Accounting Today back issues from July 2002:
Guilty verdict draws mixed reactions; profession mulls post-Andersen future.(accounting profession mulls decision rendering Arthur Andersen guilty of obstruction of justice)(Statistical Data Included)
Jul 08, 2002; ... The conviction on obstruction of justice charges of the once-mighty Andersen firm has drawn mixed reactions from industry observers and members of the accounting profession. At a time when public scrutiny is high and confidence in the financial reporting system is low, the ...
Andersen shakeout is reshaping the landscape of middle-market business.(accounting industry)(Statistical Data Included)
Jul 08, 2002; ... NEW YORK -- The dismantling of Andersen is beginning to reshape how the accounting industry serves middle-market business clients. While accounting's largest firms have been buying large chunks of Andersen operations, some well-heeled regionals, with annual revenues of about $20 ...
Identity theft--don't be a victim. (Action Idea).(Brief Article)
Jul 08, 2002 ... Here is info your employees can use to protect their identity, particularly their Social Security number 1. Call the Social Security Fraud hotline at: 1-800-269-0271. 2. File a report with the Federal Trade Commission by calling 1-877-IDTHEFT. The FTC tracks complaints and will ...
WorldCom fraud may be largest in history.(Brief Article)(Statistical Data Included)
Jul 08, 2002 ... NEW YORK -- The audit committee of troubled communications carrier WorldCom Inc. has uncovered what may be the largest accounting fraud in U.S. history, with the discovery that the company had improperly booked some $3.8 billion in expenses as capital expenditures. The improper ...
PwC to settle tax shelter charges with IRS.(PricewaterhouseCoopers )(Brief Article)
Jul 08, 2002 ... WASHINGTON -- PricewaterhouseCoopers has agreed to make a "substantial payment" to the government to resolve a probe into questionable tax shelters that dates back to 1995. The agreement concerns issues relating to tax shelter registration and list maintenance under the Internal ...
Boston middle-market firms merge.(Vitale, Caturano & Co. merges with Harte, Carucci & Driscoll)(Brief Article)(Statistical Data Included)
Jul 08, 2002 ... BOSTON -- Vitale, Caturano & Co., and Woburn, Mass.-based Harte, Carucci, & Driscoll, have merged their practices. Financial terms were not disclosed. The new entity, which will retain the VCC brand, has annual revenues of more than $20 million with 150 employees. ...
Legislation poised to reshape accounting reform. (Top of the news: the complete chronicle of news and trends shaping the profession).
Jul 08, 2002; ... WASHINGTON -- Memo to the accounting profession: Welcome to the world of government-mandated oversight. As the Securities and Exchange Commission and the Senate Banking Committee recently put forth their versions of accounting reform legislation, the profession has begun a death ...
Lawyers--as well as accountants--should be subject to reform. (Top of the news: the complete chronicle of news and trends shaping the profession).(Brief Article)
Jul 08, 2002; ... WASHINGTON -- While accountants have been getting their share of heat from federal securities regulators following the Enron meltdown, and accounting scandals at such companies as WorldCom, Tyco and ImClone, some members of Congress believe that the agency should also stiffen the ethical ...
E-Business. (Web Cites).(Web sites for accountants)(Brief Article)
Jul 08, 2002 ... * AccountStreet.com--www.accountstreet.com This company offers tax and accounting professionals a turnkey program to aid their clients with due diligence. Concentrating on incorporation and formation LLCs, trademark and domain name registration, patent searches and legal ...
CPA volunteers services in visit to China. (Footnotes).
Jul 08, 2002 ... * CPA VOLUNTEERS SERVICES IN VISIT TO CHINA: Shek Mark, a CPA with the Environmental Protection Agency in New York City, recently spent two weeks volunteering as a teacher of conversational English in Xi'an China. Mark, who is of Chinese descent, was part of ...
Bush appoints KPMG Foundation president to advisor board of Black Colleges and Universities. (Footnotes).(Bernard J. Milano)(Brief Article)
Jul 08, 2002 ... * BUSH APPOINTS KPMG FOUNDATION PRESIDENT TO ADVISOR BOARD OF BLACK COLLEGES AND UNIVERSITIES: President George W. Bush appointed Bernard J. Milano, president of the KPMG Foundation to the board of advisors on Historically Black Colleges and Universities. Milano also was appointed chairman ...
