AccountingWEB Weekly News Wrap-up - Issue 2

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The AccountingWEB Newswire - Issue 2
July 29, 1999
http://www.accountingweb.com
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Copyright (C) 1999 AccountingWEB, Inc. All rights reserved.
May be reproduced in any medium for non-commercial purposes as long
as attribution is given.

We have been overwhelmed with extremely positive reviews to last
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And keep those comments coming!

Michael T. Platt
Editor-in-Chief
mailto:mplatt@accountingweb.com

Around the Profession
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New Web Based Calculator Offers Taxpayers Relief From IRS
Penalties
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A new web site, www.TaxPenalty.com, was launched this week by
Time Vale Software to assist millions of businesses to reduce
penalties imposed by the IRS. The penalty reduction is enabled
by recent tax law changes (IRS Rev. Proc. 99-10) that give
businesses 90 days to ask the IRS to use a different calculation
method for penalties. "Our experience is that we can reduce
penalties in more than half the cases," said Tom Persky, head of
product development for TimeValue. "In the cases where we help,
the average reduction is over 35 percent and under some
circumstances, the penalty can be eliminated entirely." The
service is free, except for those cases where the saving is
greater than $500, in which case the service costs $49.
http://www.taxpenalty.com

PACS Software becomes part of CCH
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Just in case you missed the headlines last week, CCH Incorporated
has purchased PACS software, the leading accounting Practice
Management Software company in the United States. This now makes
Prosystems fx – the leading tax prep software -- and PACS sister
products in the same company. This can only lead to a much more
powerfully integrated system and will greatly benefit the users
of these products. Related information can be found at
http://www.cch.com/press/news/pacs.htm
http://www.prosystemfx.com
http://www.pacsusa.com

“Certified Bookkeeper” Designation Now Available
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The American Institute of Professional Bookkeepers has developed
the first professional certification in the country for
bookkeepers. To receive the Certified Bookkeeper designation,
applicants will have to demonstrate the ability to carry out all
accounting and bookkeeping functions through the adjusted trial
balance, and demonstrate payroll skills, for companies up to 100
employees. A free booklet is available from the AIPB outlining
the elements of the program, and the benefits of the designation.
http://www.aipb.com/certprog.html

Non-Y2K Compliant Brokerage Houses May Be Shut Down
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The SEC voted unanimously this week to shut down brokerage firms
beginning December 1 who are not ready with their Y2K compliance
issues. A target date of August 31 has been set to prove
compliance, with an allowance to November 15 for those that don’t
make the August deadline. The SEC expects less than 1% of the
3900 brokerage firms in the US will be unprepared for Y2K. CPAs
with clients who have their money invested in brokerage houses
(are there any who don’t?) need to make your clients aware of
this SEC ruling to protect them from any trouble later in the
year.
http://www.nytimes.com/aponline/f/AP-Y2K-Brokerages.html

CPA Firm Consolidator Scorecard
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You will soon be seeing the name Centerprise Advisors among the
growing list of CPA firm consolidators out there. Don’t worry,
it’s not another one coming – it’s another iteration of
Cornerstone Professional Advisors, AKA Centerpoint Advisors, now
known as Centerprise Advisors. This is the group headed by ex-
AMEX executive Bob Basten that is preparing a public offering of
several large CPA firms. Apparently, problems with nationwide
availability of the various names has been causing some problems!
http://www.electronicaccountant.com/news/072799_4.htm

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American Express Enters World of Internet Banking
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Financial Services giant American Express announced this week its
entry into the world of Internet banking by launching Membership
B@nking. This on-line banking service is offering high interest
rates on deposits, low interest rates on loans, unlimited
electronic bill payment, and rebates on ATM surcharges.

Ruediger Adolf, senior vice president of strategic planning and
business development at American Express, told Reuters "This is
really our entry into the banking industry."
http://home.americanexpress.com/banking/

Washington Update
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Our saga continues in Washington, with aides to President Clinton
coming out this week announcing an almost-certain veto of the
Republican recommended tax cut, indicating that in the proposal,
too much is being given back to too few. The Republican bill
calls for almost $800 billion in cuts, while the White House
wants only $250 billion in cuts. AccountingWEB announces its
first ever tax cut sweepstakes -- we’re giving away a free
picture book of Washington to the subscriber who guesses where
the compromise bill will end up. You must be within $2 billion
of the actual amount to win. Send your entries to
mplatt@accountingweb.com. The winner will be announced just
after a bill is signed.
http://www.house.gov/ways_means/fullcomm/106cong/fc-11act.htm

Send Your Clients Contacts They Can Use
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Everyone reading this newswire has a client or a customer who can
use a little help in identifying phone numbers, email addresses
and physical addresses of companies or agencies or associations
relevant to their business. Why not gather a list of contacts
for certain industries that you service, prepare a rolodex card
or a word processing document with the appropriate contact
information, and send it to your clients without them having to
ask for it. (And be sure to include your name on the list!) As
a special touch, include a HAND-WRITTEN note with the list
letting your client know that you’re thinking about them.
http://www.inc.com/301/ideas/2185.html

Internet tips: Web site of the week
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This week's Site of The Week is BabelFish.com. Do you have any
need – personally or professionally – to translate phrases or
documents from German, French, Italian, Spanish or Portuguese?
Would you benefit from the easiest on-line translator available?
Go to this site and enter any text in English or in one of the
above languages for an instant translation.
http://babelfish.altavista.digital.com/cgi-bin/translate

What are your favorite sites or Internet tips? Send in your
suggestions to mailto:editor@accountingweb.com.

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