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Tax

Planning Opportunities Abound with New IRA Rules

On January 11, 2001, the Treasury issued sweeping changes to the IRA required minimum distribution rules. Typically, when Treasury or the IRS promulgate new rules, taxpayers and professional advisors react apprehensively, fearing the worst, but hoping for the best.
Technology

Send & Receive Faxes & Voicemail From Your Computer

If you travel, or just can't seem to get your faxes out on time or want to track your voicemail more closely, you can try one of the services offered by eFax.com. Free and fee based software downloads are available from eFax.com. Below are a few of the downloads available along with information on each product highlighted. sign up for a personal eFax number.
Community News

Formalized Flextime? The Perk That Brings Productivity

An informative article by, Workforce.com provided some great ideas on how to incorporate flexible scheduling in your company.In 1997, more than 25 million workers varied their hours to some degree, with staggered start times, compressed workweeks, job sharing, and part-time hours, according to the article “Flexible Schedules and Shift Work: Replacing the 9-to-5 Workday?” by Thomas Beers in the June 2000 issue of Monthly Labor Review. But, he adds, most flexible workers alter their schedules on an informal basis.
Tax

New Executive Director of NATP

David Martin has been named Executive Director of The National Association of Tax Practitioners (NATP). Mr. Martin has more than fifteen years of experience with association management and has demonstrated success in marketing, education, and technological innovations.Prior to joining NATP, David was president of Real Estate Rover.com, and COO and Managing Director of the Real Estate Buyer's Agent Council.

Equity Compensation Plans Come Under SEC Scrutiny

The Securities & Exchange Commission has proposed a rule under which equity compensation information will have to be published in company annual 10-K or 10-KSB reports.
Technology

Lotus Notes Inventor Does it Again - New Groove Software!

Ray Ozzie the inventor of Notes software is at it again. Ozzie invented Lotus Notes, one of the most well designed client-server applications ever, and his new program, Groove could be an even bigger deal than Notes was. Lotus Notes was an entirely new way of working—so new, in fact, that few companies understood why they might want Notes. "I can't tell you how agonizing it was," recalls Ozzie.
Tax

Tax Tip: Foreign Income

With more and more U.S. citizens earning money from foreign sources, the IRS reminds people that they must report all such income on their tax return, unless it is exempt under federal law.This applies whether a person lives inside or outside the United States.
Tax

IRS to Step Up Pressure on Non-Withholders

The IRS plans to announce soon its intention to investigate several businesses that have been publicly proclaiming they do not withhold payroll taxes on wages paid to their employees but instead pay their employees 100% of the wages earned.Several companies participating in this tax boycott have declared their anti-tax position on the Internet, listing their names on various Web site

Controversial 'Cognitor' Name Dropped by AICPA

Only the name has changed. The concept is still very much a reality - a new global financial expert that transcends the confining definition of a certified public accountant. Amid a sea of backlash from members of the profession objecting to the strange name, the AICPA has officially dropped the front-runner choice of cognitor as the designation for the global accountant of the future. "There is so much opposition" to the cognitor name, said Judith Trepeck, part of the management team of the global institute working to put this new designation into place.
Community News

Common Mistakes to Avoid When Selling a Business

As Americans we are lucky to be part of the most dynamic economy in the world. Opportunity thrives here and the capacity to succeed is unparalleled. Every day hundreds, even thousands, of new successful businesses are launched, keeping the nation’s economy primed with entrepreneurial spirit. While opportunities exist for entrepreneurs, those individuals who have achieved the American dream – building and owning a successful business - often make mistakes when selling their companies.
Tax

Tax Tip: Should You Itemize?

Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Money paid for medical care, mortgage interest, taxes, contributions, casualty losses, and miscellaneous deductions can reduce your taxes. If the total amount spent on those categories is more than the standard deduction, you can usually benefit by itemizing, according to the IRS.The standard deduction amounts are based on your filing status and are subject to inflation adjustments each year.

AccountingWEB Weekly News Wrap-up - Issue 81

The AccountingWEB Friday Wrap-Up Newswire - Issue 81February 9, 2001Members Logon to http://www.accountingweb.com for full access to all our resources.Don't know your Logon Member
Tax

Stealth Tax Act Seeks to Curb IRS

Senate bill 286, "Stealth Tax Prevention Act," has been introduced by Senator Richard Shelby (R-AL) with the intent of keeping tabs on any attempts of the IRS to increase federal revenues with tax increases.Under the provisions of the act, any IRS regulation that seeks to increase federal revenues over current prices or revenues would be subject to congressional review and disapproval within 60 days after the regulation is issued.Sen.
Tax

IRS Modernization Takes Another Giant Leap Forward

The Internal Revenue Service announced Thursday the completion of a cornerstone in its systems modernization effort by successfully consolidating and upgrading its major computer systems. The IRS consolidated 67 mainframe computers spread across 12 locations to 20 mainframe computers in just 3 locations.
Technology

Deloitte Consulting & Oracle Join to Serve Health Care Industry

Deloitte Consulting will expand its current alliance with Oracle Corporation to provide leading edge information management solutions to the health care industry using the ASP hosting model supported by Oracle. Oracle and Deloitte Consulting expect that this new model will benefit both patient and provider by lowering costs of entry and enhancing data collection processing.
Tax

St. Louis Volunteers Rack Up Record Refunds

St. Louis, MO – February 6, 2001 – Over 300 volunteers worked long hours Saturday, January 27 and Saturday, February 3, 2001, helping 392 families prepare their federal and state tax returns to receive refunds of $495,000. Every dollar of these refunds goes directly to the families.The St. Louis Tax Assistance Program (TAP) helps working families or elderly residents with total incomes below $26,000 per year. January 27, 2001, TAP launched its fourth season of free tax return preparation at three locations in the St.

Trouble Being Recognized as a Registered Member?

Occasionally, people who register on the AccountingWEB site encounter problems with being recognized as a registered member. If the word "Visitor" appears at the top left of the screen, that means that you are not recognized as a registered member and that you do not have full access to the site.What you need to do:Make sure that you used the correct username and password to log on to the site.
Education & Careers

Record Earnings for Outside Board Members - Study

According to a recent study conducted by the global management consulting firm of Towers Perrin and reported by CFO.com, the average total compensation for outside board members of S&P 500 companies has sky rocketed. The average compensation in 2000 according to the study was $100,807. This increase according to the study is mainly due to the growing number of companies compensating their directors with stock options instead of cash payments.
Tax

Tax Tip: Gratuities and Taxes

Do you work at a hair salon, barber shop, casino, golf course, hotel, restaurant or drive a taxi cab? The tip income you receive as an employee from those services is taxable income, according to the IRS.As taxable income, these tips are subject to federal income tax, Social Security and Medicare taxes, and may be subject to state income tax as well.You must keep a running daily log of all your tip income.

Illinois Accountant to Brand Himself as CPA

During his bid for state controller in 1998, Illinois State Senator Chris Lauzen (R-Aurora), was the subject of a negative radio advertising campaign in which his opponent stated Lauzen was not a licensed CPA.Lauzen rebutted the ads claiming the fact that he was not licensed to perform audits was a technicality, and that he was certified as a CPA by the state of Illinois.To drive the point home, Lauzen has decided to go to court in March to have his name officially changed to "Christopher J. Lauzen, CPA."Lauzen expects the name change will have little effect on his personal life.

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