Adjustments Made to Pentagon Books

How's this for creative accounting? According to the Pentagon inspector general, money managers in charge of the Pentagon's books made almost $7 trillion in adjustments last year so figures would balance.And the news gets worse ...

Review of Audit Committees May Call for Restructuring

A senior SEC official said Friday that a report from an independent committee is expected to require more restrictions for auditor independence and could possibly call for restructuring of public audit firms. The independent committee was hired to review the role of audit committees at publicly traded companies and will issue its first report in April and the final report by summer.The report by the Public Oversight Board is expected to have “very significant” findings.

Texas Society Opens Online Classifieds

The Texas Society of CPAs has expanded its variety of online offerings by adding a set of pages devoted to classified advertising.Categories include job opportunities (companies advertising position), positions sought, practices for sale, practices sought, peer review, incorporation, software for sale and "catch-all" miscellaneous.The Society has packages available, with discounts for pairing online ads with print ads in its bimonthly magazine, TODAY'S CPA.All questions should be addre
Community News

Andersen Inches Closer to Belgium Law Firm

The Belgium Bar, who makes and enforces rules relative to relationships between law firms and auditors, may ease up on previous restrictions preventing such alliances.This is good news for Arthur Andersen and its operations in Europe as it seeks to align itself with legal practices to gain a larger market share.Andersen has worked with the law firm of Caestecker & Partners for the last three years on an informal basis, and will consider a partnership with the firm should rules relax to allow such relationships.Still, experts at Big 5 firms s

New Law Under Fire

A law enacted last year is under fire as House Republicans announced today that they would push to reverse the new accounting rules. The law in question requires taxpayers to pay capital-gains taxes from a business sale in an immediate lump sum.The problem with the tax payout is that it affects all transactions, even those that cover several years. Lobbying groups for small businesses say this has had an adverse affect on the sale of businesses – reducing the sales prices of businesses by up to 20 percent in some cases.

AccountingWEB Weekly News Wrap-up - Issue 32

The AccountingWEB Friday Wrap-Up Newswire - Issue 32March 3, 2000http://www.accountingweb.comIn the news this week:1. Cap Gemini Merges With Ernst & Young Consulting2. PricewaterhouseCoopers Fights Back3. In General, Auditors Are Too Lax on Independence Standards4. Retirement Plans For The Masses5. Who You Gonna Call? Stress Busters!6. Follow Washington’s Lead and Help Feed The Hungry7.

IRS Features Missing Children on Tax Forms

No white space allowed here; the IRS is delivering a quality public service by featuring the photos of missing or lost children on the blank pages of its forms.Some could say this is an effort in conjunction with the Service's child tax credit, now worth $100 more than it was in 1998 at $500.In other tax news, IRS officials say there is nothing truly new in 1999 forms, just changes in figures here and there. Taxpayers and tax preparers are urged by the IRS to review the numbers carefully for potential pitfalls in preparation.

Breaking the Glass Ceiling: Web Women

Breaking the glass ceiling within today's CPA firm and accounting marketplace still is a hot topic after all these years, but there's one industry in which women are excelling very quickly: the world of the say there is a direct correlation between women who want to take risks and the flexible, often newly discovered, world of the Internet.

Prevent Fraud by Double-Handling Checks

One of the most common sources of fraud in today's businesses--be them small or large--is the handling of checks for making deposits and paying bills.Experts say it's best to separate the duties - let one person handle incoming payments, while another person writes the checks and pays the bills.And, if you can't afford this kind of duplicity, make sure that you, as the owner or president of the business, sign each and every check, matching the check up to the invoice to ensure accuracy.Lastly, never sign checks in a hurry; there's too great a potential for making mistakes.

Five Easy Steps To New Customers

When it comes to selling professional services, the process can almost be overwhelming. The sales cycle can be long, the timing can take months to “gel,” and personalities can either fit or not when you get to the dotted line.To make the process easier, go back to the basics so you have time to tackle the “real” issues. These five steps will send you in the right direction.Befriend the Gatekeeper. Receptionists and assistants are your friend – or they should be. They can open the gate or slam it in your face. Be sure to respect them at every turn.

