AccountingWEB Weekly News Wrap-Up - Issue 119

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AccountingWEB Weekly News Wrap-Up - Issue 119

November 2, 2001

This News Wrap-Up Sponsored by:



1. IRS OKs Redesignation of Estimated Payments
2. Robert Elliott to Retire
3. Find Out if the IRS Owes You (or Your Clients) Money
4. NC CPA Association President Says: 'Vote NO on XYZ'
5. SEC Complains of 'Smoke and Mirrors' Reporting
6. Rankings: US Executive MBA Programs Take 7 of Top 10 Spots
7. Indiana CPA Society Student Site Wins Award
8. New Rebate Checks May Delay Spring Tax Refunds
9. Free Assistance for September 11 Victims and Families
10.PwC Continues Job Cuts


A rumor has surfaced that AccountingWEB is up for sale. I can't speak to the rumor, but I can share with you the facts. AccountingWEB has an aggressive agenda to expand services into industry-specific services, client-specific services, and other accounting-related business development services. We've got the tools, the audience and the infrastructure, and are looking for ways to turbo-charge our development. We are currently seeking additional working capital from a strategic partner who can work with us to quickly deliver on the promises of our aggressive expansion agenda.

AccountingWEB has established a strong level of credibility and is continuing to add to its high level of acceptance within the profession. I am delighted to report that we are closing in on our 40,000th member, which by all accounts now surpasses the subscriber base of Accounting Today, a premier magazine for the profession, and one of the major milestones to which we've been aiming since the beginning. We are a small business making a big impact.

Like many small businesses across America, we are always looking for new and innovative ideas to implement, but are cut short by limitations of time and resources. Are we looking for additional working capital? Sure. We've got some great plans for expansion, and we're looking for some additional resources to help provide innovative new services to our members.

We've got some great plans for the future, and look forward to working with our members and sponsors to continue bringing innovative solutions to the challenges facing the business of accounting.

Mike Platt
CEO, AccountingWEB, Inc.
For the full story, see


1. IRS OKs Redesignation of Estimated Payments

Because of economic disruptions resulting from the events of September 11, some corporations may have made estimated payments for taxes that will exceed their projected annual income tax liability. To alleviate the situation of an overpayment of estimated income taxes, the IRS has agreed to allow corporations to redirect previously paid estimated income tax payments to satisfy obligations of employment taxes and withheld income taxes.

2. Robert Elliott to Retire

Robert K. Elliott, past Chairman of the American Institute of Certified Public Accountants (AICPA) and partner at KPMG, has announced his retirement from public accounting.

3. Find Out if the IRS Owes You (or Your Clients) Money

The National Taxpayers Union has compiled a database of all of the taxpayers who are due rebates and refunds from the IRS. This free searchable database will enable you to find out if any tax refund or rebate checks are being held in your name or the name of your clients.


Softrax Corporation is a leading provider of revenue management solutions expressly designed for rapidly growing software, content and Internet companies. Softrax systems are the only available products specifically built to meet the complex business requirements of these dynamic industries. Register for a free webcast and learn more.

4. NC CPA Association President Says: 'Vote NO on XYZ'

William H. Watson, Jr. the President of the North Carolina Association of CPAs, has sent a heartfelt letter to all members of the association emphatically asking them to vote "NO" on the issue of the AICPA's proposed global business credential, recently named Strategic Business Professional (IISBP).

5. SEC Complains of 'Smoke and Mirrors' Reporting

SEC Commissioner Isaac Hunt said federal regulators continue to see companies engaging in what he calls smoke-and-mirror accounting practices that inflate earnings and stock prices. Mr. Hunt described a process of manipulation of numbers on financial reports and the growing use of unaudited financial statements, also known as pro forma statements.


Don't miss the AccountingWEB Vendors Directory! You can view the front-page listings of the directory and locate companies offering products and services to the AccountingWEB membership.

6. Rankings: U.S. Executive MBA Programs Take 7 of Top 10 Spots

The Financial Times has performed a comprehensive study of Executive MBA programs worldwide, and has ranked the schools based on such factors as resulting salary increases and career progress of graduates, the corporate view of executive MBAs, company-sponsored MBAs, the cost of such courses, and the role of e-learning. The U.S. schools scored high in the rankings, with seven schools placing in the top 10.

7. Indiana CPA Society Student Site Wins Award

The Student section of the Indiana CPA Society's Web site has been awarded first place for excellence in public relations programming by the Public Relations Society of America's East Central District. Find out what makes this site a winner!

8. New Rebate Checks May Delay Spring Tax Refunds

IRS Commissioner Charles Rossotti suggests that a new rebate program, currently making its way through Congress may cause the normal spring income tax refund checks to be delayed three to five weeks and may result in the agency being liable for interest payments to taxpayers for the late refunds.

9. Free Assistance for September 11 Victims and Families

The New Jersey Society of Certified Public Accountants' Personal Financial Planning Committee has launched a "New Jersey CPA Help Center" to assist those impacted by the September 11 terrorist attacks with the financial and tax issues they are likely to face over the next several months.

In addition, The National Association of Tax Professionals has coordinated volunteers among its members who are willing to provide assistance with disaster relief and tax issues to taxpayers who are seeking guidance and information on tax issues arising from the terrorist attacks in September.

10. PwC Continues Job Cuts

PricewaterhouseCoopers has asked another 330 consultants in its UK offices to take voluntary layoffs due to the economic slowdown. This latest cull comes after the firm cut 5% of its U.S. consulting workforce.


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.

Here is a sample of the questions that have been posted this week. Check out all the questions at our Q&A Forum and see if you can lend a hand.

1. How can data be linked to an Excel PivotTable while maintaining the ability to pivot around?

2. How should a possible litigation be reported on a financial statement?

3. Can a shareholder bring an accountant or other advisor with him to a shareholder's meeting?

4. What are the current methodologies used to value a CPA practice with a traditional client base?


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