AccountingWEB Weekly News Wrap-Up - Issue 112

AccountingWEB Weekly News Wrap-Up - Issue 112

September 14, 2001

This Newswire Sponsored by:

EPS Software

THIS WEEK'S NEWS FROM ACCOUNTINGWEB

1. Resources to Assist with Our National Tragedy
2. Thoughts from Manhattan - Tuesday Evening
3. IRS Waives Penalties Following National Crisis
4. Deloitte New York Offices Destroyed
5. Federal Employees Encouraged to Pay Back Taxes
6. PwC Continues Job Cut Trend
7. College Recruitment Down as Job Fair Participation Wanes
8. IRS Beefs Up Security After Mellon Bank Fiasco
9. BDO Seidman Joins Ranks of 'XYZ' Naysayers
10.Nebraska CPAs Vote 'No' to Proposed 'XYZ' Credential
11.Italian Accountants Join 'XYZ' Initiative

EDITORIAL

As we all start to bring some perspective to the tragic national events this week, one thing we have discovered is that everyone has a story to tell about someone they know or know of who has a connection to people on the planes or in the buildings that were destroyed. It's like a giant fabric we are weaving, all across the country, tying ourselves to this tragedy with its threads, wrapping ourselves within its warmth, and pulling closer together.

It is with this shared sense of comfort and grief that we extend personal thoughts and prayers to our own friends, family, and colleagues in New York, Washington and Pennsylvania - and to the countless other strangers in those locations who are part of our family this week. To those who have lost their lives, to family members looking for loved ones, to those injured in the attacks, to those evacuated - and to the entire nation who collectively is experiencing the emotional impact of these attacks – our thoughts are with you.

As all of us try to find ways to cope with varying degrees of grief and dismay and fear, we at AccountingWEB are grateful to the staff at HR.com for providing our members with a wealth of articles and resources for addressing the emotional effects of this crisis (see Story #1). Finally, please join us in a special thank you to everyone across the country who is aiding in rescue efforts in the aftermath of this national tragedy.

The AccountingWEB Staff

IN THE NEWS

1. Resources to Assist with Our National Tragedy

Our friends at HR.com present free access to a list of articles and resources to help understand and deal with the emotional effects that this week’s tragedy has had, and will have, on our families, co-workers, and yes, even ourselves.

2. Thoughts from Manhattan - Tuesday Evening

AccountingWEB member David Miller, a Marketing Director at a CPA firm in midtown Manhattan, shares his poignant reflections on the events he observed in New York City on September 11.

3. IRS Waives Penalties Following National Crisis

Promising to "minimize the distraction of taxes during this terrible time," the IRS waived certain penalties associated with late tax payments.

4. Deloitte New York Offices Destroyed

The downtown New York offices of Deloitte Touche Tohmatsu in the World Financial Center were destroyed on Wednesday as flames spread from the adjacent World Trade Center site. A spokeswoman for Deloitte said its offices were evacuated after Tuesday's attacks on the World Trade Center's twin towers.

5. Federal Employees Encouraged to Pay Back Taxes

The IRS is about to make some U.S. government employees pretty unhappy. The tax agency plans to implement a phase of its Federal Payment Levy Program whereby federal employees who owe back taxes will be subject to tax levies.

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6. PwC Continues Job Cut Trend

Big Five firm PricewaterhouseCoopers has laid off nearly 300 members of its UK consultancy staff as worldwide cutbacks continue throughout the consultancy sector. The firm is reportedly offering attractive severance packages to those who voluntarily agree to resign.

ADVERTISE WITH ACCOUNTINGWEB

This week's News Wrap Up will be sent to over 35,000 registered members who are accounting and finance professionals. This highly targeted audience has selected this service as one of their most trusted sources of information - shouldn't your products and services be presented here as well? Contact our sales department at 317-876-7525 or e-mail mailto:sales@accountingweb.com for details.

7. College Recruitment Down as Job Fair Participation Wanes

The grim results of a recent Job Outlook 2002 survey conducted by the National Association of Colleges and Employers show employers anticipate hiring 19.7 percent fewer new employees this year over last year. Overall, survey respondents expect to decrease on-campus recruitment by visiting 12.6 fewer colleges than last year.

8. IRS Beefs Up Security After Mellon Bank Fiasco

Internal Revenue Service Commissioner Charles Rossotti outlined plans last week to improve security measures at sites such as Mellon Bank where tax returns are received and initially processed.

9. BDO Seidman Joins Ranks of 'XYZ' Naysayers

The nation's sixth largest accounting firm, BDO Seidman, has denounced the controversial plan by the AICPA to launch a global business credential.

10. Nebraska CPAs Vote 'No' to Proposed 'XYZ' Credential

Members of the Nebraska Society of CPAs were polled this summer regarding the AICPA's proposed global business credential, and the results are resoundingly negative.

11. Italian Accountants Join 'XYZ' Initiative

The two leading accountancy bodies in Italy, the Consiglio Nazionale dei Dottori Commercialisti and the Consiglio Nazionale dei Ragionieri e Periti Commerciali, have joined in support of the AICPA's proposed global business credential. The two organizations represent more than 90,000 accountants in Italy.

ACCOUNTINGWEB WORKSHOP SCHEDULE

Tuesday, September 18, 4:00-5:00 EDT
Topic: Practice Management Technology Issues
Presenter: Tom Davis, President of Knowledge Concepts
Sponsored by: Knowledge Concepts, Inc.

Thursday, September 20, 4:00-5:00 EDT
Topic: Elements of an Effective Strategic Marketing Plan
Presenter: Cliff Brownstein, Principal, Practical Strategies

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

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