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Tax Tip: Tax Changes For Business Owners

At tax time, many business owners want to make sure they are aware of the latest changes that could affect their taxes. If you are one of these owners, a good source of information is IRS Publication 334, "Tax Guide for Small Business." It includes a listing of tax changes for 2000 returns, plus explanations of the changes. It also includes some of the changes for 2001.

Knowledge Concepts partners with Practice Development Institute

VALDOSTA, GA, March 9, 2001 – Knowledge Concepts, Inc. announced the completion of a partnership agreement in which Practice Development Institute and KCI will form a strategic marketing alliance. FirmWorks software provides Sales Force Automation, Customer Relationship Management and Process Automation functionality for accounting firms. Knowledge Concepts, Inc. is the developer of FirmWorks and provides consulting services to professional service firms. Practice Development Institute, Inc.

IRS Announces Drop in Interest Rates

The following article is provided courtesy of CCH, Inc.The IRS has announced that interest rates for the calendar quarter beginning April 1, 2001, will drop one percentage point to 8% for overpayments (7% in the case of a corporation), 8% for underpayments and 10% for large corporate underpayments. The overpayment rate for the portion of a corporate overpayment exceeding $10,000 will be 5.5%.

SQL-Version of Visual Practice Management Released

CPASoftware announces the addition of a Microsoft SQL-Version of Visual Practice Management (VPM), the flagship product of its accounting suite.A leading product among practice management software, Visual Practice Management was first introduced in 1996 using a Microsoft Access Database. Currently over 3000 firms across the United States and Canada use VPM to track, bill and manage the daily time of their practice.

Back Taxes Owed by Members of Congress

It seems that those who make the laws aren't always known for setting the best example. A recent report by the IRS on tax compliance by government employees showed that 5.03 percent of House members their employees and 4.44 percent of Senators and their aides owed back taxes or have one or more delinquent tax returns.The total amount owed by government employees in all agencies totals $2.53 billion. This amount does not include any amounts owed for which an installment agreement has been entered into."Our system of taxation relies on voluntary compliance," Charles O.

AccountingWEB Weekly News Wrap-Up - Issue 85

AccountingWEB Weekly News Wrap-Up - Issue 85 March 9, 2001Visit Our Sponsor: MondaqMarket your knowledge and expertise online for free.Mondaq publishes and distributes professionals’ articles on a variety of business areas including: finance, legal, offshore, accounting, and tax. Through our global network of affiliate firms we can maximize the reach of your expertise. All on a FREE to publish FREE to view basis.

FiNetrics Ceases Operations

FiNetrics, a start-up ASP service designed to provide accounting applications to small businesses through their CPA firms, has ceased operations this week. FiNetrics was developed and funded by divine interVentures, a technology venture capital firm.

Using The Internet For Business-What's Next? with Tim Anglim

Tips For Using The Internet For Business - What's Next?Presented by Tim Anglim, CPA, CMAPresident of The Forensic Group Contact tanglim@FraudDetectives.comThursday, March 8, 2001Visit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryThere is a relative explosion in web-based accounting resources and accounting related services.

Ergonomics Rule Killed by The House

Amidst cheers from business owners and jeers from unions, the House joined the Senate in voting down a bill that would have required extensive and expensive changes in the workplace.The ergonomics regulation, which was issued last November and would have taken effect in October, would cover over 100 million workers at more than 6 million work sites, according to the Occupational Safety and Health Administration. OSHA estimated the compliance cost at $4.5 billion, far less than many business groups.

Tax Tip: Tax Materials and Assistance In Spanish

If you need federal tax information in Spanish, you can find it in the form of recorded tax topics, free tax publications and toll-free telephone assistance from the Internal Revenue Service. TeleTax is a toll-free automated service, in English and Spanish, providing helpful tax topics and refund information. You can find a list of the 151 TeleTax topics in the instructions for Form 1040, 1040A or 1040EZ. TeleTax can also help you if it's been at least four weeks since you filed your return and you want to check on the status of your federal refund.

Kinder, Gentler IRS Losing Billions

Staff reductions and other cutbacks at the IRS have resulted in fewer audits, which in turn have resulted in fewer taxpayers paying their full share, according to former IRS Commissioner, Donald Alexander. "The more the IRS fails to enforce the law the more people take advantage of that failure," Mr.

IRS Gets Clean Bill of Health

The General Accounting Office couldn't find any problems with the IRS's financial statements for 2000 - a first for the tax service, which in the past has always received qualified opinions on its year-end statements."This is a significant accomplishment and an important milestone in the progress of the IRS," according to Charles O.

Tax Tip: IRS Notices - What To Do

It's a moment any taxpayer dreads. A letter arrives from the IRS - and it's not a refund check. But don't panic. Many of these letters can be dealt with simply and painlessly.Each year, the IRS sends millions of letters and notices to taxpayers to request payment for taxes, notify them of a change to their account or request additional information. The notice you receive normally covers a very specific issue about your account or tax return. Each letter and notice offers specific instructions on what you are asked to do to satisfy the inquiry.

'Naked Wife' Computer Virus – Don’t be Tempted

A damaging computer virus has hit at least 30 organizations and one federal agency according to an article in CBS latest virus, called "Naked Wife," takes advantage of users baser instincts, according to one antivirus company official. The virus, which appears with the subject line, "FW: Naked Wife," deletes Windows and system files with .bmp, .com, .dll, .exe, and .ini extensions, and leaves the computer disabled.
Community News

Arthur Andersen Changes Name

Effective immediately, Arthur Andersen is to be known simply as Andersen. The Chicago-based firm announced the name change Monday."Andersen is the most recognized, best known name in professional services. This tremendous asset draws upon our heritage of professionalism, integrity, quality service and trust. Using Andersen as our global brand better aligns with our strategic commitment to continually enhance the breadth and depth of our capabilities.

Tax Tip: What's New for 2000 Taxes?

Do you want to learn about the principal tax law changes that could affect your 2000 tax return? IRS Publication 553 highlights the tax changes in these areas: Interest on student loans. Individual Retirement Arrangements (IRAs) - including traditional IRA income limits, and returned contributions and recharacterizations. Capital gain distributions. Foreign earned income exclusion. Standard mileage rate.
Workplace Fitness

Open Forum on Motivating Staff During Busy Season

AccountingWEB hosted an open forum workshop on Tuesday, March 6th to discuss and share ideas to help you and your firm through this year’s busy season. Read the full transcript of this session!Some of the highlights that were covered during last year’s Busy Season Open Forum included: 

Is Microsoft Trading On Your Good Name?

Many Internet users who sign up for Microsoft's free e-mail service, Hotmail, are unwittingly placing their vital statistics in a White Pages database which makes the information available to other services on the Internet.When signing up for a Hotmail e-mail account, users have the option of unchecking a box and opting out of the White Pages service.

IRS Conducting Raids on Alleged Tax Evasion Experts

One might think the IRS has more than enough to keep itself busy this time of year, what with it being tax season and all, but the Service found time last week to go on a raid rampage, performing more than three dozen searches and arresting four suspected tax evasion specialists.Among those targeted in the raids were: The Institute for Global Prosperity, an Internet company that promotes what the IRS claims are fraudulent tax and inve
Community News

KPMG Consulting Gets 'Dog of the Day' Rating

With the excitement about KPMG Consulting's recent IPO wearing off, market analysts are lining up with their ratings of the stock, and the Monday 6% drop to $17.88 per share caused to give the stock its "Dog of the Day" ranking.KPMG Consulting's February IPO is the biggest US IPO of the year so far, and the float has been considered successful to date.


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