AccountingWEB Weekly Resource Guide - Issue 67

AccountingWEB Weekly Resource Guide - Issue 67

This Resource Guide Brought To You By:

Association of Government Accountants - "CGFM - THE PREFERRED DESIGNATION"

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  1. Taxpayers Voluntarily Disclose Questionable Transactions
  2. Projected Inflation-Adjusted Tax Brackets And Other Amounts For 2003
  3. IRS Announces Increase in Interest/Dividend Threshold
  4. Auditor's E-mail Blunder Raises Internet Policy Issues
  5. AARP Announces Top Employers For Workers Over 50
  6. "Update: Legal Liability In Leave" Free Report
  7. The Process Improvement Multiplier
  8. New Study Highlights Bad News For Seniors With IRAs
  9. Microsoft IT Certifications-Which One is Right for Your Firm?
  10. Book Recommendation: Clients for Life: Evolving from an Expert for Hire to an Extraordinary Advisor

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  1. How To Improve Your Self-Management Skills
  2. Businesses Can Offset Rises in Health Insurance Costs Without Trimming Benefits
  3. Stop Looking - Start Listening For Your Next Selling Opportunity
  4. Business Etiquette You Really Need to Know

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1. Taxpayers Voluntarily Disclose Questionable Transactions

The IRS has been sifting through 1,664 disclosures that were made by 1,206 taxpayers who participated in the Service's tax shelter amnesty program. IRS field agents are making their way through the tax shelter disclosures, contacting taxpayers and resolving outstanding tax issues, all without the threat of penalty hanging over the heads of participating taxpayers.

Do You Require Financial Management Professionals for Your Organization's Government Division? CGFM - THE PREFERRED DESIGNATION

For those of you who work with federal, state, or local governments and want knowledgeable, confident and experienced staff, turn to individuals who hold the Certified Government Financial Manager (CGFM Certification. CGFM holders are serious about their careers, participate in professional development activities, and meet the rigorous standards endorsed by a national professional body. As a partner of KPMG commented, the CGFM should be the industry standard for government financial management professionals. It demonstrates the type of initiative that will make you successful in this practice. Learn more about the CGFM Program today. Call 1-800-AGA-7211 for a FREE INFORMATION KIT AND GIFT or visit us on the Web Today!

2. Projected Inflation-Adjusted Tax Brackets And Other Amounts For 2003

CCH has prepared projected inflation-adjusted tax brackets for the 2003 Tax Rate Schedules, standard deduction amounts, and personal exemption amounts for use in year-end and 2003 tax planning. Official IRS figures will not be released until later in the year.

3. IRS Announces Increase in Interest/Dividend Threshold

Internal Revenue Service tax form Schedule B, "Interest and
Dividend Income," will become a distant memory for more than 15 million taxpayers starting with the 2002 tax returns that will be due in the Spring of 2003. The IRS announced on Thursday that the supporting schedule on which individual taxpayers list interest and dividend income will no longer be required of taxpayers whose income from those sources is $1,500 or less.

4. Auditor's E-mail Blunder Raises Internet Policy Issues

An auditor accidentally sent a personal e-mail to the wrong
recipient, causing a flurry of global publicity that many
image-conscious accounting firms would prefer to avoid. The
incident raises some interesting Internet policy issues.

5. AARP Announces Top Employers For Workers Over 50

The companies that made the American Association of Retired Persons list of the top employers for workers over age 50 have some interesting features in common. They recognize a need for flexibility, they offer generous health care and life insurance benefits, and they recognize the value in keeping employees who know their jobs inside out.

6. "Update: Legal Liability In Leave" Free Report

As legal problems involving leave continue to plague employers, a single incorrect interpretation of leave laws can land executives and their companies in court. This risk can be significantly reduced by downloading this free report.

7. The Process Improvement Multiplier

Would anyone disagree that we have a number of different "processes" at work in a CPA firm? Everything from the cultivation of a prospect into a client to the preparation of financial statements, audit reports or tax returns meets this definition. So if that's a process, what is "process improvement"?

