News

Tax

NYC Repeals Commuter Tax Worth $360 Million

What's good for the goose may not be good for the gander - the New York Court of Appeals ruled Tuesday that the city of New York must tax every one of its commuters, or none at all.

Financial Executives Predict Inflation Increase

Results of a new poll of 304 companies report that CFOs are predicting inflation will increase by 3.5 percent during 2000. This and other observations were made by financial officers in a survey conducted by the Financial Executives Institute and the Duke University School of Business.The basis for this increase, up from 2.2 percent predicted at the beginning of the year, is the rising cost for oil.
Technology

Andersen Cuts Red Tape With Alliance

Who enjoys red tape and long delays? No one, and that's why Arthur Andersen has formed an alliance with govWorks, Inc., an Internet portal.The alliance is intended to reduce the amount of delays in processing business-to-government transactions.
Practice

Busy Season Stress Busters

Looking for ways to ease your firm through the next two weeks of busy season with minimal stress? AccountingWEB invited members to share their ideas in an online workshop on busy season stress busters, and got some pretty good ideas!Read through the transcripts of the session for details, or scan through some of the best ideas below. Either way, be sure to tap into the brainpower of the AccountingWEB community and finish up tax season with a smile on your face! 
Workplace Fitness

More Busy Season Stress Busters

Welcome, I'm glad you took time out to join us! Is it stressful in your firms?Jane: I have many ideas to share!Session Moderator: Great, Jane! Why don't you get us started.Jane: Well, we have stress-busting (called "Hoopla") every Friday here. It usually involves food!Session Moderator: Can you share details - how does it work?Lara Niles: FOOD! Our office too seems to deal with stress with food! We call it the tax season 10 (meaning 10 lbs.!)Jane: That is so true!Coy: We bring lots of food as well!
Tax

IRS Highlights Top Errors So Far

The Internal Revenue Service is always looking for ways to assist tax preparers and has set up a web site highlighting the top errors paid preparers are making on this years tax returns.The "Top Ten" list covers paper returns for 1040's, 1040A's and 1040EZ's.From the IRS' list, here are the Top Ten mistakes on 1040 returns so far this tax season:Taxpayer identification numbers or names for dependents didn't match IRS or SSA records. We didn't allow the exemptions.
Community News

E&Y Partners Overwhelmingly Support Merger

Ernst & Young partners overwhelmingly support a merger of the firm's consulting division with consulting giant Cap Gemini, according to published reports.With a 98% approval vote of E&Y Partners, the road has been paved to create a worldwide consulting firm consisting of 58,000 employees with annual revenues over $7.5 billion.The $11 billion merger would free E&Y from independence issues faced by the accounting firm, and would create the mechan
Technology

CFO Seeks Thrills the Dotcom Way

Heidi Miller is no stranger to risk.

Mass Web site & Newsletter Awarded Honors

Congratulations to the Massachusetts Society of CPAs, who were awarded honors for their Web site, MSCPAOnline, as well as their newsletter, SumNews.The Society was honored nationally in the Communicator Awards 2000 Print Media Competition. The Web site garnered an 'Award of Distinction,' while the newsletter received an 'Honorable Mention.'Judges presented the award to MSCPA because their Web site provides an interactive forum for members and the public.

Poll Shows Accountants at Top of Approval Rate

A new survey conducted by MarkTrend Research of Vancouver shows that British Columbians publicly approve of Certified General Accountants (CGA). The trust factor is well intact for these professionals, according to the survey.The survey ranks eight different groups and this year’s survey puts accountants, police officers, doctors and educators among those most highly revered. The researchers interviewed 503 people in random telephone interviews.

Economy no Roadblock for Consumer Goods

Despite rising interest rates, increases in fuel prices and a mixed group of other factors, the outlook for second quarter 2000 remains strong in the consumer good arena, particularly electronics.And although growth rates have slowed somewhat, appliance manufacturers continue to see valid gains in sales after last year's record-setting sales.General Electric, for example, experienced no real break in deliverables despite fewer than expected housing starts and existing home sales.
Technology

Big 5 Firms Rally for 'Net Privacy'

Consumer privacy and ramifications of the topic still stir controversy even in the most conservative circles. Take several Big 5 firms, for example, who are playing a major role in nailing the coffin shut on any mishaps related to secure information.A new group is being formed called the Personalization Consortium, and Big 5 members include PricewaterhouseCoopers and KPMG.

Federal Agency Audits Show Improvements

Each year when the U.S. Treasury Department conducts its annual audit of 24 Federal agencies, it finds a mixed bag of reports based on a variety of factors and circumstances.

FASB Issues Guidance for Stock Compensation

The Financial Accounting Standards Board has come to the aid of companies who report stock issued to employees. The independent body that sets financial reporting standards for U.S. publicly traded companies, has issued a new guidance that will become effective July 1, 2000. The new guidance is an interpretation of APB Opinion 25 that was first issued in 1972.Auditors and professionals preparing financial statements have raised several questions and the new guidance should help answer some of those.
Community News

Eighth Largest UK Accounting Firm Chooses CMS Open

For more information contact Jobst ElsterTallahassee, FL- March 6, 2000 -- Solution 6 Holdings Limited (ASX:SOH), the world’s leading provider of IT solutions to professional service firms, today announced that Pannell Kerr Forster, the eighth largest firm of accountants and business advisors in the UK, has purchased CMS OPENâ for use throughout all of its UK offices. CMS OPEN is the global practice management and time and billing software system produced by CMS/Data Corporation, which was acquired by Solution 6 in October 1999. P
A&A

Boosting Profits the 'Friendly' Way

Sometimes, the only way to advise an employer on how to increase the bottom line is to roll up your sleeves, take a deep breath and put a 'closed' sign on some of your most popular ventures.Something like this certainly does not happen overnight; internal auditors, controllers and other financial personnel work for months, and sometimes years, in helping make a cost-cutting decision.Take, for example, Friendly Ice Cream Corp. and their chain of more than 600 Friendly's Restaurants.

Update on Gas Tax Repeal

Here's an update to our Gas Tax story we ran earlier this week.The Senate gave its initial nod to suspending the tax on gasoline from mid-April to the end of the year, but according to sources, the issue is not resolved until the Senate takes a final vote, and of course, having the House of Representatives also approve the measure.The hold-up may be Senate Minority Leader Tom Daschle, who stands opposed to repealing the tax because he believes it would take money away from the highw

Bad News on Tax From Contest Winnings

It doesn't take a rocket scientist who works in accounting to figure out that a contest winner faces a tax liability for the prize won, but what about the average joe? According to a recent radio promotion in New York, it doesn't dawn on the winner, most of the time, that a tax burden is inevitable.After one woman won tickets worth $900 to a concert, she was notified by the station that the value of the tickets (two tickets at $450 each) was reported to the IRS.
Technology

Web Audit Hits North Asia

The first Web company in North Asia to receive a Web Audit just posted the results. PricewaterhouseCoopers (PwC) performed the audit. Outblaze, the market leader in the development and provision of portal services, hired the Big 5 firm to monitor the site for one month. PwC confirmed that the site registers an average of 8 million-plus page views a day (as of March 28).Information that comes from a third party often helps would-be clients feel comfortable about a purchase.

AccountingWEB Weekly News Wrap-up - Issue 36

The AccountingWEB Friday Wrap-Up Newswire - Issue 36March 31, 2000http://www.accountingweb.com** This week's Newswire is sponsored by LifeGoals.com **http://www.lifegoals.comIn the news this week:1. Non-CPAs Making Headway In Traditional CPA Roles2.

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