Expert Guides Bring Practical Assistance To You

Expert Guides that have been developed for AccountingWEB include Excel tutorials, web site design guides, PowerPoint presentation tips, and other practical tools to help you be more productive.

Deltek Names New CFO, Announces VP Promotions and Other Organizational Moves

McLean, Virginia – March 1, 2000 – Deltek® Systems, Inc. (NASDAQ: DLTK). Deltek Systems, a leading provider of software solutions for professional service and project-based firms, today named David L. Spilman as the Company's new CFO and Senior Vice President of Finance and Administration.

3,500 Trades on Schedule D!

How many CPAs have ever seen a tax return with 3,500 trades on Schedule D? In this escalating time of the "day-traders," more and more accounting professionals may one day be faced with a similar situation.David Goehl is a 31-year-old, self-employed lawyer, who traded 3,500 times in 1999 for a net profit of $85,000, which averages to trades worth about $1,000 per day after taxes, commissions, rent on the apartment where he performs the trades and even a portion of his cable service.Schedule D is often difficult for any tax preparer given a small number of trades, let alone 3,500.

AICPA Seeks Volunteer Testers for Online Exam

The American Institute of CPAs has issued a call for volunteers to test questions that may be included in the future online CPA Exam. AICPA is considering the online exam to replace the old paper-based format to more accurately reflect the CPA environment by testing on day-to-day issues within the CPA profession.Participants will provide feedback to AICPA on their exam experience, levels of difficulty, practical applications and more.

IRS Fails Audit

The IRS needs a good accounting firm. According to congressional auditors, the governmental agency is doing a lousy job of keeping its own books. Although the IRS improved a little last year, the General Accounting Office reports that the IRS continues to give improper refunds, is slow when it comes to fixing errors affecting taxpayers and is vulnerable to computer security issues.

Beating Busy Season Stresses Idea Exchange

Looking for some ideas to combat the stresses of busy season? Scroll through the transcripts below and find out what others are doing to reduce burnout this time of year. Add your own comments to the bottom of the transcript and contribute your ideas too!Session Moderator: Good afternoon! Thanks for joining us on our first round table discussion!More accounting magazines are reporting on things accounting firms are doing to help accountants beat the stress of the tax season.

NAEA Members Will Receive Discounts on Popular CCH Products

CONTACT: MARY DALE WALTERS 847-267-2038 NAEA MEMBERS WILL RECEIVE DISCOUNTS ON POPULAR CCH PRODUCTS(RIVERWOODS, ILL., February 28, 2000) ¡V CCH INCORPORATED (CCH), a leading provider of tax and business law information and software, said today that it has signed an agreement with the National Association of Enrolled Agents (NAEA) to provide member discounts on two of the company¡¦s popular tax research products and an authoritative new journal for those representing clients before the IRS. Under the agreement with the NAE

Financial Consulting Group Grows Leaps & Bounds

The Financial Consulting Group (FCG), an organization of CPA firms delivering business valuation and litigation services, realized a 50 percent growth in member firms during the last quarter of 1999.There now are 56 member firms in 26 states and Canada. The Group has combined business valuation/litigation revenues of $35.4 million and overall combined revenues of $163.6 million.According to Larry Cook, CPA/ABV, this explosive growth was realized, too, in just the first year of operations.
Technology and Form Alliance

It was announced Monday that and have formed an alliance to offer 401(K) and 403(B) services to providers and is a consulting practice run by Jim Scott that provides financial-related services to a variety of start-up and young technology companies and clients, while ExpertPlan, run by Winthrop Cody, is an Internet-based provider of retirement plan offerings.The gist of the new arrangement is to provide retirment plan services with complete recordkeeping in the

Cap Gemini Merges With EY Consulting

For months, it has been speculated that Cap Gemini would merge with Ernst & Young's consulting practice. Now, the word is that the alliance is official.The deal is reported to be worth approximately $11.13billion.


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