Small businesses still see CPA as most trusted advisor. (Top of the news: the complete chronicle of news and trends shaping the profession).(survey of small businesses and accounting firms)(Brief Article)
Jul 08, 2002; ... The Enron/Andersen fiasco has not soured the way mall business owners see their accounting firms, according to a recent survey of small businesses across America. The survey of 100 small business owners and 100 accounting firms with less than 100 employees found that, despite ...
FASB ED on guarantees is sure to guarantee questions. (Top of the news: the complete chronicle of news and trends shaping the profession).(Brief Article)
Jul 08, 2002; ... BATON ROUTE, LA. -- The Financial Accounting Standards Board has just closed the comment period on a proposed Interpretation on the accounting and disclosure of guarantees of indebtedness of others. The Technical Issues Committee of the American Institute of CPAs, however, says that the ...
Self regulation--R.I.P. (Opinion: the free and open forum for the tax and accounting community).(Brief Article)
Jul 08, 2002; ... Have you ever gone to one of those all-you-can-eat places and while waiting with empty plate in hand, been unsure of just where on the food bar to start? You don't want to fill up with salad and fruit (the choices almost always stationed first, with the more expensive items ...
Who sullied our profession? (Commentary).
Jul 08, 2002; ... Can you believe that recent articles in The Wall Street Journal and The Washington Post had headlines referring to our "sullied profession?" Our profession was not sullied by people like my friends Patrick McCarthy, CPA, of Lafayette, La., Princy Harrison, CPA, of Laurel, Miss. or Irwin ...
Re: just the facts. (Letters).(Brief Article)(Letter to the Editor)
Jul 08, 2002; ... [Lou Grumet, executive director of the New York State Society of CPAs responds to a reader's critique of his recent commentary, which appeared in the April 8-21, 2002 issue of Accounting Today.] I'm sure that Paul Cobb of Cobb, Ezekiel, Brown and Co. is correct in stating that ...
Kudos to Miller and Bahnson. (Letters).(Brief Article)(Letter to the Editor)
Jul 08, 2002; ... I had to compliment Paul B. W. Miller and Paul R. Bahnson for summarizing so succinctly the problem with the AICPA ("12 Reasons ..." May 20-June 2, 2002). I have been saying for years that if 85 percent of the AICPA membership are small practice units, then the AICPA did not represent us ....
Disappointment over Miller & Bahnson's slam on AICPA. (Commentary).
Jul 08, 2002; ... I appreciate the efforts that you and others with Accounting Today have made to provide our profession with both news and opinions of current events and issues. While I certainly do not always agree with what is written in your publication, I am grateful that such a forum exists to discuss ...
Armey: change tax code to avoid `corporate inversion'. (Taxing Issues).(Dick Armey calls for change to tax code rather than penalizing companies)(Brief Article)
Jul 08, 2002 ... * ARMEY: CHANGE TAX CODE TO AVOID `CORPORATE INVERSION': Instead of penalizing companies for trying to minimize their taxes by switching their headquarters to foreign countries, Congress needs to change the tax code itself, says Congressman Dick Armey. In a letter to lawmakers, ...
IRS seeks comments on transfer pricing simplification proposal. (Taxing Issues).(Brief Article)
Jul 08, 2002 ... * IRS SEEKS COMMENTS ON TRANSFER PRICING SIMPLIFICATION PROPOSAL: The IRS is seeking comments on a proposed multilateral transfer pricing documentation package developed by the Pacific Association of Tax Administrators. In recent years, transfer pricing documentation has become ...
H&R Block reports record revenues, chairman to retire. (Taxing Issues).(Frank L. Salizzoni)(Brief Article)(Statistical Data Included)
Jul 08, 2002 ... * H&R BLOCK REPORTS RECORD REVENUES, CHAIRMAN TO RETIRE: Bolstered by an accounting change, tax prep giant H&R Block Inc. reported a 55 percent jump in net earnings for the year, and an 11.3 percent increase in revenue. The Kansas City, Mo.-based company also announced that its ...
