News

Tax

New Tax Credits Will Make Tax Returns Fun

Last week, President Clinton unveiled a wish list of new tax credits that he would like to see enacted by Congress'Congress, in the form of Bill Archer, chairman of the House Ways and Means Committee (the group responsible for writing our “simple” tax laws), replied that since 2000 is an election year, there probably wouldn’t be any major tax legislation passed for a while'After all, we wouldn’t want any of our elected representatives voting on controversial tax laws in a year when their constituents are actually paying attention to what they are doing.
Tax

Mortgage Deduction Only Useful On Itemized Return

We received a mortgage interest statement showing that we paid $3,800 in 1999'It's just the two of us and we file with the TeleFile'My question is, do we have to file any forms and if so, what forms should we use?
Practice Management

Financial Services Help Available From Trusted Source

Public accounting firms looking for insider tips and advice for expanding their financial services offerings need look no further. Trusted accounting publisher, Strafford Publications has launched a new publication that will help CPAs diversifying into new financial services areas.The authoritative, monthly intelligence briefing offers proven, profitable strategies for its readers.
A&A

Tips for Selling to Women Business Owners

Gerry Myers, President of the Myers Group, a consulting firm specializing in women owned businesses, led a discussion in this week's AccountingWEB Workshop on tips for selling to women owned businesses.Some interesting ideas and trends that she provided about selling to women should be reviewed carefully:90% of all women will be responsible for managing their own finances at some point in their lives.Given their traditional investing and savings patterns, women retiring in the next 20 years

"Smile" - You're an Accountant!

If a smile can launch a thousand ships, then CPAs and accountants should get their sea legs ready to sail.According to a new survey of 1,400 chief financial officers, conducted by temporary staffing giant Accountemps, a "positive attitude" came as the most important trait a CPA can possess in the new century.Forty percent of participants ranked this trait as number one.
Community News

Results of CPA/Technology Partnerships

Yesterday, AccountingWeb broke a story about KPMG's alliance with Microsoft to provide consulting services on the Windows 2000 operating system, and recently, Deloitte Consulting followed suit with a technology venture involving Chase Manhattan Corporation.What are the inherent benefits in such a partnership, and why would CPA firms form such alliances?It's all about tapping the knowledge of experts who specialize in various technology arenas, according to industry experts.
Tax

What Areas Are Ripe For IRS Audits In Your Market?

Help us build a list of the specific audit areas that the IRS is targeting this year in your community. Chances are if it's happening in one part of the country, it will hit your part of the country soon.Scroll down the page to view other readers' input.Simply click on the "Add Comments" button below to offer your own insight.With your participation we can make this an extremely valuable list this tax season!
Technology

KPMG/Microsoft Partner for Win 2000 Rollout

It was announced today that KPMG and Microsoft will team up to provide consulting services and programs based on the Windows 2000 operating system. The new venture is called the "Microsoft Dot.com Practice."The two giants have partnered before, and this time, KPMG will employ 500 new consultants over the next 18 months to offer a variety of services, including branding, marketing, Web design and other technology related activities.Microsoft plans to release Windows 2000 for use next week.

Selling to Women Business Owners - with Gerry Myers

Gerry MyersThe Myers Groupgmyers@aol.com 817/379-0956 or800/891-4622Michael Platt: Gerry Myers is President of the Myers Group, a Texas-based firm that specializes in marketing and selling more effectively to the female consumer. As an author, consultant, professional speaker and trainer, Myers works nationally and internationally with companies to understand the purchasing power of today's women and how to best meet their needs.

SEC Begs for Dollars

The U.S. Securities and Exchange Commission is looking for cash. As the organization maintains its uphill fight against burgeoning fraud over the Internet, it does so with 25 percent less staff. In the past two years, attorneys, accountants and examiners have left the agency for greener pastures in private practice.

