AccountingWEB Weekly Resource Guide - Issue 85

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Management Concepts

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  1. AccountingWEB Interviews: David Maister, Practice Consultant
  2. Earned Income Tax Credit Available For Certain Workers
  3. President Bush Proposes Replacing IRAs, 401(k)s
  4. Grant Thornton Publishes Survey of Mid-Market Business Owners
  5. SEC Requires Analysts to Certify Reports
  6. April 15 is Last Chance For Your Share of $2.5 Billion
  7. Amnesty Program Leads to Online Sales Tax Collection
  8. New Poll Reveals Internet Growth in U.S. is Slowing
  9. Computerized CPA Exam Slated to Begin April 5, 2004
  10. Massachusetts CPA Society Reaches Out to Students
  11. Book Recommendation: Defining Moments: When Managers Must Choose Between Right and Right

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  1. Five Ways to Coordinate Your Staff's Time Off Using MS Office
  2. The Power of Passion
  3. Creating a Stress-Free Busy Season
  4. Do Your Partner Retreats Advance Your Firm?
  5. Getting More Business From Existing Clients: The Mine Beneath Your Feet

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FREE SUBSCRIBER RESOURCES

1. AccountingWEB Interviews: David Maister, Practice Consultant

As part of a series of interviews with prominent members of the profession, AccountingWEB sits down with David Maister, acclaimed professional services firm expert and author, to get his perspective on what's happening in the profession.

2. Earned Income Tax Credit Available For Certain Workers

Workers earned it. Don't forget to claim it, says the Internal Revenue Service. The Earned Income Tax Credit lowered federal tax liabilities for 19 million lower-income workers last year.

3. President Bush Proposes Replacing IRAs, 401(k)s

President Bush submitted his tax package this week as part of the fiscal year 2004 budget. Among other proposals, the president is calling on Congress to create two new types of retirement accounts, which would simplify and streamline the current collection of retirement options, including IRAs, Roth IRAs, 401(k)s, 456s, SIMPLEs, and more.

"WHAT I WISH I HAD KNOWN OR
UNDERSTOOD EARLY IN MY CAREER"

AccountingWEB is working in collaboration with professional services firm management expert David Maister to generate input from our members that may be included in David's next book, designed to be "Advice For The Young Professional." What has your experience taught you that would be valuable to people just entering the profession? Contribute your ideas and leave a legacy.

4. Grant Thornton Publishes Survey of Mid-Market Business Owners

Accounting firm Grant Thornton recently published its fifth semi-annual survey of middle-market business owners with the intent of shedding light on the issues that affect growth and profitability of companies with annual revenues between $5 million and $500 million.

5. SEC Requires Analysts to Certify Reports

Stock analysts will now have to certify the truthfulness of their research reports, under a recent unanimous ruling by federal regulators. The rule requiring analysts to certify their reports is similar to recent SEC regulations for senior-level corporate executives and mutual fund officers.

INDUSTRY PROFILES – NOW JUST $79 EACH
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Financial professionals across the nation have discovered the client service benefits of Industry Profiles. These profiles will help you with everything from Business Valuations to Audits to Sales & Marketing Call Preparation. The profiles are updated quarterly and new selections
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6. April 15 is Last Chance For Your Share of $2.5 Billion

Nearly 2 million people have yet to file their 1999 federal income tax returns and their time is running out. Taxpayers owed a refund of 1999 income taxes have until midnight April 15, 2003 to file their 1999 tax returns or else they forfeit the tax refund.

7. Amnesty Program Leads to Online Sales Tax Collection

Pressure by cash strapped states with increased state tax collecting authority has resulted in an amnesty program for some major retailers, beginning a new chapter in the development of the Internet. On February 3, 2003, some online retailers began charging sales tax for online purchases, regardless of the state of residence of the customer.

FREE PIZZA & DOUGHNUT CONTEST

Make sure you enter your firm today for the FREE PIZZA CONTEST from AccountingWEB.com. AccountingWEB would like to sponsor one firm during the upcoming tax season (March 1st through April 15th). We will gladly pay for pizza and doughnuts during the six-week period between March 1 and April 15! Up to a $500 value. Visit the "Contest Rules" page for more information and instructions on how to enter your firm today! Good luck!

