AccountingWEB Weekly News Wrap-up - Issue 50

The AccountingWEB Friday Wrap-Up Newswire - Issue 50

July 7, 2000

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

http://www.deltek.com

In this week's newswire:

1. Thousands of Taxpayers Forego Refunds
2. Innovative New CPA Group Has Formed
3. Consulting Firms Compete with Big 5 for Dot-Com Business
4. Top Consultants Include Accounting Experts, E-Specialties
5. Support is Waning for Internet Tax Moratorium
6. Online Banking: Is it in your Clients' Future?
7. Back to High School to Recruit Accounting Majors
8. Excel Tip: Place File Name in Worksheet Footer
9. Make Sure Your Newsletter Gets the Attention it Deserves
10. On-Line Tool Available To Help Reduce Payroll Tax Penalties

Editor's Note
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This week's news includes somewhat startling information about hundreds of millions of dollars in unclaimed tax refunds that are lining the coffers of the IRS. Have you forgotten to file a tax return in the past three years? Suggest to your clients and friends that they check with family members - especially students who had part-time jobs with some taxes withheld or retired people living on pensions and investments who may have overpaid estimated payments - these are the most common situations in which taxpayers simply decide not to bother filing a tax return, perhaps not realizing that there is a refund to be claimed. There is still time to file tax returns and claim refunds from overpayment of taxes for 1997, 1998, and 1999.

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 free sessions to join you online too!
http://www.accountingweb.com/workshop

July 11 4:00pm Eastern Time -
"E-Business: What Every Accounting Firm Needs to Know"
Featuring Gregory Price, PKF Texas
Topics will include:
- Questions every e-business must answer before getting started
- How to identify which e-businesses will thrive

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

1. Thousands of Taxpayers Forego Refunds
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An independent audit of the IRS has revealed over $300 million in unclaimed refund money. The unclaimed millions include refunds that will never be eligible to be claimed due to the fact that the returns generating the refunds have passed the three-year deadline for being filed. Make sure you and your clients get your fair share.
http://www.accountingweb.com/item/21337/101

2. New CPA Firm Network Has Formed
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Mid-sized CPA firms with a desire to embrace bold new ideas have a new option available to them in the Alliott Group North America, a new North American focused association of accounting firms which made its public debut this week. The group hopes to attract entrepreneurial firms that are not afraid to take some risks and hopes to provide guidance with, among other things, development of new business, and attracting and retaining talented personnel.
http://www.accountingweb.com/item/21335/101

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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. Consulting Firms Compete with Big 5 for Dot-Com Business
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Members of the Big 5 don't seem too concerned that two major players are offering competition in the area of consulting on Internet strategies. The consulting arms of the Big 5 CPA firms have an extremely strong foothold in the area of high-tech consulting.
http://www.accountingweb.com/item/21301/101

4. Top Consultants Include Accounting Experts, E-Specialties
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Consulting Magazine has announced its list of the top 25 consultants in the world. The list includes all the members of the Big 5 firms. More than half of the list includes e-consultants.
http://www.accountingweb.com/item/21118/101

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Should US Businesses Pay European Taxes? What's Your Opinion?

On Thursday of this past week, a young model in Krakow, Poland, revived the famous Lady Godiva legend by riding nude on horseback through the streets of the city in protest of the Value Added Tax. You can voice your own opinion about the proposal before the European Commission to bring the VAT to American companies doing business overseas - and you don't even have to get undressed! Take a moment to cast your vote today, and see how your peers are voting.
http://www.accountingweb.com/poll
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5. Support is Waning for Internet Tax Moratorium
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In the wake of the House supporting a five-year ban on the
taxation of Internet commerce, there is movement in the opposite direction in the Senate. Support is growing for taxation of e-commerce as states begin pressuring Congress to rethink the tax moratorium. How will this affect you and your clients?
http://www.accountingweb.com/item/21019/101

6. Online Banking: Is it in your Clients' Future?
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Try it - you'll like it! That seems to be the consensus among those who have sampled online banking. Most Americans, however, remain skeptical of the practice, citing security concerns as a major reason for restraining their enthusiasm.
http://www.accountingweb.com/item/20896/101

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BUSINESS & TECHNOLOGY SOLUTIONS SHOW - August 23-24, 2000
Rosemont Convention Center, Chicago, Illinois

If you are an audit, tax technology or consulting specialist, you may want to consider attending this business and technology conference - one of the largest geared towards accountants - sponsored by the Illinois CPA Society. AccountingWEB will be there, and you should too! Review the program and register today.
http://www.icpas.org/icpas/show/showprvw.htm
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7. Back to High School to Recruit Accounting Majors
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Concerned about a reduction in the number of college accounting graduates in recent years, accounting firms are moving down to the high school level in an attempt to attract new recruits. Offering incentives like internships and scholarships, the firms hope to encourage younger students to make up their minds early to pursue a career in accounting.
http://www.accountingweb.com/item/21115/101

8. Excel Tip: Place Path and File Name in Worksheet Footer
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Entering the name of your path and file in the footer (or header) of an Excel worksheet is a frequently-requested task, but is not a menu selection that Microsoft has chosen to include. But we have solved that dilemma. Log on to AccountingWEB and use this quick little macro that you can place in your worksheet that will do the trick.
http://www.accountingweb.com/item/21450/101

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Deltek's award-winning software solutions make accounting professionals more efficient and productive. A leading provider for nearly two decades, Deltek supports 5,000+ customers worldwide with premium software implementation, maintenance, training, technical support and practice management consulting services. Check us out at http://www.deltek.com.

9. Make Sure Your Newsletter Gets the Attention it Deserves
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Is your company newsletter suffering from never-makes-it-to-the-top-of-the-reading-pile syndrome? Check out our tips for making sure your newsletter is the one people read.
http://www.accountingweb.com/item/21420/101

10. On-Line Tool Available To Help Reduce Payroll Tax Penalties
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The federal tax deposit penalty is one of the most common penalties assessed by the IRS. This year the IRS will issue more than 3.8 million deposit penalty notices, and nearly 90% of these notices overstate the IRS penalty. A web site powered by TimeValue Software may help you help your clients save a bundle. Taxpenalty.com has had a track record of lower penalties in 91% of the cases, with an average penalty reduction of 42%. TaxPenalty.com has saved taxpayers more than $2.5 million over the past year.
http://www.accountingweb.com/item/21317/101

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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 community 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: "We are considering buying a house from my grandmother, but are concerned about how taxes will affect this, and also want to do this as a lease to own." "How does royalty income from abroad differ in taxation from domestic income (salary) if you have both?"
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