AccountingWEB Weekly News Wrap-Up - Issue 120

AccountingWEB Weekly News Wrap-Up - Issue 120

November 9, 2001

This News Wrap-Up Sponsored by:

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and

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NEWS FOR ACCOUNTINGWEB MEMBERS

1. IRS Announces New Mileage Rates for 2002
2. It's Time to Vote on the IISBP Credential: Download Ballot Now
3. Big Five CPA Firm Breaks into Top 10 Law Firm Rankings
4. IRS Extends New Low Tax Rates to Dependents
5. More States and Organizations Weigh in on Proposed Global
Credential
6. SBA Offers New Loan Program
7. Accountant Joins List of September 11 Heroes
8. Maryland Tax Amnesty Program Fizzles
9. KPMG Consulting Announces Workforce Reductions
10.IRS Approves E-Mail Delivery for W-2 Forms

Editorial

Some of the news coverage this week includes information about various state CPA societies that have taken a formal position for or against the AICPA's proposed global business credential, the Strategic Business Professional (IISBP). About one third of the state societies have committed to a position on the credential. I'd like to point out that a commitment by a state society does not mean that a final decision has been made on behalf of that state or that a vote has occurred, although some societies have been more vigilant that others in polling their members.

State support of the credential, as reflected in our State Society Scorecard, means that the governing members of a state society have concluded, based on surveys, polls, or discussions with their membership and based on their own views as representatives of their membership, that they will recommend that their society members vote in a particular way on the credential.

It is strongly recommended that each individual read the material about the history and formation of the global credential, the plans for its use, and the effect it will have on CPAs, and then cast a meaningful vote. You can find a lot of information about the credential at AccountingWEB's Global Credential Resource Center. On this resource page, in addition to information supplied by the AICPA and links to all the related news articles that have appeared on AccountingWEB, you will see the State Society Scorecard, where you can follow the links to the various societies and read their reasons for taking the stand they have chosen. Be informed and vote!

Gail Perry
Managing Editor

NEWS FOR ACCOUNTINGWEB MEMBERS

1. IRS Announces New Mileage Rates for 2002

The standard rate of mileage for business use of a vehicle is set to increase again, effective January 1, 2002. In addition, rates for deductions of mileage for moving and medical expenses will increase.

2. It's Time to Vote on the IISBP Credential: Download Ballot Now

Members of the AICPA are encouraged to cast their votes on the controversial global business credential that, if enacted, will be referred to as Strategic Business Professional (IISBP). Ballots were mailed last week, and you can download a PDF file copy of the ballot from AccountingWEB now.

3. Big Five CPA Firm Breaks into Top 10 Law Firm Rankings

For the first time, the legal arm of a Big Five firm has made it into the top 10 in annual rankings of the Global 100 law firms. The survey, compiled jointly by The American Lawyer and London-based Legal Business, analyzes growth, earnings, and productivity of firm members.

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4. IRS Extends New Low Tax Rates to Dependents

Dependents did not qualify for last summer's tax rebate. However, the new tax forms that have been recently released by the IRS tell a different story.

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5. More States and Organizations Weigh in on Proposed Global Credential

More state CPA societies are taking a stand on the AICPA's proposed global business credential. The State of Washington has joined the group of state societies giving their support to the credential, while DC, Florida, Connecticut and California have given the credential a thumbs down. The Alliance of Merger & Acquisition Advisors recommends its members vote in favor of the credential. Stay up to date with our state scorecard and a complete collection of information and articles about the Strategic Business Professional credential at AccountingWEB's Global Business Credential Resource Center.

6. SBA Offers New Loan Program

The U.S. Small Business Administration is encouraging small businesses that suffered economic injury from the terrorist attacks on the World Trade Center and the Pentagon to apply for SBA disaster recovery loans. The loan program is unprecedented because it is available to small businesses across the country that have suffered substantial economic injury as a direct result of the attacks, or from subsequent actions taken by the federal government in response to those attacks.

7. Accountant Joins List of September 11 Heroes

There are countless acts of heroism associated with the terrorist attacks of September 11, and the actions of a Deloitte & Touche accountant can be added to the list.

8. Maryland Tax Amnesty Program Fizzles

The State of Maryland has completed its two-month income tax amnesty period during which taxpayers with delinquent taxes could bring their tax accounts up to date without the additional cost of interest and penalties. The response of delinquent taxpayers was not at all what was expected.

9. KPMG Consulting Announces Workforce Reductions

KPMG Consulting, Inc. has announced that it plans to reduce its workforce by approximately 300 to 400 employees, in order to balance workforce capacity with market demand for services. The action impacts approximately three percent of the company's worldwide workforce with very small impacts in any one area.

10. IRS Approves E-Mail Delivery for W-2 Forms

Citing a concern regarding anxieties about mail delivery resulting from the war on terrorism, the IRS has authorized e-mail as an appropriate delivery method for 2001 W-2 forms.

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 our Q&A Forum and see if you can lend a hand.

1. What is the appropriate financial statement presentation for a nonprofit hospital service-type cooperative that wishes to declare patronage dividends at the end of the 1st fiscal year, but accrue & not pay those dividends until the end of the 2nd fiscal year?

2. How does one calculate the "replacement cost new less estimated accumulated depreciation" for a building in accordance with FAS 141 para. 37? What is the difference between this calculation and "fair market value?"

3. Can anyone suggest where one might find some brief notes on the Internet on how sales taxes work in the US? Not a technical or how-to-do-it in-depth article, but some background and general info would be helpful, and maybe some official federal/state sites for readers to get further info.

4. If a foreigner now living in New York has W-2 income in the states and rental income and mortgage expense abroad under $70,000, is the foreign income reported on his 1040?

5. Where can one obtain copies of old CPA review course materials? I am particularly interested in Becker's preparation courses.

MEMBER INFORMATION

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