8. New Poll Reveals Internet Growth in U.S. is Slowing

Three years ago, bold proclamations were being made that within the decade, everyone on the planet will be accessing the Internet. While that rate of penetration never materialized, Internet usage in the United States does continue to grow, but at a much slower rate, according to a new Harris Poll released last week.

9. Computerized CPA Exam Slated to Begin April 5, 2004

The long-awaited timetable for the launch of the new CPA exam was made available last week, with the announcement that the new computerized CPA exam will begin April 5, 2004.

SPONSORSHIP/ADVERTISING OPPORTUNITIES

AccountingWEB will once again engage the students of the Beta Alpha Psi Fraternity to assist us with the "2003 AccountingWEB Student Perspectives on the Accounting Profession" survey. Once again, we will prepare questions based on the issues and hot topics affecting students entering the accounting profession. This survey of Beta Alpha Psi students will be conducted in early spring of 2003 to help understand what steers and influences employment decisions of today's accounting graduates. We are seeking two types of sponsors for this 2003 Survey. If you would be interested in sponsoring this upcoming "2003 AccountingWEB Student Perspectives on the Accounting Profession", please contact us for information. Sponsorships are limited and all sponsorships are on a first-come, first-served basis.

10. Massachusetts CPA Society Reaches Out to Students

The Massachusetts Society of CPAs has launched its newest student recruitment initiative, CPATrack.com. This comprehensive Web site targeting both high school and college students is designed as a place for students to explore accounting education and career opportunities.

11. Book Recommendation: Defining Moments: When Managers Must Choose Between Right and Right, by Joseph L. Badaracco, Jr.

When making hard professional decisions, managers often use
personal values as a touchstone. According to Badaracco, however, resolving such dilemmas is not as simple as the inspirational do the right thing school of ethics would have you believe. Defining Moments reveals an alternative approach that helps managers tackle the more complex and troubling question of what to do when doing the right thing requires doing something else wrong, or leaving another right thing undone. Order your copy today.

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1. Five Ways to Coordinate Your Staff's Time Off Using MS Office

Coordinating your staff's busy schedules can be a challenge, especially when the people you manage have different meeting schedules, vacation plans, and requirements for time away. Depending on your working environment and the way your team uses Microsoft Office XP and/or Microsoft Project, you can keep track of vacation and leave time in a variety of ways.

2. The Power of Passion

Improving the "Power of Passion" can make your days fly by. You wake up excited to work. Improving this attitude affects everyone around you. This one attitude can change your entire life for the better. Read on!

3. Creating a Stress-Free Busy Season

You can thrive, not just survive, during this upcoming busy season. You just need to do five things. These tips will help you reduce stress, relax, and breeze through the busy season feeling rested, grounded, and in control.

4. Do Your Partner Retreats Advance Your Firm?

Retreat season is just around the corner. What a great opportunity, particularly in this time of economic turmoil and technological change, for real accomplishment by recognizing new realities of the marketplace and professional environment, and calculating what must be done now to make the firm viable in the future.

5. Getting More Business From Existing Clients: The Mine Beneath Your Feet

Inherent in every client may lie a way to mine as much as 20 percent more business than you have now. That mine is a source of more business that you should expect to get from existing clients. The technique is a process that you should be using anyway for client service, client relations, and client retention.

Q & A FORUM

Visit the Q&A Forum "Member Questions" Page for the most recent questions/answers posted by our subscribers. Add your comments and lend a hand!

1. How do I account for fully amortized goodwill before the FASB change? There are two goodwill assets which became fully amortized "PRIOR" to the FASB statements 141 & 142 change. My question is, does one need to retire the assets after the FASB change?

2. Reflecting "Profit" and "Capital" in a Business. It is said that the profit of a business increases the capital of the business but why in the financial statements of the next year do we not add the profit in to the capital figure in the balance sheet?

3. Why do The "Big Four" Firms do so Much of The Public Auditing? I just have a question about the industry I was hoping that someone could answer: Why do the "big four" firms do so much of the public auditing? I guess public companies want the prestige of being audited by one of them, but I wonder if there's more to it than that.

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