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Tax

Tax Tip: Child and Dependent Care Credit

If you paid someone to care for a child or a dependent so you could work, you may be able to reduce your tax by claiming the credit for child and dependent care expenses on your tax return, according to the IRS. This credit is available to people who, in order to work or to look for work, have to pay for child care services for dependents under age 13.
Practice Management

Developing and Running Industry or Client Task Forces, with Phyllis Weiss Haserot

FOCUSED MARKETING: Developing and Running Industry or Client Task ForcesPresented by Phyllis Weiss HaserotPractice Development CounselContact pwhaserot@pdcounsel.comThursday, February 22, 2001Visit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryMs. Haserot's session included information on the following topics: 
Education & Careers

ExamWeb Rescues CPA Review Students

Mark's CPA Review, Inc., a California-based CPA exam review company, declared bankruptcy and cancelled all ongoing CPA review classes last week, much to the dismay of about 1,000 students, currently enrolled in the company's preparation course for the May, 2001 CPA exam.Rushing to the rescue is ExamWeb, a privately held assessment company that offers online review courses in, among other things, the CPA exam.
Tax

Tax Tip: Deductible Taxes

Did you know that you may be able to deduct certain taxes on your federal income tax return? You can if you file IRS Form 1040 and itemize deductions on Schedule A. There are three types of deductible non-business taxes:State, local and foreign income taxes; Real estate taxes; and Personal property taxes.You can deduct any estimated taxes paid to state or local governments and any prior year's state or local income tax as long as they were paid during the tax year.
Technology

New Study Shows Number of E-Filers Up 300%

A revealing study by Forrester Research shows that an estimated 6 million households will file tax returns online this spring. The number represents a 4 million or 300 percent increase over last year.The increase in online filers is attributed to the increase in readily available online tax filing services, the ease of tax software programs, and a growing comfort level toward electronic filing.
Community News

Becoming More Market Driven - Getting Closer to Your Clients, with Suzanne Lowe

Becoming More Market Driven - Getting Closer to Your ClientsPresented by Suzanne LoweExpertise MarketingContact slowe@expertisemarketing.comTuesday, February 20, 2001Visit the AccountingWEB Workshop Calendar for upcoming sessions.SummaryWould you like to see how professional service firms are trying to become more sensitive to the marketplace?
Tax

2001 Tax Hints Available On-Line

For many years, several of the IRS Service Centers produced guides for tax professionals in their area. This year, 2001 Tax Hints: Practitioner's Guide To The Filing Season has been expanded into a National Filing Season reference guide for the tax professional community.

E-mail Etiquette 101 - Tips For Better Communication On-line

For some reason, many people forget their manners when using e-mail. It's like what happens to some people when they get behind the wheel of a car. Otherwise mild-mannered drivers utter expletives or make obscene gestures when something doesn't go their way in traffic. E-mail has probably made the biggest impact on business and personal communications since the Pony Express, but it's easy to misunderstand the nature of it. Strictly speaking, it's not mail. AccountingWEB has compiled some basic rules and tips for using e-mail communications.
Tax

Tax Tip: What To Do If You Can't Pay Your Taxes

If this year's tax filing deadline will be a pay day for you and you cannot pay the full amount that you owe, you should still file your return by the due date and pay as much as you can. The IRS may allow you to pay any remaining balance over time in monthly installments through an Installment Agreement or possibly even settle for less than the full amount owed through its Offer in Compromise program.If you find that you cannot pay the full amount by the filing deadline, you should file your return and pay as much as you can by the due date.
Community News

RAS Partners with Texas CPAs to Produce MAP Survey

PLEASANTON, CA (February 21, 2001) – More efficient responses, targeted analysis of results, and no-cost participation by firms and state CPA societies are the key benefits derived from the new partnership between Results Accountants’ Systems (RAS) and the Texas Society of CPAs (TSCPA) for the 2001 MAP Survey.Now in its 26th year, the MAP Survey is an industry-recognized, annual comparison of the services, operations and management of public practice firms across the nation.
Tax

Take a Peek at New IRS Web Site

The new IRS Web site is not yet up and running, but the prototype is available for observation and comment.The Digital Daily will be replaced with a new, more austere design.