Financial Planning Crucial for Changing Family Landscape

As more and more women enter the CPA and accounting profession and take the higher-paying jobs based on talent and expertise, there will no doubt be a rash of husbands who will trade their boardroom and glamour lunch for the playroom and a warm milk bottle.These "stay-at-home" dads are becoming more prevalent everyday, yet financial advisors warn that fathers who make a transition to staying home while the spouse works should adequatly plan, if he is able to, for this new environment.The rules really aren't very different from those that most of us still use when a wife stays home to rai
Technology

Andersen Consulting Opens Dot.Com Offices

Andersen Consulting is bringing its brand of consulting to 17 locations nationwide as it opens offices to focus on transitioning young, Internet start-ups to initial public offerings or IPOs. The first office will open in Chicago.The endeavor will cost Andersen more than $1.2 billion in equity during the next three years as it secures locations, consultants and opens offices.
Tax

IRS Opens Business Divisions to Pursue Tax Schemes

The IRS is getting serious about corporate tax schemes, according to a new report. The Service has opened its new Large and Mid-Size Business Division so examiners and agents can focus on illegal corporate tax shelters.The office also is designed to encourage companies to stop the shelters before they ever start by distributing information on the various schemes.
Community News

Auditing a Strong Revenue Source for Firms

Auditing has gotten a bad "rep" over the past few years--and especially during the past year--thanks to investigative work done by the Securities and Exchange Commission and the fact that CPAs and accounting professionals have reportedly been seeking more lucrative, less risky alternatives to audit work.However, some experts in the nation's top firms have gone public with their opinions that their assurance services are indeed a money-maker for their firm and that any integrity lost as a result of alledgedly poor auditing practices is not really their fault.In the world of the Chief Fina
Technology

Hack-Proof Your Web Site

Cyber villian, Maxus, hacked through CD Universe’s Web site and stole thousands of credit card numbers. Although hackers often target the big buys like Microsoft, experts say that small- and medium-sized businesses are at risk and usually are not as security-savvy.While increased Web site security may sound like a huge undertaking; it doesn’t have to be.
Community News

"Best" U.S. Companies Boasts CPA Firms, Great Plains

Fortune magazine has released its annual list of the Best Companies to work for in America, and making the list this year were two Big 5 firms and one accounting software giant.Great Plains, a popular provider of back-end office solutions, came in the highest of the three accounting-related companies at Number 15.
Technology

"Mock" Traffic Shuts Down Yahoo!

Conspiracy theories sometimes are true. Yesterday, Yahoo! had to shut down operations for three hours in the middle of the day due to "mock" traffic. What seems to be users to the site is, in reality, a computer hacking through the Internet, making Yahoo! so busy that regular visitors cannot access the site.The attack came from multiple locations all at the same time, and because of the breadth of activity, the company could not prevent a shut down.Yahoo!

Martha Stewart Owes NY State Tax

The homemaker's homemaker herself, Martha Stewart, has made the news, not for growing the best tomatoes ever, but for owing back taxes to the state of New York.In a decision on what occurred eight years ago, the State Division of Tax Appeals in Troy, NY, has held a ruling that she was a resident of the state in 1992. As a result, she owes tax on earnings in 1991 totalling more than $221,000.Stewart has challenged the ruling, claiming she did not live in the state for the minimum 183 days out of the year required to pay taxes.
Practice Management

Fraud Costs Companies $400 Billion Annually

Many CPAs and accounting professionals have discovered a lucrative business by specializing in fraud, and are extremely familiar with this tremendous drain on resoruces, but did you know that fraud costs North American companies more than $400 billion annually?And that's just the beginning. Putting the monetary loss aside, fraud takes its toll on other aspects of company operations, like employee morale and long-term growth.

Cost of Health Care Systems Overhaul Could Dwarf Y2K

Last Friday, February 4, the Chicago offices of Deloitte & Touche and Deloitte Consulting got together to examine the most sweeping legislation to affect the health care industry in more than 30 years. The offices jointly hosted an educational seminar for health care executives and industry specialists to discuss the Health Insurance Portability and Accountability Act (HIPAA) Compliance.At the seminar, health care experts discussed the impact that HIPAA will have on the health care industry.

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