Tax prep execs urge profession to make greater use of the Web. (Tax practice: the special report on news and trends for the tax professional).(Creative Solutions Inc. and Micro Vision Software Inc.)(Brief Article)
Jul 08, 2002; ... LOS ANGELES -- Accountants are not extracting all that the Internet has to offer, according to two tax-preparation software industry executives. In separate presentations at the recent California Accounting & Business Show & Conference, Michael Bodner, chief technical officer ...
Supreme Court endorses IRS estimation of tip income for FICA reporting. (Tax Strategy).(Federal Insurance Contributions Act; U.S. v. Fior D'Italia Inc.)
Jul 08, 2002; ... The IRS has scored a victory in its long-running battle to get a better handle on the taxation of tip income. The Supreme Court has overturned the Ninth Circuit and ruled that the IRS may estimate the FICA taxes due from an employer from tip income without first auditing the tip income of ...
Fica, Futa ISO tax moratorium extended.(Federal Insurance Contributions Act, Federal Unemployment Tax Act and incentive stock options taxation)(Brief Article)
Jul 08, 2002 ... WASHINGTON -- The Treasury Department and the Internal Revenue Service announced theywill extend the administrative moratorium on FICA and FUTA taxes for incentive stock options and options under employee stock purchase plans. ISOs and ESPPs are commonly referred to as "statutory stock ...
Adelphia appoints PwC to succeed D&T as auditor. (Change Of Auditors).(Adelphia Communications Corp. appoints PricewaterhouseCoopers L.L.P.)(Brief Article)
Jul 08, 2002 ... ADELPHIA APPOINTS PWC TO SUCCEED D&T AS AUDITOR: Troubled cable concern and Philadelphia-based Adelphia Communications, which just fired auditor Deloitte & Touche, said it hired Big Five rival PricewaterhouseCoopers as its audit successor. Adelphia, dismissed D&T after claiming ...
VISX taps KPMG as auditor. (Change Of Auditors).(VISX Inc. and TiVo Inc. both dismiss Andersen)(Brief Article)
Jul 08, 2002 ... VISX TAPS KPMG AS AUDITOR: The board of laser technology company VISX Inc., based in Santa Clara, Calif., voted to appoint Big Five firm KPMG as its new external auditor and to dismiss incumbent auditor Andersen. The company said the decision to jettison Andersen wasn't based ...
BancFirst Corp. names E&Y as auditor. (Change Of Auditors).(Ernst and Young L.L.P.)(Brief Article)
Jul 08, 2002 ... BANCFIRST CORP. NAMES E&Y AS AUDITOR: BancFirst Corp. appointed Big Five firm Ernst & Young LLP. as its new independent auditor. Headquartered in Oklahoma City, the company said it switched auditors because the Oklahoma City office of its former auditor, Andersen, had been ...
Form 8-K filings. (Assurance: technical developments professional issues and engagement changes).
Jul 08, 2002 ... Airxcel Inc. (Wichita, Kan.), from PricewaterhouseCoopers to Ernst & Young. Applied Digital Solutions Inc. (Palm Beach, Fla.), from Grant Thornton to Eisner. Artificial Life Inc. (New York), from Wolf & Co. to Horwath Gelfond Hochstadt Pangburn. Butler ...
As parting plea, Jenkins calls for broad changes in U.S. accounting. (Assurance Forum).(Financial Accounting Standards Board's Edmund L. Jenkins)(Brief Article)
Jul 08, 2002; ... NORWALK, CONN. -- With the American accounting profession as close to crisis as it's ever been, Edmund L. Jenkins, who stepped down as chair of the Financial Accounting Standards Board on June 30, warned that corporate governance needs a better attitude, the Securities & Exchange ...
Make that 14 reasons to change the tone at the top of the AICPA. (The Spirit Of Accounting).(American Institute of Certified Public Accountants)
Jul 08, 2002; ... Some of you may remember our May 20-June 2, 2002 column in which we listed 12 reasons to create major changes at the American Institute of Certified Public Accountants, beginning with new top management. Based on things that have happened since then, we now add two more reasons. ...
