AccountingWEB Weekly News Wrap-Up - Issue 117
October 19, 2001
This News Wrap-Up Sponsored by:
NEWS FOR ACCOUNTINGWEB MEMBERS
1. New List Published: 100 Most Influential in Accounting
2. "XYZ" - National Conference of CPA Practitioners Speaks Out
3. Indiana CPAs Support Global Credential
4. IRS to Begin Docking Social Security Benefits
5. "Survivor" Game Makes Accounting Look Like Fun
6. Grant Thornton Backs CPA2Biz in Lawsuit
7. Quarterly Tax Payments Meet the Computer Age
8. Accountants Provide Humorous Alternatives for "XYZ"
9. Jobs Available at IRS
10.Texas CPAs Don't Support Global Credential
More accounting organizations weighed in this week, taking a stand on the AICPA's proposed global business credential, now officially named Strategic Business Professional (IISBP). The National Conference of CPA Practitioners (NCCPAP) hosted a lively workshop in which they explained in great detail their reasons for opposing the credential.
Meanwhile, the Indiana CPA Society has announced its intention to support the credential, and the Texas Society of CPAs opposes the credential. To date, five state societies have gone on record as supporting the credential, and 11 state societies formally oppose the credential.
The AICPA Council is expected to decide at their upcoming meeting whether or not to proceed with a membership vote on the credential. Stay tuned to AccountingWEB for the latest updates on this hot topic. Meanwhile, you can catch up on all the news about the global credential at AccountingWEB's Global Credential Resource Center.
Managing Editor, AccountingWEB
NEWS FOR ACCOUNTINGWEB MEMBERS
Accounting Today magazine has released its list of the Top 100 Most Influential People in Accounting for 2001. The list includes familiar names from throughout the accounting profession, including leaders of large accounting firms, officers of the AICPA and other accounting organizations, innovators, technology service providers, and more. See how many names you can recognize!
The NCCPAP is an organization of approximately 1,000 public accounting firms across the country, established to support the needs of individual practice units and medium sized firms. The NCCPAP hosted an AccountingWEB workshop in which members of the organization presented their reasons for opposing the AICPA's proposed global business credential. Read the transcript of the workshop as well as answers to questions that were raised during the live presentation.
CPAs in Indiana are highly supportive of the proposed interdisciplinary global business credential, the Indiana CPA Society has found, after concluding a series of 15 statewide professional issues update programs. Based on survey data from more than 1,300 Indiana CPAs, an overwhelming percentage have expressed their support for the concept. The percentage of CPAs surveyed in Indiana is significantly higher than the percentages in other states that have taken a stand on the global credential.
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In an attempt to step-up collection of past due income taxes, the IRS has announced that it will begin withholding up to 15% of Social Security benefits from certain taxpayers. An estimated 232,000 taxpayers currently receiving Social Security benefits have unsettled income tax accounts.
The Pennsylvania Institute of Certified Public Accountants has found an innovative way to make the accounting profession look like, well, fun. The organization has launched a Web-based game, CPA Career Adventure, designed to make the accounting profession look attractive to high school students.
Last week, BDO Seidman filed a lawsuit against the American Institute of Certified Public Accountants, CPA2Biz, and Shared Services LLP, alleging unfair business practices and restraint of trade. Chicago-based accounting firm and CPA2Biz auditor Grant Thornton has joined the dispute by siding with the AICPA in this matter.
INDUSTRY PROFILES ARE NOW JUST $79.00 EACH!
During October, all industry profiles are reduced to just $79. You can purchase these profiles covering over 100 industries to assist you with everything from business valuations to audits to sales and marketing preparation. As an added bonus, you can purchase the entire Industry Profile Package at a 25 percent discount! Just complete our sales form and a customer service representative will contact you to complete your order.
The Electronic Federal Tax Payment System, the program that allows business and individual taxpayers to make electronic tax payments by telephone and Internet, now offers a program whereby taxpayers can automatically make quarterly estimated tax payments electronically.
Before the AICPA reached its final decision on a new name to replace "XYZ" for the global business credential, Electronic Accountant, the online counterpart to the print publication, Accounting Today, conducted a contest among its readers to choose a name for the professional designation. The tongue-in-check name entries demonstrate that accountants have a humorous side!
The IRS is searching for accountants who are interested in becoming IRS Criminal Investigation Special Agents. Job openings for 300 new agents have been announced and applicants may apply online.
The proposed global business credential has little support among Texas certified public accountants according to the results of a new survey conducted by the Texas Society of Certified Public Accountants.
ACCOUNTINGWEB WORKSHOP SCHEDULE
Tuesday, October 23, 4:00-5:00 EDT
Topic: Moving from Accessibility to Universal Access - Bridging Today's Techniques and Tomorrow's Web
Presenter: Cory Knobel, Optavia Corporation
Check out the Workshop Schedule for the upcoming sessions in our ongoing workshop series.
ACCOUNTINGWEB Q&A FORUM
Visit our Q&A Forum to post your questions and share your ideas with the members of AccountingWEB! Simply click on the "Add Comments" option at the bottom of any question to add your response and comments.
Here is a sample of the questions that have been posted this week. Check out all the questions at the Q&A Forum and see if you can lend a hand.
1. What is the role of a financial manager in the decision making process regarding corporate assets and financial structure?
2. We closed the sale of our company and some of the proceeds were wired to our account to pay the broker fees and stock appreciation rights of employees. How should the entries be handled?
3. A client has a household employee taking care of a sick relative. Does client have to pay the household employee overtime if the person works more than 40 hours per week?
4. Given the significant decline in interest rates in 2001, what is a reasonable range for discount rates used in the determination of pension expense for a company with a 12/31 year-end?
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