by AccountingWeb on Apr 01, 2003
Disturbed by what he heard at a hearing on taxpayer issues, Senator Charles Grassley, Chairman of the Senate Finance Committee, has issued a statement urging taxpayers to exercise caution when hiring a paid tax preparer.Sen. Grassley’s caution comes after hearing from the General Accounting Office who estimated that over half of US taxpayers who overpay their taxes had employed the services of a paid tax preparer.
by AccountingWeb on Mar 31, 2003
The end of tax season for a CPA firm marks the end of a 90-day sprint and the beginning of what most firms hope to be their biggest cash payoff of the year.However, many firms get caught in the receivables trap, and what should be a windfall for the firm turns into slow paying clients, accounts receivable headaches and frustrated owners.Here are some tips to help you collect the money your clients owe.
by AccountingWeb on Mar 28, 2003
Press ReleaseIn an effort to provide the public with better information about the risks that could potentially impact a government’s ability to provide services and pay its debts, the Governmental Accounting Standards Board (GASB) has published Statement No. 40, Deposit and Investment Risk Disclosures, an amendment of GASB Statement No. 3. The Statement amends GASB Statement No.
by AccountingWeb on Mar 27, 2003
Mark Morze is in the news pretty often. Reason: He has the dubious distinction of having perpetrated one of the biggest and most brazen financial frauds in American history. While the 1980s may seem like ancient history to many, it was the decade in which the ZZZZ Best carpet-cleaning company soared and crashed, leaving a twisted trail of criminal devastation that took prosecutors, regulators and judges years to sort out.
by AccountingWeb on Mar 26, 2003
Always begin with the phrase "You know how" followed by a couple of common problems your clients normally experience. Then follow up by saying, "What I do is" and continue with several key points, benefits or value propositions as to how your product or service solves these problems. For example, if you are a consultant, you can say, "You know how some businesses experience poor staff performance and productivity which can wind up costing the company time and money?" Allow the person to respond, demonstrating you have their attention and they are interested in what you have to say.
by AccountingWeb on Mar 25, 2003
With a declaration that unlimited liability on auditors is a "quality driver," the European Commission has all but closed the door on any discussion of limiting the size of lawsuits that can be levied against accounting firms that perform public audits.Last month, AccountingWEB reported that a move was on to lobby the European Commission - the executive arm of the European Union - to cap the legal liability of auditing firms.
by AccountingWeb on Mar 24, 2003
One of the most confusing and problematic issues under the Fair Labor Standards Act (FLSA) is who is exempt and who is not, especially when it comes to overtime. Answer this question right, and an employer could save millions. But answer this question wrong, and an employer could be pushed into a never-ending nightmare of fines and lawsuits that will eat away at a company's bottom line. The free report, Q&A On Exempt Vs.
by AccountingWeb on Mar 21, 2003
Everyone's had them -- mornings when what can go wrong does. In a recent survey, executives revealed the most unusual explanations they've heard from tardy employees -- everything from pet-related problems to long lines at the coffee shop. Accountemps, the temporary staffing service for accounting, finance and bookkeeping professionals, developed the survey.
by AccountingWeb on Mar 19, 2003
By David MaisterThe right way to give a critique.The worst thing you can do if you want to get somebody to listen to you is to criticize him or her. As human beings we hate being criticized. When attacked we attack back. And we attack even when we are in the wrong. Right or wrong has nothing to do with it. Many of us fall into the trap of thinking 'I know I am right, so I'm going to tell the others how silly they are!' It's tempting, but doesn't work. If you have the self-control and the presence of mind to put aside your own ego-needs, and say, 'I've got a problem.
by AccountingWeb on Mar 14, 2003
by Stuart R. Buttrick, Baker & DanielsThe number of discrimination lawsuits increases every year. They’re taking more time to resolve through the judicial process and becoming more costly to defend, and juries (especially in the post-Enron era) are awarding bigger awards to employees.
by AccountingWeb on Mar 14, 2003
Continued from "Are You Teaching Your Employees to Steal? Part 2"WHEN DO PEOPLE EMBEZZLE OR ABUSE THE COMPANY? Generally, three things have to be present before someone commits fraud or embezzles: need, opportunity, and rationalization. This is known as the "triangle of fraud." (See Figure 1.)Need takes two forms—direct and indirect. Direct need is stealing to fund cash needs and is often driven by an addiction—drugs, alcohol, gambling, or an extramarital affair.
by AccountingWeb on Mar 13, 2003
The topic of CEO compensation has taken center stage recently with news about top executives becoming incredibly wealthy even though they did little for their company’s stockholders. Over the years boards have supported incentive-heavy packages for CEOs by rationalizing that what’s good for the executive is good for the company.
by AccountingWeb on Mar 12, 2003
By Bruce L. Katcher, Ph.D. President of The Discovery GroupTHE PROBLEM:Our research shows that employees crave performance feedback but that their supervisors are doing a poor job of giving it to them. 60 percent of employees say that they don't receive ongoing feedback about their job performance throughout the year.Here are some reasons why supervisors avoid providing feedback:
by AccountingWeb on Mar 10, 2003
Tax professionals are able to file employment taxes for business clients for the first time as part of a new Employment Tax e-filing System offered by the Internal Revenue Service.The IRS expects the e-file upgrades will continue to reduce the paperwork burden on small businesses.
by AccountingWeb on Mar 10, 2003
Question: How do you get the employees of a CPA firm to treat the business as their own? Answer: Sell the business to them through an Employee Stock Ownership Program. That’s exactly what Minneapolis-based HLB Tautges Redpath Ltd. did earlier this month.One hundred percent of the ownership of the firm will be redistributed from the partners to the 85 employees under the ESOP plan.