AccountingWEB Weekly News Wrap-Up - Issue 102

AccountingWEB Weekly News Wrap-Up - Issue 102

July 6, 2001

This Newswire Sponsored by:

Intuit's QuickBooks ProAdvisor Program

THIS WEEK'S NEWS FROM ACCOUNTINGWEB

1. IRS Targets Consultants
2. New Man at E&Y's Helm
3. Don't Spend Your Extra Income All in One Place
4. Deloitte Won't Split
5. The New IRS - How Will it Affect You?
6. Illinois's 'Mr. CPA' Loses Court Battle
7. No Split-Up for Microsoft; Other Issues Backfire
8. AA & Tax Consulting: A Promising Career Path
9. H&R Block Can't Give Away $1 Million
10. Create Custom Books from Microsoft Press

EDITORIAL

The tax rates, they are a-changing. The new tax legislation has provided several planning opportunities for tax advisers. One example of a planning opportunity is that taxpayers need to be aware of the impact of the new, slightly lower tax rates, which may have an effect on planning for third and fourth quarterly estimated payments.

New tax tables published July 1 reflect the change in tax rates. Some taxpayers may benefit from a slight reduction in quarterly payments. Other taxpayers need to be made aware of the fact that their existing payment structure is sufficient to protect them from penalties and no change is necessary.

In either case, the new tax law presents several opportunities for accountants to provide beneficial services to their clients.

Gail Perry, Managing Editor
AccountingWEB, Inc.
mailto:gperry@accountingweb.com

IN THE NEWS

1. IRS Targets Consultants

The IRS has recently published a new audit techniques guide designed to help auditors in their examinations of individuals who work as consultants and businesses that hire consultants. The IRS is encouraging audits of these people and entities.

2. New Man at E&Y's Helm

James S. Turley, 46, is the new global chairman at Big Five firm Ernst & Young. Mr. Turley has devoted his entire professional career to the same firm, and now he is ready to take the reins.

2001 TAX ACT CLIENT MATERIALS AVAILABLE FROM ACCOUNTINGWEB

Order AccountingWEB's Client Summary of the new tax law and receive an MS Word-formatted document and HTML-formatted document for you to reproduce in client letters, newsletters, e-mail correspondence and publication on your Web site. Just $79.00 for AccountingWEB members. http://www.accountingweb.com/item/48712

Get a professionally developed client seminar package with a seminar planning guide, speaker guide, participant handouts and PowerPoint presentation. AccountingWEB is offering members a discount on the original price of $249.00.
http://www.accountingweb.com/item/49744


3. Don't Spend Your Extra Income All in One Place

The new 2001 withholding tax tables are in effect now, which means that tax withholding rates are lower and take home pay is increased. Taxpayers across the country will be trying to find new ways to spend their tax savings windfall . . . not!

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4. Deloitte Won't Split

Quashing rumors to the contrary, Big Five accounting firm Deloitte & Touche publicly announced its intention to keep the entire firm intact. For now.

5. The New IRS - How Will it Affect You?

There's change in the air at the IRS. Among the new innovations we can expect are improvements to telephone service, online services, overall performance, audits, and Web design.

6. Illinois's 'Mr. CPA' Loses Court Battle

All he wanted was for people to know that he had passed the CPA exam. This just wasn't exactly the way the Illinois state senator expected to get the word out.

ACCOUNTINGWEB RESOURCE

If you are looking for information on the CPA Exam, CPE, or licensing, AccountingWEB can help you. Our CPE Resources include links to online CPE providers, licensing requirements for every state, and CPE requirements for every state. You will also find information about licensing requirements for other certifications including Certified Financial Planners and Enrolled Agents. If it's training and licensing information you need, AccountingWEB has the solution.


7. No Split-Up for Microsoft; Other Issues Backfire

The U.S. Court of Appeals for the District of Columbia has voted unanimously to overturn last year's lower court order to split Microsoft Corporation. The stock market responded by sending Microsoft shares up 2.3 percent. That's the good news. Find out what will happen next.

8. AA & Tax Consulting: A Promising Career Path

Fourteen hundred CFOs were asked: "For which of the following functions is your company most likely to bring in consulting or project professionals to supplement workloads or gain specialized expertise?" Read their responses.

9. H&R Block Can't Give Away $1 Million

H&R Block's Million Dollar Giveaway Contest has encountered an unexpected snag: a winner who is unwilling to accept the money.

10. Create Custom Books from Microsoft Press

How many Microsoft Press books can you afford to buy? What if you could just pick the chapters you want from each book and make your own book of specialty advice and techniques? Now you can!

ACCOUNTINGWEB WORKSHOP SCHEDULE

Tuesday, July 10, 4:00-5:00 EDT
Topic: The Role of the Marketing Director and What Creates
Marketing Results

Presenter: Allan Boress, CPA, CFE, Allan S. Boress & Associates

Thursday, July 12, 2:00-3:00 EDT
Topic: Performance Appraisals
Presenter: Mike Chapman and Don Scholl
Sponsor: Association for Accounting Administration

Thursday, July 12, 4:00-5:00 EDT
Topic: Introduction to Web-Based Auditing
Presenter: Ryan Fox, Manager, Assured Services, Deloitte & Touche
Sponsor: Paisley Consulting

Check out the Workshop Schedule for the upcoming sessions in our ongoing workshop series.

ACCOUNTINGWEB Q & A FORUM

Click on the link(s) below to offer your insight and feedback or to see what others recommend:

1. Are there any circumstances under which a graduate student qualifies for the Hope Scholarship Credit?

2. If an S-Corporation is created in March, how are the January and February transactions treated for tax purposes?

3. Does anyone know of a good source for information on accounting practices for the auto racing industry?

Visit the Q&A Forum to post your questions and share your ideas!
Simply click on the Add Comments option at the bottom of any
question to add your response and comments.

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Copyright (C) 2001 AccountingWEB, Inc. All rights reserved.

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