AccountingWEB Weekly News Wrap-Up - Issue 111
September 7, 2001
This Newswire Sponsored by:
THIS WEEK'S NEWS FROM ACCOUNTINGWEB
1. IRS Launches New Online Tax Payment Service
2. McGladrey Expands with Northwest Acquisition
3. Deloitte Counts Blooms for World Record
4. Ernst & Young Launches Investment Banking Division
5. Senator Daschle Denounces Cut in Capital Gain Tax
6. Trend: Medical Benefits Provided to Non-Marital Partners
7. IRS Moves Ahead with Plans for Upgrade
8. Students Expect to Have it All by Age 40
9. HP Shoots for Top IT Spot with $25 Billion Compaq Bid
10. Mellon Bank Employees Hid, Shredded Tax Returns
Senate Majority Leader Tom Daschle lashed out this week against a proposed 25 percent cut in capital gain taxes, claiming the long-term cost of such a tax cut to the government would be substantial. Does this not beg the question of whether the intention of the tax system is to pad the coffers of the federal government or to take a fair share of earnings from each citizen so that general services can be provided?
Is the fact that a cut in certain taxes would be costly to the government reason enough to continue a tariff that many feel is completely unfair and unwarranted? A taxpayer who is savvy enough to make a wise investment, with money that has already been subjected to income tax, is taxed again on the growth of that investment. Particularly unsavory is a tax on capital gains based on investments in corporations that have already paid tax on the growth of their business.
The issue of whether or not the government has enough money to fund programs deemed necessary by elected officials who keep their jobs by funneling tax money back into their states should not overshadow the larger issue of what constitutes fair taxation.
IN THE NEWS
On Thursday, the IRS unveiled a new Web site where individuals and companies can make payments of all federal taxes. The program is part of the Electronic Federal Tax Payment System (EFTPS), and has been used by businesses for the past year. Now individuals may also take advantage of this opportunity to pay taxes online.
Minneapolis-based RSM McGladrey, the 10th largest accounting firm in the U.S., has expanded its presence in the Pacific Northwest with the acquisition of Knight Vale & Gregory (KVG), one of the largest firms in the area.
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Auditors from Big Five firm Deloitte & Touche are probably still counting flowers in their sleep. The world's largest bouquet of flowers, certified by Deloitte's bloom crew, qualifies for the Guinness Book of World Records. The flowers were a tribute to ailing former South African President Nelson Mandela.
Big Five firm Ernst & Young has launched a new corporate finance division, called Ernst & Young Corporate Finance LLC. Staffed by more than 200 bankers, the division is spread over 14 offices nationwide with headquarters in New York.
Attend a free online seminar, "Introduction to Web-Based Accounting," to learn how you can use the Internet to boost your firm's competitive advantage. Hosted by accounting software pioneer David Thomas, this free, web-based seminar allows you to earn one hour of FREE CPE CREDIT -- without leaving your desk. Go to http://www.intacct.com/wbr32 to learn more about this program.
Rivals in Washington are lining up on both sides of an issue that has been smoldering for years. Will a capital gain tax cut occur in this administration, and is such a cut long overdue?
In spite of tax rules that do not permit pre-tax earnings to be diverted to medical benefits for non-marital partners, some major employers are beginning to offer such benefits. Where does your firm stand on the issue?
Not wasting any time finding ways to spend the $432 million Congress allocated to the IRS for purposes of getting in step with the times, the Internal Revenue Service announced plans to spend approximately $100 million on upgrading its Internet presence. What's your budget for Web upgrades . . .?
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Expectations of a million dollars in the bank, a quality home life, and work satisfaction are just par for the course for today's students, according to a recent survey. Almost two-thirds of those asked to take part in a poll say that they aim to become millionaires. Three out of ten hope to achieve this goal by age 40.
Under pressure from falling world sales of PCs and pressures on IT profit margins, Hewlett-Packard (HP) has agreed to acquire PC manufacturer Compaq for $25 billion to create what will become the world's largest information technology company.
Over 41,000 people visited AccountingWEB last month. On behalf of everyone at AccountingWEB, thank you!
The IRS has determined that the tax returns and related payments of at least 40,000 taxpayers may be missing. An investigation into the matter has unearthed a recent e-mail message that describes the situation in which tax returns were "hidden, and in some cases, destroyed." It is expected that the investigation to determine the extent of the damaged returns will last at least six months.
ACCOUNTINGWEB WORKSHOP SCHEDULE
Tuesday, September 11, 4:00-5:00 EDT
Topic: Discover the Key to Managing the Sales Process in CPA Firms
Presenter: Larry Bildstein, CPA, President and CEO of The Whetstone Group
Check out the Workshop Schedule for the upcoming sessions in our ongoing workshop series.
ACCOUNTINGWEB Q&A FORUM
Visit our Q&A Forum to post your questions and share your ideas with the members of AccountingWEB! Simply click on the "Add Comments" option at the bottom of any question to add your response and comments.
Many new questions have been posted, check them out today and lend a hand.
Has anyone developed a set of good analytical ratios, means, and variances to use in nonprofit audits?
Can anyone provide helpful information about the use of Deltek/Costpoint software?
Where can an e-filing novice look for help on setting up an e-filing tax practice?
Where would one go to find Capitalization rules, specifically the dollar amount for computer equipment? Are there FASBs on this?
What do the abbreviations, txtl, tx, catl, tl, and tx stand for in a cash register journal?
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