PwC in consulting deal with Black Diamond Enterprises. (Assurance: technical developments, professional issues and engagement changes).(PricewaterhouseCoopers)(Brief Article)
Jul 08, 2002 ... NEW YORK -- PricewaterhouseCoopers has hooked up with Toronto-based consulting firm Black Diamond Enterprises Ltd. to develop and provide financial risk management services to global clients. "We are excited about our new relationship with Black Diamond Enterprises, Ltd.," said ...
Griffin becomes chair-elect of international CFP council. (PFP Briefs).(Ray Griffin)(Brief Article)
Jul 08, 2002 ... * GRIFFIN BECOMES CHAIR-ELECT OF INTERNATIONAL CFP COUNCIL: Ray Griffin, CFP (Australia), was elected as the first international chair-elect and will become the chair of the International CFP Council in 2003--a joint task force comprised of Certified Financial Planner Board of Standards ...
H&R Block upgrades its web-based tax center with FinanCenter tools. (PFP Briefs).(Brief Article)
Jul 08, 2002 ... * H&R BLOCK UPGRADES ITS WEB-BASED TAX CENTER WITH FINANCENTER TOOLS: FinanCenter (www.financenter.com), a provider of Web site personalization products and services, teamed with tax-preparation concern H&R Block Inc. to offer personal finance analysis and educational tools via the H&R ...
ByAllAccounts unveils WebPortfolio Version 2.1. (PFP Briefs).(Brief Article)
Jul 08, 2002 ... * BYALLACCOUNTS UNVEILS WEBPORTFOLIO VERSION 2.1: ByAllAccounts Inc., a provider of financial technology solutions, released WebPortfolio 2.1, an online business development solution which showcases a host of new features such as AdvisorAlert, a service offering email alerts that inform ...
Despite economy, millionaires made more in 2001. (PFP Briefs).(Brief Article)(Statistical Data Included)
Jul 08, 2002 ... * DESPITE ECONOMY, MILLIONAIRES MADE MORE IN 2001: While many U.S. investors saw their portfolios plunge last year, the net worth of millionaires in the U.S. actually increased, according to a report released from Cap Gemini Ernst & Young and Merrill Lynch. The combined wealth ...
RIAs continue to "register" expertise with CPA firms. (Financial planning: news and strategies for the personal financial planner).(registered investment advisers)(Brief Article)
Jul 08, 2002; ... Accounting firms beat out the industry averages last year in one key area. Advisors registering for the first time with the Securities and Exchange Commission increased a paltry 3.5 percent. But new registrants with accounting-affiliated advisors grew 26 percent. "Accounting ...
Valuing a traditional IRA for required minimum distribution purposes. (Financial Planning Tax Tactic).(Statistical Data Included)
Jul 08, 2002; ... The required minimum distribution from a traditional IRA for a calendar year is a percentage of the value of the IRA on Dec. 31 of the preceding calendar year. However, under the proposed regulations issued in 2001, certain adjustments had to be made to the year-end value of the IRA to ...
Thompson leaves Red Wing for Accpac. (Tech Briefs).(Steve Thompson)(Brief Article)
Jul 08, 2002 ... * THOMPSON LEAVES RED WING FOR ACCPAC: Steve Thompson, a top executive at Red Wing Business Systems for the past seven years, has joined rival accounting software vendor Accpac International as vice president of North American partner recruitment. He replaces Ferdows Manouchehrian, who was ...
Vendor eyes accounting industry for resellers. (Tech Briefs).(Brief Article)
Jul 08, 2002 ... * VENDOR EYES ACCOUNTING INDUSTRY FOR RESELLERS: Software Technology Inc. of Lincoln, Neb., has launched a reseller program for its practice management software product, PracticeMaster, and its time and billing product, TABS III. The new effort is targeting the accounting and ...
Best honors top resellers. (Tech Briefs).(Best Software)(Brief Article)
Jul 08, 2002 ... * BEST HONORS TOP RESELLERS: Accounting software vendor Best Software Mid-Market division bestowed honors on several of its top resellers, including "Customer Satisfaction" awards to Bennett/Porter & ...
