News | AccountingWEB


Benefits 101: What Do Today's Recruits Want?

When contemplating hiring and retention of employees, "people issues" are more important than they were in 1998, according to 80 percent of business leaders interviewed in a study performed by Accenture. Companies that struggle with retention tend to be those that ignore issues such as flexible work schedules, job sharing, telecommuting, short-term assignments, and mentoring programs.

Fair Isaac Credit Reports Available to Consumers

Fair Isaac, the company that can either be your friend or your foe when you apply for a loan, has finally decided to make its secret credit analysis scores available to the general public. Previously, these top secret scores were only available to lenders.The scores are based on information that is available in standard credit reports. The point of the scoring system is to give lenders a picture of how likely a particular consumer is to repay a loan and to make the payments on time.There are five criteria used in determining the Fair Isaac (FICO) score.

Tax Tip: Roth IRAs

Confused about whether you can contribute to a Roth IRA? The IRS suggests checking these simple rules:Income To contribute to a Roth IRA, you must have compensation (i.e. wages, salary, tips, professional fees, bonuses). Your modified adjusted gross income must be less than:$160,000 - Married filing jointly. $10,000 - Married filing separately (and you lived with your spouse at any time during the year).

CCH Offers Guidance on Transfer Pricing Rules

(RIVERWOODS, ILL., March 20, 2001) – The stakes are high, and companies that don’t know the rules and how to apply them can lose big when their transfer pricing arrangements are challenged by taxing authorities, according to CCH INCORPORATED (CCH), a leading provider of tax and business law information and software.

IRS Auditing More Returns Than it Admits

A recent report about the reduction in number of tax returns being audited by the IRS incited the Senate to respond that there are actually considerably more returns that undergo examination.

AccountingWEB Launches IndustryZONE

To assist firms and businesses as they continue to specialize in industry niche areas, AccountingWEB is pleased to launch its newest service - the IndustryZONE Resource Center. Whether you are a public accountant serving a certain industry, or a controller in business, the IndustryZONE Resource Center can help.
Community News

PwC May Not Sell Financial Unit

Big Five firm PricewaterhouseCoopers is believed to be backing off on previously announced plans to sell its Financial Advisory Services unit.

NYSSCPA Grapples With H&R Block Over Ad Campaign

The New York State Society of CPAs (NYSSCPA) is not satisfied with H&R Block's current advertising campaign regarding the filing of complex tax returns. P. Gerard Sokolski, NYSSCPA president, believes that the ads are misleading and detrimental to consumers.According to Mr. Sokolski, H&R Block claims that it prepares more complex tax returns than any CPA firm in America. When challenged, Steven A. Christianson, H&R Block Assistant Vice President, said that they define "complex" as individual returns with schedules.

Senate Votes to Toughen Bankruptcy Laws

Last week's Senate vote on personal bankruptcy promises to tighten the laws which permit consumers to erase debt. The Senate voted to 83 to 15 in favor of a bill that would require consumers facing bankruptcy to file for bankruptcy protection under Chapter 13 of the Bankruptcy Code instead of the more popular Chapter 7.A debtor undergoing a Chapter 13 bankruptcy must repay at least a portion of the debt over a three- to five-year period.

Survey Shows More Women Accountants in Management

A recent survey developed by RHI Management Resources shows 43% of firms surveyed report an increase in the past five years in the number of women accountants who hold management positions.According to the 1,400 CFOs surveyed from a random sample of U.S. companies with more than 20 employees, 15% are showing a significant increase in the number of women accountants who hold management positions, 28% are showing some increase in this number. Additional survey results show that 58% of CFOs expect their company management ranks to continue to add woman accountants in the next five years.

IRS Data Files May Not Be Secure

The General Accounting Office, Congress's watchdog agency, has published a report citing security lapses in the Internal Revenue Service computer system.

Tax Tip: IRA Contributions Can Be Made Until April 16

If you haven't put any money into an Individual Retirement Arrangement (IRA) for tax year 2000, or if you've put in less than the maximum allowed, you still have time, according to the IRS. You can contribute to either a traditional or Roth IRA until the April due date of your tax return.If you make a contribution for the previous tax year, tell the IRA trustee which year the contribution is for. Otherwise, the trustee may report the contribution as being for the year in which it was received.You may contribute up to $2,000 of your earnings each year to an IRA.

Common Mistakes to Avoid When Filing Your Return

Here's hoping you didn't make any of these mistakes and that you get through tax season with your bank account and good humor still intact!Making math errors. Not including Social Security numbers. Not signing and dating your return.Not using the pre-printed label and envelope from the tax package. Forgetting about interest and dividends. Forgetting to donate unwanted items to charity. Not including all your forms. Not properly tracking your investment basis. Using the EZ form when a longer form could cut your taxes.

Wolters Kluwer North America Acquires ePace! Software

Audit Engagement Software Innovator Will Become Part of CCH INCORPORATED (CHICAGO, March 19, 2001) – Wolters Kluwer North America (WKNA) said today that it has acquired ePace! Software, Newport Beach, Calif., a provider of audit and engagement software for accounting professionals. ePace! will be integrated into CCH Tax Compliance, Torrance, Calif., which produces the ProSystem fx Office software suite for CPA and accounting firms. Terms of the agreement were not disclosed.Founded in 1997, ePace!
Community News

How Does Your Firm Compare?

In 1999, the U.S. Census Bureau published detailed information on CPA firms for the first time. Statistics indicated that a total of 53,651 CPA firm offices nationwide employed more than 389,340 people, generated total revenues of over $38.6 billion, and supported an annual payroll of over $15.1 billion. The individual reports provide detailed information for each state and metropolitan area and for many larger counties and cities. According to national statistics, the average CPA firm office possesses the following characteristics: 7.26 employees.

Internet Tip: How Current is that Web Site?

There are billions of pages available on the Internet today.

SEC: Bloodthirsty or Just Doing its Job?

At the core of a massive plan to scrutinize up to one fourth of the nation's public companies is a continuation of the SEC's role as financial watchdog.

PR - Intacct Offers Online Faxing of Reports/Documents

PRESS RELEASE - Intacct Web-based Accounting Service Offers Online Faxing of Reports and DocumentsNew, touch-of-a-button functionality allows Intacct users to send reports and documents via e-mail or fax over the WebMarch 15, 2001 (Los Gatos, Calif.)—Intacct Corporation, the leading provider of professional-strength, web-based accounting and related online business services, today announced it has teamed with j2 Global Communications (NASDAQ-JCOM), a web-based provider of messaging and communications services, to create electronic faxing of complete or partial

Intacct Provides Migration from Older Accounting Systems

PRESS RELEASE FOR IMMEDIATE RELEASE Intacct Web-based Accounting Service Offers Speed and Ease of Migration from Older Accounting SystemsUsers of mid-market accounting programs can migrate to Intacct’s web-based service in minutes rather than monthsFeb.

The Next Generation Accountant: Strategists of the Future

Next Generation Accountant: Strategists of the FuturePresented by Paul McDonaldExecutive Director, RHI Management ResourcesMarch 15, 2001Visit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryThe full transcript of this workshop appears below. Here are the major topics that were discussed: 1. Becoming an Adviser   a.


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