AccountingWEB Weekly News Wrap-Up - Issue 100

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AccountingWEB Weekly News Wrap-Up - Issue 100

June 22, 2001

This Newswire is Sponsored by:

Microsoft bCentral


1. Andersen Fined $7 Million by SEC
2. Clinton's Tax Status is Cause for Confusion
3. New York CPA Society Shuns AICPA's New Web Site
4. House Leader Plans to Block Online Sales Tax
5. IRS to Drop Interest Rates
6. Employers - New Withholding Tables Available for 2001
7. PricewaterhouseCoopers to Close Office
8. Accounting Rules Enable Exaggeration of Profits
9. Comments Sought on Accounting Software Standards
10. XBRL GL Software Available for Public Comment


As summer descends upon our nation, the controversy continues to rage over the AICPA's proposed introduction of a global designation for financial professionals. Our story, "What Do You Think About the 'XYZ' Credential," has received more comments than any other story we have ever published.

AccountingWEB members on both sides of the fence have provided well thought out arguments and commentary on this hot issue. Read what others are saying, and add your own comments. We intend to forward the comments to the global designation committee at the AICPA shortly.

Gail Perry, Managing Editor
AccountingWEB, Inc.


1. Andersen Fined $7 Million by SEC

It is the largest fine ever paid by a Big Five firm in an SEC enforcement action. Andersen agreed to pay but did not admit to charges of knowingly or recklessly issuing false or misleading financial statements.

2. Clinton's Tax Status is Cause for Confusion

Is he an entertainer or a politician? The controversy over the former president's status caused many a furrowed brow among British tax agents.


AccountingWEB is pleased to offer a turnkey client seminar on the new tax legislation developed by Garverick-McCoy Seminars, leaders in preparation of tax seminar materials. For a limited time, AccountingWEB members are entitled to a special discounted price on this package. Check it out today.

Save even more valuable billable hours by also ordering the AccountingWEB Tax Legislation Summary that you can cut and paste into client newsletters, e-mails, firm letters, or for use on your firm's Web site.

3. New York CPA Society Shuns AICPA's New Web Site

In a letter sent to all presidents and chairpersons of the nation's state CPA societies and institutes, the president of the New York State Society of CPAs explains the reasons behind the New York society's intention not to sign an agreement to participate in the AICPA's new for-profit Internet portal, CPA2Biz.


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. House Leader Plans to Block Online Sales Tax

House Majority Leader Dick Armey has announced he will work to block sales taxes on Internet sales. The ban he foresees would be a three-to-five year ban on Internet sales taxes in conjunction with legislation currently before Congress to make the current ban on Internet access taxes permanent.

5. IRS to Drop Interest Rates

The next time you have to calculate the amount of interest owing on back taxes, or the amount of interest the IRS owes on a delayed refund, you'll need this complete list of interest rates, including the latest reduction in rates.

6. Employers - New Withholding Tables Available for 2001

The new withholding tables have been released. These tables incorporate lower tax rates based on recent tax legislation. The tables are effective July 1. View the tables on-line or save the file on your own computer.

7. PricewaterhouseCoopers to Close Office

Amid rumblings of a nationwide restructuring of smaller offices, Big Five firm PricewaterhouseCoopers has announced the impending closing of one of its offices.

8. Accounting Rules Enable Exaggeration of Profits

Are you planning on investing in a high-tech firm? You'd better take a closer look at the annual report before making your decision. Find out why!


Delegating responsibilities is sometimes easier said than done. Here are a few ideas to help you begin delegating and mentoring your staff more effectively.

9. Comments Sought on Accounting Software Standards

Here's your chance to have a say in the way accounting software is chosen and used in the federal government.

10. XBRL GL Software Available for Public Comment is releasing "XBRL for General Ledger" software for public comment. The software allows companies to exchange data on a global basis. The final version of the software is expected to be available in September. Find out how you can get a copy now.


Tuesday, June 26, 4:00-5:00 EDT
Topic: "Making the Most of Your Referral Relationships"
Presenter: Karen Bergh, Founder and President, RainmakerPro Training & Consulting
Sponsor: College for Financial Planning

Wednesday, June 27, 4:00-5:00 EDT
Topic: "E-Marketing for CPA Firms"
Presenter: David Ross, BizActions
Sponsor: BizActions

Thursday, June 28, 4:00-5:00 EDT
Topic: "Practice What You Preach"
Presenter: David Maister, President, Maister Associates
Sponsor: TAG International

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

Business Solutions for Rent: Application Service Providers

Building an E-Practice

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


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

1. If you have a client for whom you are compiling financials in order to do year-end tax returns, and your client also provides a service for you, are you independent?

2. Is there any authority for depreciating a mini-warehouse for a period less than 39 years?

3. Has anyone else had experience with MAS90 & what's been your experience? Also, we're considering changing our software to something else. Recommendations are welcome.

4. Can anyone refer a speaker (New York area)? We are talking about Teambuilding/Leadership/Change Management but are open to interesting topics.

5. If I have extinguished a debt prematurely, what accounting treatment should be used, in respect of the original finance charges that I incurred when the original loan was set-up and remain unexpired?

6. Where can I find the IRS Publication dealing with a 1031 exchange of property?

Visit the Q&A Forum to post your questions and share your ideas! Simply click on the Add Comments option at the bottom of any question to add your response and comments.


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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

"To inform, to enrich, to enlighten, to entertain."

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