AccountingWEB Weekly News Wrap-up - Issue 27

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The AccountingWEB Friday Wrap-Up Newswire - Issue 27January 28, 2000

In the news this week:

1. E&Y Launches IT Consultants' Clearinghouse
2. Chicago Board of Trade Proposes Split
3. Consultants Take Note: The Seven Key Risk Factors In Mergers
4. Home Based Office Definition Widened By The IRS
5. Business Cards That Sing, Dance and Sell For You
6. Bridging the Cultural Gap Between Accountants and IT Partners
7. Save Hassles By Confirming Dependent's Social Security Numbers
8. Andersen Consulting Loses Another Top Exec
9. MAS 90 Users To Benefit From New Alliance
10. Internet Surfing: Coming To A Gas Pump Near You?

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New to AccountingWEB? Aren't sure what resources are available or how you can access them? Fear not, because we have made it very easy for you. For a quick tour of what you can do in AccountingWEB today, simply point your browser to:
Happy exploring!
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Editor's Note

Improve Performance With Client Feedback:

Be sure to mark your calendars for this Tuesday February 1 at 4:00pm EST to learn the benefits and the logistics of developing a Client Advisory Board for your firm, where you invite your clients to offer you feedback on what is needed from their perspective for you to be more successful. Ryan Travis of Results Accountants Systems leads us online for the workshop.

Michael T. Platt

1. E&Y Launches IT Consultants' Clearinghouse

In a move to capitalize on the growing need for IT professionals, Ernst & Young has launched a subsidiary called Net-Strike Worldwide to serve as a central repository for information technology consulting professionals and a placement center to provide temporary help for any business looking to contract with an IT professional on a job-by-job basis. The company is looking to build a database of 100,000 IT consultants in order to have the expertise ready wherever and whenever clients need it. E&Y itself will be the largest consumer of the service, making staffing of consulting engagements worldwide a more efficient and profitable practice.

ADVERTISEMENT ***Take Additional Discounts This Week Only***

Management For Results Seminar (MFR) - Earlybird Discounts

For 33 years, MFR has been the accounting profession's most successful management development seminar. Designed for partners, partner-designates and firm administrators, MFR focuses on the techniques necessary to guide your firm to success. Register by February 7 and take $200 off the registration fee. Contact Don Scholl at 610-431-1301 or go online for course information, dates and locations:

This newswire will be read by thousands of accounting professionals this week. Worldwide, AccountingWEB is a global community of over 50,000 accounting professionals. For details of how to reach this audience: contact Ryan Carmen at

mailto:[email protected] or go online to

2. Chicago Board of Trade Proposes Split

The 150 year-old exchange is trying to come to grips with the challenge of keeping a rich history of open floor trading while acknowledging the growing wave of electronic trading. The solution? Create two exchanges. Fearing a growing competitive threat from electronic trading systems, the Chicago Board of Trade voted to split the 150 year old exchange into two companies -- one that operates as a "traditional" exchange and one that operates exclusively as an electronic exchange. The restructuring recommendation calls for the demutualization of the CBOT with current members becoming shareholders in two new companies. The proposal will go to a vote to be ratified by the membership.

3. Consultants Take Note: The Seven Key Risk Factors In Mergers

Bill Case, founder of Integrated ChangeWare Systems, a company that helps organizations manage the transitions during mergers and acquisitions, has itemized for AccountingWEB members the seven key risk factors that every organization needs to address in order to achieve a successful merger. If you are involved in helping clients in this area, be sure not to miss these ideas. Take a look at your programs and systems and be sure to incorporate these ideas too.

4. Home Based Office Definition Widened By The IRS

Beginning this tax filing season, the IRS has expanded its definition of what now qualifies as a "principal place of business," the fundamental test to allow taxpayers a home office deduction. Most taxpayers with a home based business easily qualified under the old rules. But the new rules, which were incorporated in TRA'97, broaden the definition to include individuals who do most of their work out of the home on client sites but use their home office to do much of the administrative duties. Be sure you're up-to-speed on the change as it could mean thousands more dollars in deductions to your clients.

