News

Tax

Frequent-Flier Miles . . . and Taxes!

Frequent-flier miles are so widespread today that they can almost seem like another form of money. Frequent-flier mile awards have even become an issue in some divorce and estate cases. The federal government has considered taxing frequent-flier miles.After careful thought and research, the IRS studied the matter and decided the expense of monitoring and enforcing a tax on frequent-flier miles would be too much of an expense for the government.

Congress Should 'Butt Out' of FASB Issue

J. Edward Katz, an accounting professor at Penn State University, claims members of Congress don’t understand the accounting issues at hand in the recent controversy over a proposed Financial Accounting Standards Board (FASB) ruling regarding the accounting treatment of merging companies.FASB is proposing doing away with the pooling of interests method of accounting when companies merge.

Indiana Students Get Go Ahead for CPA Exam

After last week's news that graduates of Indiana University and Purdue would not be able to sit for the CPA exam due to a lack of specific accreditation of the accounting departments of those schools, administrators scrambled to get to the bottom of the matter and do what was necessary to get these students into November's exam.In a public meeting last Friday with representatives from Indiana University, Purdue University, the Indiana CPA Society, the Indiana State Board of Accountanc
Community News

Number of Women in Partner Positions Almost Doubles

According to a survey by the CPA Personnel Report, 11.7 percent of the partners at the top 25 firms in the United States are women.Overall, this is a relatively small percentage. However, progress for women continues to be made. Four years ago, that number was only 6.7 percent.

State Lottery Statistics Influence S. Carolina Decision

It's been all over the news that South Carolina is strongly considering a state lottery to help fund state education, and one of the more interesting stories to come from the discussions is a rundown of the statistics of the typical lottery player.Governor Jim Hodges wants to do his homework before the talks proceed any further, including confirming or discounting the fact that organized lotteries often prey on the poor, which is his citizens' primary opposition to the lottery.He held a conference call on Monday with officials from other states to discuss the lottery in their states.
Technology

GAO: Government Sites Playing 'Big Brother'

When the General Accounting Office (GAO) goes on a fact-finding mission, it often uncovers some pretty strange things.Based on a new report, the GAO found that security and tracking aspects at many of government's Web sites do not meet stated guidelines, and that 13 agencies are secretly using technology to track the habits of its visitors.The report, 'Opportunities and Challenges Facing the FirstGov Web Gateway' outlines these accusations.
Community News

Bank of America Expands in Western U.S.

'Invest in the West' is the new motto of Bank of America, which is making efforts to expand its operations in the Western United States.In fact, the bank is doubling its private banking operations in California, and will open 10 new offices up and down the state by the end of the year. Previously, the bank had only nine offices in California.Why? The percentage of wealthy customers who live in the state is overwhelming, especially in San Francisco and the Silicon Valley, according to banking officials.
A&A

CPAs Should Educate SB Owners

Perhaps it's the job of the CPA or accounting professional to educate small business clients on the ins and outs of offering medical and other benefit programs to their employees.The 2000 Small Employer Health Benefits Survey sponsored by the Employee Benefit Research Institute, Blue Cross Blue Shield Association and the Consumer Health Education Council found that the primary barrier preventing companies from offering benefits is the cost associated with employer-sponsored progr

New SMU Degree Program Mixes Accounting, Finance

Today, more than ever before, U.S. colleges and universities reflect real life versus classroom learning. A new degree program from SMU says there's proof to this increasing trend.The degree is called 'Financial Consulting,' and combines various finance courses along with many traditional accounting classes.
Practice Management

Better Proposals in Less Time

Better Proposals in Less TimePresented by: Michelle GoldenThursday October 19, 20004:00pm EDT,The AccountingWEB Workshop RoomMichelle Golden of Golden Marketing Resources, Inc., discussed techniques for preparing winning proposals and explains why bigger isn't necessarily better in an AccountingWEB workshop Thursday afternoon.Topics covered in the workshop included: * How to create winning pr

Employee Flexible Spending Accounts at Issue

Many employers have cafeteria plans for their employees, and before now, it was thought that employers who funded Flexible Spending Accounts (PSAs) could not hold over any unspent funds they provided for the employee from one year to the next.New interpretations by officials with the Internal Revenue Service are changing this mindset.

AccountingWEB Weekly News Wrap-up - Issue 65

The AccountingWEB Friday Wrap-Up Newswire - Issue 65October 20, 2000Members Logon to http://www.accountingweb.com for full access to all our resources.Don't know your Logon Membership Details?Go to htt

Excel Tip: 10 Quick Range Name Tricks

If you've ever used a range name in your Excel worksheet, you already know what a time saver this device is. Here are some suggested uses for range names that may speed up the time you spend on your worksheet even more. Don’t worry if you don't know how to name a range - that's covered in the first tip! Name a range in a hurry by first selecting (highlighting) the range, then clicking in the Name Box in the upper left corner of your Excel screen, and typing the name for the selected range.

E&Y Responds to Medicare Controversy

E&Y has produced its own Medicare document, Prescription for Change," which outlines the potential outcomes of current Mediare plans being bandied about, and offers its own solutions to an issue which will affect 1 in 3 Americans within the next two decades.The E&Y document: · Examines the drivers that will create the Medicare benefit, regardless of the current political obstacles · Provides a basic sketch of what the new benefit could look like · Explains the profound impact a prescription drug benefit will have on stakeholders · Addresses the questions: Sho

SEC Chairman Levitt Pleads with Congress

SEC Chairman Arthur Levitt is hopeful that members of Congress will allow him to move forward with plans to limit the scope of services that auditors can perform.
Tax

Rossotti Remains at IRS Through 2002

According to a story published in the Electronic Accountant, Internal Revenue Service Commissioner Charles Rossotti will remain in office after the presidential election and through November 2002.Speculation surrounding Rossotti's departure have circulated for months. Many were certain he would leave in favor of the private sector.
A&A

Andersen and CFO Magazine Honor top Financial Officers

CFO magazine and Arthur Andersen, LLP have released the coveted list of the top CFOs.According to the magazine, those honored 'has broken through the traditional boundaries of finance, creating value in innovative ways, and delivering it on a consistent basis.'Winners and their categories include: Larry Kellner of Continental Airlines for Information/Knowledge Management; Larry Carter of Cisco Systems Inc.

Guidance From Noted Practitioners

Guidance From Noted PractitionersNEW BOOK FROM CCH DETAILSHOW PROFESSIONALS CAN AVOID TAX MALPRACTICE (RIVERWOODS, ILL., October 11, 2000) . A casual conversation on a golf course, the inexperience of seasonal office help or a carelessly worded advertisement can all lead to embarrassing and costly claims for tax malpractice, according to CCH INCORPORATED (CCH) a leading provider of tax and business law information and software.

CCH Unscheduled Absence Survey

2000 CCH Unscheduled Absence SurveyEmployers see Decline in Unscheduled Employee Absences, but Continued High Cost of No-shows Still Plagues Employers!Rate Declines, But Costs Continue to Inch UpwardMost Employees Staying Home For Reasons Other Than Physical Illness.Unscheduled employee absenteeism declined for the second consecutive year, reaching the lowest level in 10 years, but the high cost of worker no-shows continued to hit employers hard, according to the findings of the 2000 CCH Unscheduled Absence Survey conducted by CCH INCORPORATED (CCH),

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