More Excel Tips

In a recent workshop at AccountingWEB, author and AccountingWEB Managing Editor Gail Perry shared some of her favorite Excel tips.Workshop sponsored by National Payment CorporationHere are some more of the tips that were discussed in January's workshop event:Placement of To
Tax

Tax Tip: Education IRAs Can Make College Costs Less Taxing

The Education IRA is an incentive to help parents and students save for higher education. Up to $500 may be contributed to a child's Education IRA each year. Earnings on contributions will be distributed tax free provided that they are used to pay the beneficiary's postsecondary education expenses. Any individual who meets adjusted gross income (AGI) requirements can make a non-deductible contribution on behalf of a child under the age of 18. The AGI requirements are $95,000 for single taxpayers and $150,000 for married taxpayers.
Tax

Beware: 'Tis the Season for Tax Scams!

Millions of Americans who are preparing their tax returns this spring have one desire in common - how can we reduce our taxes? Bankrate.com writer, Kay Bell, has compiled a summary of some of the more popular tax scams that attract the attention of taxpayers hoping to save money.

Audit Independence 'a Function of Auditor Size,' say Researchers

Academics have found that larger audit firms are less likely to compromise their independence than smaller ones when providing non-audit services to their clients.And when the provision of non-audit services - and consequently the fee - is relatively high, these smaller firms find it hard to resist aggressive accounting by their clients.The Lancaster University study into non-audit services, auditor independence and earnings management found that the latter's proximity to analyst's forecasts varies according to the size of the fee for Big Five and non-Big Five firms.Pelham Gore, Peter

Accountant Gets Go-Ahead to Sue Employer

A 5'11" 333-pound accountant has received permission from the New Jersey state appeals court to sue his employer for discrimination. The court granted permission for the lawsuit to continue if the plaintiff can produce medical evidence proving that his weight is not a product of "overindulgence and lassitude."Joseph Lally, 46, is seeking restitution on the grounds that he was fired from J.P. Woods Co. as a direct result of his obesity.
Tax

Pavarotti Could Be Jailed for Tax Evasion

Six months after appearing to settle a tax dispute, opera star Luciana Pavarotti has been ordered to stand trial for alleged tax evasion, according to London's Sunday Times.In July, the opera singer agreed to pay £8m in back taxes after a meeting with Italy's finance minister, Ottaviano del Turco.

Buffet Takes Stake in H&R Block

Investor Warren Buffett's company, Berkshire Hathaway Inc., has become the second-largest shareholder in H&R Block. Buffett, owner of Berkshire Hathaway Inc. in Omaha, NE, disclosed the ownership in a filing with the SEC last week. The purchase makes Buffett an 8.43% shareholder in H&R Block with ownership of 7,697,500 shares. Only Fidelity, the mutual funds company, owns a larger stake in the company with a total holding of 8,056,448 shares.It is estimated that Buffett's holding is three times larger than that of co-founder and retired Chairman Henry Bloch.

FEI Exec Details Agenda for New SEC Chairman

Earlier this week, President Bush appointed Laura Unger as acting chair of the SEC. A permanent successor to departing chair, Arthur Levitt, has not yet been named.Phillip Livingston, President and CEO of Financial Executives International, has identified several key issues that are of utmost importance to financial executives.
Tax

IRS Audits Decline as Agency Deals with Cutbacks

IRS Commissioner Charles O. Rossotti announced Thursday that the number of tax returns selected for audit during 2000 decreased by nearly 50% over the prior year. The chances of a tax return being audited during 2000 was 1 in 200, compared to 1 in 112 in 1999. Mr.

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