Government

New Chairman Selected for SEC

Harvey Pitt, a prominent corporate lawyer, has been chosen as the next chairman of the Securities and Exchange Commission, replacing Arthur Levitt, the longest-serving chairman in the SEC's history.Mr. Pitt, 56, served as general counsel to the SEC under President Jimmy Carter. Senate confirmation hearings will begin as soon as the White House formally announces the selection of Mr. Pitt.Among Mr. Pitt's clients are the American Institute of CPAs, the Securities Industry Association, and the Investment Company Institute. Last year, Mr.
Technology

PwC Forms Alliance with EzGov

In an effort to help make government services more accessible to Internet users, PricewaterhouseCoopers has formed an alliance with the technology firm EzGov.

Census Shows Growth of Women-Owned Businesses

According to a U.S. Census Bureau report, the number of privately held companies owned by women grew 16 percent from 1992 to 1997, nearly three times the 6 percent rate for all companies. The census reports that there are close to 5.4 million women-owned businesses in the United States alone.Revenue at women-owned businesses also increased faster than average, 33 percent compared with 24 percent for companies overall.
Tax

House Approves Marriage Tax Cut

On Thursday, The House

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

A User Friendly Citizen's Guide to the Federal Budget

Next year, the Federal Government will spend over $1.8 trillion. Needless to say, that's a lot of money. And the Government spends it on lots of things--on programs as large as Social Security, and on activities as small and unknown as repairs to the Washington D.C. National Zoo. How much do you know about the budget? If your answer is "not much," you're not alone.

SEC Adds 'Information For Accountants' on Updated Web Site

The U.S. Securities and Exchange Commission has significantly reorganized the SEC Web site, including a page for Information for Accountants with, among other things, a section on international accounting and auditing.
A&A

AccountingWEB's Recommended Research Site-Check it Out!

The U.S. Department of Labor’s Web site provides a wealth of information for students, accounting professionals, and human resources representatives. At this site, you can gather information on a specific industries, occupations, projections for an occupation, or trends for a client’s industry. The site highlights many areas including Career Guides, Inflation and Spending Guides, Employment Projections, Wages by Occupation, and Employment Cost.

Unger Named as Acting SEC Chairman

The White House announced that President George W. Bush has designated Laura S. Unger as Acting Chairman of the U.S. Securities and Exchange Commission. The temporary appointment of Unger had been expected following former SEC Chairman Arthur Levitt's announcement in December that he intended to leave before the end of his term. Levitt's last day was Friday. Rep.

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.
Education & Careers

Telecommuting and the New Workplace - DOL Overview

The U.S. Department of Labor has issued a paper on the impact of telecommuting in the U.S. The paper, called "Telework and the New Workplace in the 21st Century," presents the work of scholars, economists, social scientists and others who were present at a symposium conducted by the DOL last October. The paper outlines three issues of telecommuting. They include telework's potential to help employers address the skills-shortage, its potential to help workers meet family obligations, and its potential to help society achieve greater workplace diversity.
Tax

Treasury Targets Tax Shelters

The Treasury plans on strengthening the ethics rules for both lawyers and accountants after calling tax shelters one of the nation's worst tax abuses. These proposed regulations would reinforce the existing standards, known as Circular 230, regarding factual due diligence and legal analysis.

New Exposure Draft Amends Portions of GASB 34

GASB 34 was created to make annual reports easier to understand, as well as more useful, for anyone who uses governmental financial data to make decisions.
Tax

Record Capital Gains Payouts! Experts Predict!

If the Nasdaq's 40 percent drop didn't hurt enough, wait until you see your tax bill. Experts say that investors could be hit twice as hard this year due to a bad stock market and a larger tax bite. They are predicting that mutual funds will pay out a record amount of capital gains this year. Investors are learning this week what their distributions are, and indications are that the distributions could top last year's record of more than $200 billion. With federal capital gains taxes running 20 percent or more, bigger gains mean a windfall for the federal treasury.

OSHA - Is Your Firm Ergonomically Ready?

OSHA's new rules, which go into effect January 16, 2001, cover all U.S. workers not employed in the agriculture, construction, railroad or maritime industries — in other words, 102 million workers in virtually every other line of business, big or small. Full enforcement of these regulations, following a nine-month grace period, begins October 15, 2001. The estimated total cost to businesses has ranged from OSHA's projection of $4.5 billion a year to industry figures of $125 billion a year.

SEC Powers May Be Reviewed

Legislators in Washington are considering an examination of the regulatory powers held by the SEC, with an eye toward modernizing some of the commission's more antiquated rules and cutting back the far-reaching powers of the SEC.Led by Phil Gramm (R-TX), head of the Senate Banking Committee, members of Congress may take aim at the fact that present day securities laws are not adequate with respect to emerging technologies.

SEC Chairman Arthur Levitt Stepping Down

For nearly eight years, Arthur Levitt has served as chairman of the Securities and Exchange Commission. Levitt announced earlier this week that he would step down before mid-February. Appointed through 2003, by President Clinton in July 1993, Levitt is the Commission's 25th chairman and has become the longest serving chairman on the Commission.
Community News

PwC Lands Contract for Army Training

Secretary of the Army Louis Caldera announced today that the Army has awarded a $453 million contract to PricewaterhouseCoopers to provide distance education for an estimated 80,000 soldiers over the next five years.This program will enable soldiers to obtain college degrees and professional certifications using computers and online courses while they serve in the Army."This cutting edge, cyberspace program will provide unprecedented educational opportunities for our soldiers," said Caldera. "It reinforces the Army's long-term commitment to investing in its people.
A&A

Firms Receive Data Requests - SEC Steps Up IPO Probe!

The Wall Street Journal reports that securities regulators are stepping up efforts to investigate how Wall Street dealers allocate hot initial public stock offerings.In subpoenas sent to three major securities firms this week, including Goldman Sachs Group, Morgan Stanley Dean Witter and Bear Stearns, the SEC is seeking extensive records of any large stock-trading commissions received by the firms during the past two years, as well as lists of investors to whom the firms doled out IPOs.
Technology

Searching for a Zip Code or Zip+4 Code? Look no Further

Are you preparing to send out your holiday cards to business associates, customers, and vendors, but don’t know the zip code? Go to Zipcode.com to find the answers.Whether you are looking for a zip code, the United States Postal Service abbreviations, postal zip code + 4 codes or even the weather by zip code, you can find it here. They even have the zip codes of United States Naval Vessels.

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