Tell E-Biz clients to educate their customers. (Ecomm Patrol).(electronic commerce)(Brief Article)
Jul 08, 2002 ... * TELL E-BIZ CLIENTS TO EDUCATE THEIR CUSTOMERS: In what may be an opportunity for technology consultants, a consumer survey by New York-based technology industry analysts Jupiter Media Matrix finds that privacy and security concerns could cost online businesses almost $25 billion by 2006 ....
Tech industry hails Bush push for broadband development. (Technology: news and trends in information systems and electronic commerce).(George W. Bush)(Brief Article)
Jul 08, 2002; ... WASHINGTON -- The technology industry is praising President George W. Bush's pledge to work for the rapid development and deployment of broadband technologies. "This country must be aggressive about the expansion of broadband," Bush said in a mid-June speech to about 100 ...
A reseller's wish list for accounting software vendors. (Consultant Concerns).
Jul 08, 2002; ... At last year's Separation 2001 conference, which brought accounting software vendor executives together with value-added resellers in the market for new vendor partners, 3 of the 12 vendors on hand recruited most of the VARs. The others, which included some industry leaders, had little to ...
Trial balance software: market thins, products improve. (Software Review).(financial software packages)(Evaluation)
Jul 08, 2002; ... Selecting trial balance software is becoming easier every year. As software vendors consolidate in the wake of acquisitions by larger companies, the number of products dwindles, making the entire process more bearable. Some CPA firms are still using spreadsheets for their ...
How to avoid the reactionary technology trap. (Boomer's Blueprint).(Brief Article)
Jul 08, 2002; ... It is amazing how quickly firms allow themselves to get caught in the "reactionary technology trap." Every day, firm managers wake up to the fact that they are spending more on technology, but not necessarily getting a greater return on their investment. Furthermore, no one is ...
Visual Audit PRO. (Software).(advertisement)
Jul 08, 2002 ... Reader Service No. 41 For all organizations, auditing their PCs is a must. It's far too easy to install unlicensed software and lose track of hardware. Auditing prevents expensive software license breaches and unnecessary hardware purchases. In addition, you can identify changes ...
Cordless keyboard. (Hardware).(advertisement)
Jul 08, 2002 ... Reader Service No. 44 Navigate the Web in cordless comfort. The Logitech cordless keyboard includes an innovative design featuring zero degree tilt and a detachable palm rest for comfort. Multimedia controls are at your fingertips on this keyboard. Also, encrypted multi-channel ...
ViewSonic CRT monitor. (Hardware).(advertisement)
Jul 08, 2002 ... Reader Service No. 45 The ViewSonic A90F 19-inch PerfectFlat CRT monitor offers excellent performance for people who want a larger, affordable, high-quality display for everyday applications. Featuring the award-winning PerfectFlat screen technology, the A90F renders ...
ItsDeductible. (Software).(advertisement)
Jul 08, 2002 ... Reader Service No. 42 Millions of Americans forfeit hundreds of dollars of legal tax savings year after year simply because they fail to take advantage of a common tax deduction. Most taxpayers realize that non-cash donations, such as clothing, furniture and household goods can ...
Memory Stick. (Hardware).(advertisement)
Jul 08, 2002 ... Reader Service No. 46 Don't miss a minute of your next meeting--get Sony's slim ICD-MS515 Memory Stick portable digital dictating machine. Removable Memory Stick Media records all dictation on small, compact, high-capacity Memory Stick media cards and enables up to 171 minutes ...
Work Theory. (Software).(advertisement)
Jul 08, 2002 ... Reader Service No. 43 Net Theory released Work Theory v1.0, a comprehensive online software application for small and midsize service businesses that need to track and bill time. Work Theory includes a project management system for assigning and delegating tasks and tracking ...
Laser fax. (Hardware).(advertisement)
Jul 08, 2002 ... Reader Service No. 47 This compact yet comprehensive communications hub delivers crisp and clear 600 x 600 dpi resolution at a lightning fast 10 ppm from a large capacity 150-sheet paper tray and that's only the beginning. Other features include an all digital answering system ...
Vehicle compass. (Et Cetera).(advertisement)
Jul 08, 2002 ... Reader Service No. 48 The vehicle compass with ice alert is a potential lifesaver when you're traveling, hunting or playing in the great outdoors. The jumbo digital screen, visual and numeric directional readings and an ice alert are some of the extras built into this ...