8. New Study Highlights Bad News For Seniors With IRAs

A study released last week by the Joint Economic Committee
points out problems with the current law requiring mandatory withdrawals from retirement plans which, in a declining stock market, result in seniors being required to reduce their retirement holdings much faster than they originally anticipated.

9. Microsoft IT Certifications-Which One is Right for Your Firm?

An IT certification or any certification taken only by itself means very little. There are many ways that someone with little or no real life experience can study for and pass the exams required to gain a certification. These are generally referred to as "paper certifications" and tell you nothing about the job candidate's true skills. There has always been, and remains today, no substitute for experience.

10. Book Recommendation: Clients for Life: Evolving from an
Expert for Hire to an Extraordinary Advisor, by Jagdish
N. Sheth & Andrew Sobel

More than 15 million people in this country earn their livings by serving clients, and their numbers are growing every day. Unfortunately, far too few develop the skills and strategies needed to rise to the top in a world where clients have almost unlimited access to information and expertise. Supported by more than one hundred case studies and wisdom gleaned from interviews with dozens of leading CEOs and prominent business advisors, Clients for Life identifies what clients really want and lays out the core qualities that distinguish the client advisor -- an irreplaceable resource -- from the expert for hire -- a tradable commodity. Order your copy today.

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1. How To Improve Your Self-Management Skills

You are responsible for everything that happens in your life. Learn to accept total responsibility for yourself. If you do not manage yourself, then you are letting others have control of your life. These tips will help "you" manage "you."

2. Businesses Can Offset Rises in Health Insurance Costs Without Trimming Benefits

Health insurance costs are expected to rise an average 16
percent in 2003. Here are five ways employers can make their benefits packages more cost-effective.

3. Stop Looking - Start Listening For Your Next Selling Opportunity

Selling is the most advanced form of communication. It requires the utilization of all of our senses. The ability to actively listen has been proven to dramatically improve the capabilities of a professional salesperson. Ironically, listening is the least developed skill amongst salespeople.

4. Business Etiquette You Really Need to Know

What's the difference between the rising star whose career
is picking up speed and his counterpart who can't seem to get the engine to turn over? Often, the star has mastered the nuances of business etiquette -- the subtle but critical behaviors that can make or break an important meeting, influence a first impression or impress a potential client.

COMMUNITY FEATURES

Q & A Forum

Here is a sample of the questions that have been posted over the past week. Check out the questions below and see if you can lend a hand or visit the Q&A Forum "Member Questions" Page for the most recent questions/answers posted by our subscribers.

1. During an IRS office examination of a Form 1040, the tax
auditor is denying the Section 179 deduction on a truck with a gross vehicle weight of over 9000 pounds. Business use was 75% (for an physician who works in hospitals throughout our region) and the deduction was taken on Form 2106 for Schedule A. The IRS tax auditor position, which has not yet been provided in writing, is that if the vehicle could be used as a passenger vehicle, the vehicle is subject to the luxury auto limitations, regardless of its weight. Supposedly, this is based on instructions from the technical group, although apparently not in the form of a TAM. Has anyone else run into this proposed treatment by the IRS, which seems to contradict all of the published guidance from the major tax research publications? The proposed regulations out since 1991 don't suggest this
treatment at all.

2. I have a question that perhaps someone can guide me with -A franchise store is purchased. This new store was purchased via a lease company instead of a standard SBA loan. As such, the lease covers 100% financing for the store (build out, franchise fee and assets). Any guidance you can give me would be greatly appreciated.

Do You Require Financial Management Professionals for Your Organization's Government Division? CGFM - THE PREFERRED DESIGNATION

For those of you who work with federal, state, or local governments and want knowledgeable, confident and experienced staff, turn to individuals who hold the Certified Government Financial Manager (CGFM Certification. CGFM holders are serious about their careers, participate in professional development activities, and meet the rigorous standards endorsed by a national professional body. As a partner of KPMG commented, the CGFM should be the industry standard for government financial management professionals. It demonstrates the type of initiative that will make you successful in this practice. Learn more about the CGFM Program today. Call 1-800-AGA-7211 for a FREE INFORMATION KIT AND GIFT or visit us on the Web Today!

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