticipated Initial Public Offering (IPO) for KPMG Consulting made the news again yesterday when the firm announced it would reduce the number of common shares that will be made available in the initial sale.The original number of shares was 367.1 million, and now the number is down to 354.6 million.

SEC Chairman Arthur Levitt Stepping Down

For nearly eight years, Arthur Levitt has served as chairman of the Securities and Exchange Commission. Levitt announced earlier this week that he would step down before mid-February. Appointed through 2003, by President Clinton in July 1993, Levitt is the Commission's 25th chairman and has become the longest serving chairman on the Commission.

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