GAAP 2002. (Et Cetera).(advertisement)
Jul 08, 2002 ... Reader Service No. 49 Wiley GAAP 2002: Interpretation and Application of Generally Accepted Accounting Principles 2002 presents in a single volume the generally accepted accounting principles established by the FASB and the AICPA. It discusses all effective FASB statements of ...
DVD player. (Et Cetera).(advertisement)
Jul 08, 2002 ... Reader Service No. 50 The Toshiba Advantage combines the picture and sound quality advantages of a DVD player with the convenient recording and playback options of a videocassette recorder. This DVD/VHS player includes ColorStream component video outputs compatible with today's ...
CRIC Capital LLC. (California).(new Director of Acquisitions)(Brief Article)
Jul 08, 2002 ... CRIC Capital LLC has named Travis Pacoe as Director of Acquisitions. Based in CRIC Capital's San Francisco office, Pacoe joins the company's experienced acquisitions team that includes Leo Schwartz in Greenwich, Conn. and Brian ...
Wheeler, Wolfenden & Dwares. (Delaware).(CPAmerica International re-appoints M. Cynthia Sublett)(Brief Article)
Jul 08, 2002 ... M. Cynthia Sublett, a director at Wheeler, Wolfenden & Dwares, Wilmington, has been re-appointed to the Tax Executive Committee of CPAmerica International, an international association of major independent CPA and consulting firms. Sublett will be instrumental ...
Dunbar, Cook & Shepard PC. (Indiana).(promotion)(Brief Article)
Jul 08, 2002 ... Dunbar, Cook & Shepard PC, Indianapolis, ...
Sikich Gardner & Co. LLP. (Illinois).(Illinois Certified Public Accounting Society appoints new chairperson)
Jul 08, 2002 ... Duane D. Suits, of Sikich Gardner & Co. LLP, Aurora, is the new chairperson of the Illinois Certified Public Accounting Society. Suits has served in various ICPAS leadership positions. He is also a member of the AICPA Council ....
ICS Advantage LLC. (Illinois).(Steve Wegner, Neil Witek earn advanced certification)(Brief Article)
Jul 08, 2002 ... Jeff Rudolph, president of ICS Advantage LLC announced two members of the firm have earned advanced certification. Steve Wegner, solutions consultant, received the designation of Cisco Certified Design Associate and Neil Witek received the project manager professional designation. The ...
Iowa Society of CPAs. (Iowa).(appointments)(Brief Article)
Jul 08, 2002 ... The following information was announced regarding members of the Iowa Society of CPAs. Robert C. Sheetz, of Clifton Gunderson LLP, Cedar Rapids and Richard E. Winkel, Clinton, have been admitted as partners. Brian L. Perkins, formerly with Riverside World, Iowa Falls, has joined Green Belt ...
McLean, Koehler, Sparks & Hammond. (Maryland).(Barbara L. Craig appointed)(Brief Article)
Jul 08, 2002 ... McLean, Koehler, Sparks & Hammond, Baltimore, has announced a strategic partnership with Barbara L. Craig to provide business improvement solutions to Maryland companies. Craig will join the firm's Frederick office as a business process consultant. She has over 20 years of consulting ...
Schowalter & Jabouri PC. (Missouri).(appoints Mei Chan)(Brief Article)
Jul 08, 2002 ... Schowalter & Jabouri PC, St. Louis, announced that Mei Chan has joined the firm as a ...
Amper, Politziner & Mattia. (New Jersey).(Linda Gibson appointed)(Brief Article)
Jul 08, 2002 ... Amper, Politziner & Mattia, Edison, announced that Linda Gibson joined the firm as a senior manager in the litigation and valuation group. Gibson has more than 20 years of business ...
Rosenberg Rich Baker Berman & Co. (New Jersey).(National Republican Congressional Committee appoints Frank S. LaForgia)(Brief Article)
Jul 08, 2002 ... Rosenberg Rich Baker Berman & Co., Bridgewater and Maplewood, announced that Frank S. LaForgia, a partner of the firm, was recently appointed by the National Republican Congressional Committee to serve on ...