AccountingWEB Weekly Resource Guide - Issue 68

AccountingWEB Weekly Resource Guide - Issue 67

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  1. President's Progress Report Omits Audit Lessons Learned
  2. IRS Criticized For Not Informing Taxpayers of Refunds
  3. Big Four Among Best Companies for Working Mothers
  4. Microsoft IT Certifications - Which One is Right For Your Firm?
  5. IRS Announces Increase in Interest/Dividend Threshold
  6. Archer MSA Pilot Program Continues
  7. The Process Improvement Multiplier
  8. Book Recommendation: It's Not the Big That Eat the Small...It's the Fast That Eat the Slow

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  1. Eight Tips for Effective Cocktail Conversation
  2. Impact Your Top Line Now
  3. A Little Used Business Secret, Plus Free Book Download
  4. Become An Explorer - The Power Of Questions

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1. President's Progress Report Omits Audit Lessons Learned

President Bush tried to reassure investors with a progress
report showing a record number of DOJ investigations and SEC actions. But the markets may not fully recover from recent accounting scandals until they see a report of lessons learned by the accounting profession.

2. IRS Criticized For Not Informing Taxpayers of Refunds

A bipartisan group of senators has written a letter to Treasury Secretary Paul H. O'Neill complaining of the IRS policy of not informing lower income taxpayers of their eligibility to claim a portion of the Child Tax Credit as a refundable credit.

3. Big Four Among Best Companies for Working Mothers

For the 17th year, Working Mother magazine has once again
published its 100 Best Companies for Working Mothers list. All members of the Big Four accounting firms were included in this year's list.

4. Microsoft IT Certifications - Which One is Right For Your Firm?

Over the past several years, CPA firms of all sizes have been migrating away from their pure Novell NetWare networks to networks which are either completely based in Microsoft Windows NT or Windows 2000, or are a mixture of operating systems. This evolution has created a very real need for network administrators with measurable skills in the Microsoft server platforms.

5. 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.

6. Archer MSA Pilot Program Continues

The IRS has announced plans to continue the Archer Medical
Savings Account pilot program beyond the planned cut-off date of October 1, 2002. Originally the IRS indicated it would only allow 750,000 MSAs to be created under the pilot program. Only 21,079 MSA returns were filed for 2001, and the number of MSA returns expected to be filed for 2002 is 59,151.

7. The Process Improvement Multiplier

The Webster New World Dictionary defines a "process", in part, as "a particular method of doing something, generally involving a number of steps or operations". That sounds pretty straightforward and direct. Now, more than ever, this can be an important and worthwhile undertaking in your firm.

8. Book Recommendation: It's Not the Big That Eat the Small...It's the Fast That Eat the Slow, by Jason Jennings, Laurence Haughton

The tortoise and the hare--not to mention a popular '60s-era adage--warned us that Speed Kills. Not so fast, contend Jason Jennings and Laurence Haughton, international consultants who have worked together since 1976. In It's Not the Big That Eat the Small... It's the Fast That Eat the Slow, the two argue thatonly the swiftest of corporations will thrive in the 21st century. They then outline a program, based on best practices developed by contemporary speedsters like Charles Schwab and AOL that readers can work into their own businesses by similarly
focusing on "commerce, resource deployment, and people." Order today!

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1. Eight Tips for Effective Cocktail Conversation

Here are some helpful ideas to help break the ice at your next business meeting or cocktail party.

2. Impact Your Top Line Now

The economic slowdown is affecting the top line of many firms across the country as client companies cut back on purchasing noncompliance services and become increasingly concerned about fees. "It's payback time."

3. A Little Used Business Secret, Plus Free Book Download

Sometimes, the simplest things are the most profound. Many
times, the most obvious things are often ignored. A good
percentage of the time the most common sense principles are
the ones most disregarded. You may download for FREE, Mr.
Harricharan's Book "When You Can Walk on Water, Take The Boat" at the end of the article.

4. Become An Explorer - The Power Of Questions

The most brilliant thinkers, innovators and explorers of our time emphasized questions more than answers, a characteristic of all highly evolved individuals. Curiosity stimulates questions, and questions then evoke change and new discoveries, arousing our desire to create and find more.

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. Accounting For Equalization Fees. How do you account for
equalization fee when you buy units in a hedge fund? It is part of the cost or does it have to be treated separately?

2. Is an S-Corporation, who has an "employee" who commutes
locally
to the S-Corp client's office, allowed to reimburse the employee for mileage expenses and then deduct this reimbursement as an expense of the S-Corp?

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Upcoming CPE Webinars

Apr 24
In this session Excel expert David Ringstrom, CPA introduces you to a powerful but underutilized macro feature in Excel.
Apr 25
This material focuses on the principles of accounting for non-profit organizations' revenues. It will include discussions of revenue recognition for cash and non-cash contributions as well as other revenues commonly received by non-profit organizations.
Apr 30
During the second session of a four-part series on Individual Leadership, the focus will be on time management- a critical success factor for effective leadership. Each person has 24 hours of time to spend each day; the key is making wise investments and knowing what investments yield the greatest return.
May 1
This material focuses on the principles of accounting for non-profit organizations’ expenses. It will include discussions of functional expense categories, accounting for functional expenses and allocations of joint costs.