AccountingWEB Weekly News Wrap-Up - Issue 98

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AccountingWEB Weekly News Wrap-Up - Issue 98

June 8 2001

This Newswire Sponsored by:

Microsoft bCentral


1. Tax Rebate is Yours, Even If You Didn't Earn It
2. Accountants Get More Headaches Than Other Workers
3. Sage Software Products to Get New Name
4. CPE Provider Acquires Pro2Net Courseware
5. How Much Will the New Tax Laws Save You?
6. Clifton Gunderson Announces Merger
7. Pentagon Agency Tries to Hoodwink IRS
8. New Report May Reopen Auditor Independence Debate
9. Top Ten Beliefs For Leaders to Live By
10. PwC, H-P Try Dating Instead of Marriage


On Thursday, President Bush signed the Economic Growth and Tax Relief Reconciliation Act of 2001 into law. Of the hundreds of changes to our tax laws that this act will require, there are a handful of changes that are highly visible, changes that are most likely to affect and interest the majority of taxpayers. In an effort to help our members and their clients understand how these major changes to the tax laws will affect them, we have prepared a summary of ten of the most prominent changes to the laws.

This tax act summary comes complete with an MS Word-formatted document that can be reproduced in any internal or client communiqués, as well as an HTML-formatted document for you to copy directly onto your own website. At just $79.00 for this written-for-clients package, we believe you'll find this to be the best deal out there!

Gail Perry, Managing Editor
AccountingWEB, Inc.
mailto:[email protected]


1. Tax Rebate is Yours, Even If You Didn't Earn It

The new tax legislation brings with it a rebate to taxpayers reflecting the immediate and retroactive reduction in the federal income tax rate on the first $6,000 of income earned. Some taxpayers may not be entitled to this rebate, but that doesn't mean they won't get it anyway.

2. Accountants Get More Headaches Than Other Workers

Do you find yourself fighting headaches at work? Maybe it's the profession you have chosen. A recent survey shows that accountants, more than any other professional, are likely to get on-the-job headaches. Find out what steps you can take, short of changing careers, to relieve the situation.

3. Sage Software Products to Get New Name

A court battle has ended and the result is that Sage's MAS 90 and other accounting software programs will be renamed by the end of the year. The name may change, but the products will remain the same.


Microsoft bCentral:
Manage your business finances easily. From anywhere.
For as little as $29.95 a month, you'll gain access to online accounting and financial management tools to help you manage your business more efficiently. And that's just the beginning.

4. CPE Provider Acquires Pro2Net Courseware

KeepSmart, Inc., a provider of continuing professional education courseware for accountants, lawyers, and engineers, has acquired the course content and assets of defunct accounting, Pro2Net.

AccountingWEB's Special Feature

Did you know that you can get information on the healthcare industry within AccountingWEB? Whether you serve that niche or work in a healthcare firm, AccountingWEB has the latest news, tools, links and resources that you can use.

5. How Much Will the New Tax Laws Save You?

Here's a nice little calculator you can use to find out how much you can expect to save once the changes to the tax laws are in place.

6. Clifton Gunderson Announces Merger

The 11th largest accounting firm just got bigger. Find out the details of the merger.

7. Pentagon Agency Tries to Hoodwink IRS

You can't pull the wool over Uncle Sam's eyes forever -- even if you're a government agency. A recent IRS audit had Pentagon officials scurrying to cover up problems at a high cost to taxpayers.

8. New Report May Reopen Auditor Independence Debate

Accounting firms are providing even more consulting services than the SEC realized when the agency made its auditor independence rulings last year. Is this debate going to resurface?

AccountingWEB's Business Referral Network

AccountingWEB has announced the launch of its Entrepreneur to Accountant Referral Network (E.A.R.N.) program, matching the accounting and financial needs of thousands of small businesses with the talent of the AccountingWEB community. Find out how your firm can participate and get business leads through this new referral service.

9. Top Ten Beliefs For Leaders to Live By

Here's a top-10 list for today's managers and leaders that clearly lays out priorities for success. Check out the ten principles that can help guide you and your firm to success.

10. PwC, H-P Try Dating Instead of Marriage

The PwC, H-P merger never came to pass, but that doesn't mean the two potential partners can't work together. Find out how these two giants are combining their talents to serve an important industry.


Tuesday, June 12, 4:00-5:00 EDT
Topic: "Business Valuation Basics"
Presenter: David Coffman, Founder, Business Valuations & Strategies
Sponsor: Alliance of Merger & Acquisition Advisors

Thursday, June 14, 4:00-5:00 EDT
Topic: "Building an e-Practice"
Presenter: David Thomas, Chairman & CEO, Intacct Corporation

Have you read the transcripts of last week's workshops?

Power Search Tips, Techniques for Financial Professionals
Benefits of a Living Trust - A Financial Planner's View

Check out the Workshop Schedule for the upcoming sessions in our ongoing workshop series.

Sponsor an upcoming AccountingWEB Workshop and get repeated exposure to AccountingWEB's 30,000+ members.


Click on the link(s) below to offer your insight and feedback or to see what others recommend:

1. A member needs assistance in setting up a Limited Liability Corporation/Company in QuickBooks.

2. Have there been any studies or information on the impact of a company's relationship with its CPA when the company decides to outsource its accounting and administration activities to a business process outsourcing organization?

3. What are the main issues for a CPA firm when the firm is involved in providing office accounting and/or bookkeeping services to its clients and a need for an audit occurs or tax work?

4. How does one calculate an amortization schedule for a capitalized lease for fixed assets?

5. A taxpayer has a child with Attention Deficit Hyperactivity Disorder where annual tuition for a special school is $9,200. If taxpayer's AGI is $100,000, is taxpayer only able to deduct $1,700 ($9,200 - $7,500) as medical expenses on Schedule A in the year paid? Is there any other option for taxpayer to recover the disallowed $7,500?

6. One of our clients is requesting information on how to select a professional collector to collect a five year old debt. The only contender so far wants $300 up-front and charges 15 percent. Is the up-front charge customary?

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Copyright (C) 2001 AccountingWEB, Inc. All rights reserved.

AccountingWEB Inc.

P.O. Box 68748, Indianapolis, IN 46268-0748

Phone 317-876-7525

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