With AccountingWEB's "Mail A Friend"
function, you can forward important
stories to friends and colleagues
by clicking the link at the top of
the article on the Web page.

5. Business Cards That Sing, Dance and Sell For You

Have you seen the new CD ROM based business cards yet? These handy little calling cards are about the same size and shape of traditional business cards, but drop them into a CD drive and they quickly transform from cards to powerful presentation tools containing video, audio, pictures, and text about your firm and its services. You can even include live web links to direct prospects right to your website. All for about $1.50 per card -- not bad! They are starting to pop up in all businesses and professions, so if you haven't received one yet, chances are you will soon.

6. Bridging the Cultural Gap Between Accountants and IT Partners

Large accounting firms are teaming up with Internet companies at an astonishing rate. They can work well together and bring a wealth of talent to clients. But should they dress similarly? What happens when the suit-and-tie world collides with the dress-down dot-coms? As seemingly trivial as this issue is, it's just the tip of an iceberg that is carving a deep cultural gap between these groups of professionals.


File 1099 Forms On-Line at

Most businesses must file 1099 forms to the IRS this year by 1/31/00. Now complete the 1099-MISC and other 1099's on-line at Enter 1099 data on graphic form screens and electronically file to the IRS from the CyFiler web site. Greatland Corp. administers the service, which includes mailing copies of filed 1099 forms to the payer and recipient.

7. Save Hassles By Confirming Dependent's Social Security Numbers

You or your client are in a hurry and an easy mistake is made -- two digits on a dependent's social security number were transposed on a tax return. But technology at the IRS will now flag the return, recalculate the tax as if the dependent did not exist, may disqualify the taxpayer from head-of-household status, and will trigger a notice of additional tax due. As we enter into tax season, the IRS is reminding taxpayers and tax preparers to check common oversights such as transposing numbers, because it's much easier to fix the problem before it is received at the IRS' office.

8. Andersen Consulting Loses Another Top Exec

In his position as Andersen Consulting's managing partner of the "dot com" business incubator, Jeff Greene oversaw more than 25 eBusiness projects for traditional and next-generation companies. One of those companies just made him an offer he can't refuse. Effective February 14, Mr. Greene will take on the role of President and CEO of two year old, a company founded to to help employees better balance their work and personal lives, save employees time and money on hundreds of quality products and services, and facilitate a tight-knit employee community through the corporate intranet. Who's next?

9. MAS 90 Users To Benefit From New Alliance

MAS 90 accounting software users will soon be able to do all of their processing and inquiries through a secure web-based environment quickly and efficiently, thanks to a new alliance announced this week between Sage Software and Concentric Network Corporation. This industry-first solution allows a customer to obtain their corporate web site hosting and Internet connectivity, integrated with Sage's MAS 90 internet.access
e-commerce solution, all from a single provider. If you use MAS 90 or have clients that do, be sure to follow the latest developments.

10. Internet Surfing: Coming To A Gas Pump Near You?

Did you ever find yourself mindlessly wandering, wondering what to do during the long three minutes it takes to fill your car up with gas? Well, idle no more. Starting soon, you'll be able to surf Internet-enabled gas pumps at BP/Amoco and check your email, your stocks or your news online while inhaling those fumes. And these days it might make sense to also go on the Web and search for a gas station whose prices haven't risen 20% in the past week...

Any Answers?

Several questions have popped up this week on the new Any Answers feature on AccountingWEB. Please take a moment to help if you have any information that is appropriate on any of the following issues:

* Deductibility of website design costs

* Avoiding small firm failures

* Busy season blues busters

* AMT for stock options

* Time & Billing software recommendations

* Repossession of installment sale property

For full details of these questions, or to post your own, see:

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