AccountingWEB Weekly News Wrap-up - Issue 49

The AccountingWEB Friday Wrap-Up Newswire - Issue 49
June 30, 2000

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* * * * This week's newswire sponsored by Deltek * * * *

http://www.deltek.com

In this week's newswire:

1. IRS May Become Competitor in Online Tax Filing Arena
2. SEC Takes Accounting Firms to the Mat
3. Perform an Audit From Your Desk
4. Tax Scofflaws Exposed on Internet
5. CPAs Have Role to Play in B2B Commerce
6. PwC May Spin Off Corporate Finance Unit
7. Marriage Tax Relief Bill Goes to Senate Floor
8. Tips and Tricks to Stay Connected While on Vacation
9. Using the Internet for Audit and Accounting Research
10. Modeling and What If? Analysis with Excel PivotTables

Editor's Note
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Help celebrate AccountingWEB's one-year anniversary as we lead the accounting community in a month-long fund raising campaign to help fight Diabetes, a debilitating disease that affects one in seventeen people. We are asking each of our members to support this campaign either through a direct donation to the American Diabetes Association (ADA), or through referring your colleagues to AccountingWEB, for which we will provide a cash donation to the ADA. The staff of AccountingWEB will culminate our month long campaign by participating in the "Smoothest Bike Ride in The World" around the Indianapolis Motor Speedway on July 22. Please join in this important effort and support the fight against Diabetes. For details, go to:
http://www.accountingweb.com/cgi-bin/item.cgi?id=19480&d=101

Gail A. Perry
Managing Editor
mailto:gperry@accountingweb.com

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AccountingWEB's Online Workshop Schedule
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Be sure to mark your calendars for these upcoming workshops, and tell others in your firm who would benefit from these sessions to join you online too!
http://www.accountingweb.com/workshop

July 4, Independence Day - There will be no workshop on this day (go out and celebrate!)

July 11 4:00pm Eastern Time - E-Business: What Every Accounting Firm Needs to Know
Featuring Gregory Price, PKF Texas

July 18 4:00pm Eastern Time - Pay for Performance
Featuring Rex Gatto, Gatto Training Associates

1. IRS May Become Competitor in Online Tax Filing Arena
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A funding directive issued by the Clinton administration requires the IRS to provide free tax preparation and filing services on their web site. Are the tax software companies quaking in their boots? We think not…
http://www.accountingweb.com/cgi-bin/item.cgi?id=20934&d=101

2. SEC Takes Accounting Firms to the Mat
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The SEC has proposed new guidelines that effectively tighten the reigns on accounting firms, controlling the types of consulting practices in which the firms can participate. The SEC is concerned that accountants are in danger of compromising their ability to perform independent audits.
http://www.accountingweb.com/cgi-bin/item.cgi?id=20747&d=101

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This newswire will be read by thousands of accounting professionals this week. For advertising information, contact Ryan Carmen at mailto:rcarmen@accountingweb.com

3. Perform an Audit From Your Desk
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Auditing in the 21st century is taking on a whole new image. Deloitte & Touche has partnered with Intacct, a maker of web-based accounting services, to develop software that will provide auditors with the ability to access their clients' records remotely, work in concert with auditors from multiple offices, and perform audits off-premises. Intacct's CEO, David Thomas, describes the process as "a breakthrough for the accounting profession."
http://www.accountingweb.com/cgi-bin/item.cgi?id=20751&d=101

4. Tax Scofflaws Exposed on Internet
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The Comptroller of Maryland has posted the names of 50 people and businesses who are behind on paying their state taxes. It is hoped that the embarrassment from public exposure will encourage those on the list to make arrangements for paying their back taxes. This procedure has been successful in at least five other states.
http://www.accountingweb.com/cgi-bin/item.cgi?id=20762&d=101

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DON'T FORGET TO UPDATE YOUR ACCOUNTINGWEB MEMBERSHIP PROFILE!!

Step 1: Login at http://www.accountingweb.com/login
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5. CPAs Have Role to Play in B2B Commerce
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Business to business commerce is sweeping the Internet, with small companies able to compete on a level playing field with their large competitors. The Internet is the ultimate free marketplace. And what does this have to do with you? CPAs and financial managers are finding that new responsibilities include analyzing purchase and use patterns seeking the best B2B relationships.
http://www.accountingweb.com/cgi-bin/item.cgi?id=20803&d=101

6. PwC May Spin Off Corporate Finance Unit
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Still reeling from last year's SEC finding of more than 8,000 instances of staff and partners owning shares in client businesses, PwC is trying to work through its problems by restructuring the firm. The Corporate Finance arm of PwC, known internally as Financial Advisory Services, is the latest in a series of spin-offs geared toward breaking the firm's consultancy business away from the audit business.
http://www.accountingweb.com/cgi-bin/item.cgi?id=20500&d=101

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7. Marriage Tax Relief Bill Goes to Senate Floor
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In the latest round of attempts to do away with the additional tax that befalls married couples, the Senate Finance Committee has approved a bill relieving the marriage penalty over a 10-year phase-in period. Apparently no one is expecting the flat tax to gain much popularity over the next ten years… The Senate is expected to vote on the bill in July.
http://www.accountingweb.com/cgi-bin/item.cgi?id=20932&d=101

8. Tips and Tricks to Stay Connected While on Vacation
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Get email messages over the phone for free, use on-line fax services, carry a laptop with a modem, using a cell phone for wireless access - these are a few of the tips that can keep a busy business person connected even when enjoying time away with the family. Does anyone take a real vacation anymore?
http://www.accountingweb.com/cgi-bin/item.cgi?id=20504&d=101

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The European Commission has proposed extending the European Value Added Tax (VAT) to US and other non-EU based communities selling items over the Internet. What do you think about this proposal?
VOTE IN OUR On-line POLL now!
http://www.accountingweb.com/poll
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9. Jim Kaplan of AuditNet Visits AccountingWEB
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Our Tuesday workshop this past week featured Jim Kaplan, webmaster for AuditNet, who provided us with lots of tips for performing auditing research on the Internet. Among his many topics, Jim discussed different types of media available on the Internet, how to perform a successful search, and how to evaluate content.
http://www.accountingweb.com/cgi-bin/item.cgi?id=20798&d=101

10. Excel Tip: Modeling and What If? Analysis with PivotTables
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Here is the latest Excel PivotTable Tutorial from AccountingWEB software consultant, David Carter. Copies of this and all previous PivotTable tutorials are available for download at this location:
http://www.accountingweb.com/cgi-bin/item.cgi?id=20791&d=101

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Q&A Forum Questions and Answers Posted

Whether you want to test your technical expertise or find an answer to a knotty problem, our Q&A Forum is the place to go. There are some fascinating queries along with answers which deserve to be in textbooks. Here are some of our latest teasers: "I have a client who recently became a flight attendant. I am looking for someone with experience with this type of client. Specifically, does anyone have a checklist for employee business expenses that are unique to this profession?" "Users of ATB for Windows should be aware the program doesn't allow the year end date to be changed. What are users of the program doing if the client year end changes or if financials are required for a date(s) other than the fiscal year end?" "Are payments to a speech therapist for the purpose of correcting speech problems tax deductible?"

Thanks to Paul Sullivan for his answer to a recent question about the taxability of personal injury settlements, and thanks to Harry Kafka for providing links and information relating to a UK business trying to do business with US companies.
http://www.accountingweb.com/help/anyanswers.html
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