Catalyst (Dublin, Ohio) articles from January 2003

Catalyst (Dublin, Ohio) archives from January 2003

A new year with hope. (A Message from the Chair).
January 1, 2003... In reflecting on the events of the past year--as we start a new year--I am very optimistic about our profession, the health of the financial markets and the restoration of investor confidence in the upcoming year. Some might ask, how can I feel...

IRS revises Voluntary Disclosure Practice. (Newsflash: National).
January 1, 2003... A taxpayer's timely, voluntary disclosure of a substantial unreported tax liability has long been an important factor in deciding whether the taxpayer's case should ultimately be referred for criminal prosecution. This Voluntary Disclosure...

Volunteers needed for exam standard setting. (Newsflash: National).
January 1, 2003... The AICPA needs CPA volunteers to participate in standard setting sessions for the new computer-based CPA exam. These sessions will take place in 2003 and be used as a basis for setting passing grades on the revised CPA Examination, scheduled...

Incentives to employ workers with disabilities receive limited use. (Newsflash: National).
January 1, 2003... A recent GAO report found only a small proportion of corporate and individual taxpayers use the work opportunity credit and the disabled access credit, and a large share of the credits reported are from taxpayers with businesses within a few...

Treasury issues final regulations regarding third-party contacts. (Newsflash: National).
January 1, 2003... The Treasury Department has issued final regulations regarding the requirement that the IRS notify a taxpayer both before and after the IRS contacts third parties in connection with an issue such as an examination. This requirement is...

Analysis shows "real" state revenue was down in 3rd quarter. (Newsflash: National).
January 1, 2003... A new analysis by the Rockefeller Institute of Government indicates that real underlying state tax revenue was down 0.9 percent during the third quarter of this year. This marked the fifth straight quarter of adjusted revenue decline. On a...

Health insurance to be priority for Small Business Senate and House Committees. (Newsflash: National).
January 1, 2003... Senator Olympia J. Snowe, incoming chair of the U.S. Senate Committee on Small Business and Entrepreneurship, and Congressman Don Manzullo, chairman of the U.S. House Committee on Small Business, have announced plans making addressing the...

Treasury clarifies foreign tax credit changes for 2003. (Newsflash: National).
January 1, 2003... The Treasury Department and the IRS have issued Notice 2003-5 to provide guidance to taxpayers regarding the application of statutory changes to the foreign tax credit rules that were enacted as part of the Taxpayer Relief Act of 1997 but that...

AICPA releases comment letter in support of SEC's proposed rule on retention of records. (Newsflash: National).
January 1, 2003... The AICPA has expressed its support for the SEC'S proposed rule regarding retention of records relevant to audits and reviews of issuers' financial statements in a recently released comment letter. The AICPA focused its comments on clarifying...

Smart Business Network to hold seminars. (Newsflash: State).
January 1, 2003... The Smart Business Network (SBN) will hold several informational seminars over the next few months. The topics to be covered are: * OSHA's New Recordkeeping Standards (Jan. 22-Columbus) * eWomen Network Luncheon (Jan. 23-Cleveland) ...

Modified appeal procedures--Corrected Assessments released by ODT. (Newsflash: State).
January 1, 2003... Appeal procedures for Ohio Revised Code section (R.C.) 5703.60 have been released by the Ohio Department of Taxation (ODT). These procedures apply to most tax assessments on and after Sept 6, 2002. R.C. 5703.60 allows ODT to issue a Corrected...

Ohio Safety Congress & Expo can help impact your bottom line. (Newsflash: State).
January 1, 2003... The 73rd Ohio Safety Congress & Expo, sponsored by the Ohio Bureau of Workers' Compensation's Division of Safety & Hygiene, to be held April 1-3 at the Greater Columbus Convention Center, is free to all Ohio employers. Whether looking for...

Weighing in on Ohio's economy.
January 1, 2003... Ohio's economy is complex. For the local economy to thrive and succeed, it must change. But change isn't easy. The state is dealing with slow, local economic recovery from a national recession. And, competition--not only global, but domestic,...

Point/counterpoint: Is it time to separate GAAP/GAAS for small and large companies?
January 1, 2003... After the passage of the Sarbanes-Oxley Act of 2002, new reforms have emerged from the SEC, Congress and other regulatory bodies on a daily basis. These regulations deal with all aspects of oversight: investor information, fraud, financial...

The nitty gritty details behind the PCAOB.
January 1, 2003... This past year has certainly seen significant changes for the accounting profession. Among the changes is a complete overhaul of the oversight of the accounting profession, as specified in the Sarbanes-Oxley Act of 2002. One of the most...

Another look at saving for college.
January 1, 2003... The newly enacted Economic Growth and Tax Relief Reconciliation Act, EGTRRA, has resulted in an explosion of college saving plans because it exempts withdrawals from federal taxes (already exempt from Ohio state taxes) when used to pay...

Reform: If you think you aren't impacted, think again.
January 1, 2003... Five months have passed since President George W. Bush signed the Sarbanes-Oxley Act of 2002 into law, and the impact of this far-reaching mandate is still evolving at the national and state levels. The federal government's new Public...

Back to the basics: explaining annual reports to your clients.
January 1, 2003... What does your client need to know about a company's annual report? As a CPA, you are frequently asked to explain this complex document. To further complicate the request, that person may have only a basic knowledge of the document and its...

Sarbanes-Oxley's effect on Ohio: A poll of business leaders and CPAs.
January 1, 2003... There has been tremendous concern about the credibility and image of the CPA profession in the "post Enron" world. To gain more insight into the scope of this problem, The Ohio Society of CPAs commissioned two research surveys to probe CPAs and...

People are our most important (capital) assets.
January 1, 2003... How many times have you heard someone say "people are our most important assets?' How many times have you said it to someone? In today's "knowledge worker" world, it has become a common phrase, but is it reinforced in an organization's actions...

High-tech competency tool provides personal and professional benchmarking for CPAs. (Business Bytes).
January 1, 2003... The AICPA created the computer-based Competency Self-Assessment Tool (CAT) to help current and future CPAs in the quest for professional excellence and is designed to address the demanding and ever increasing needs of these challenging times....

The best digital cameras for the money. (Gadgets & Gizmos).
January 1, 2003... For the gadget crazy, digital cameras are fast becoming a must-have. I looked at a few different manufacturers and selected the best cameras while trying to stay within a reasonable price range. Below are my choices of the best valued digital...

2002 Tax Guide for Legislators again available exclusively online. (Capitol Access).
January 1, 2003... It's that time of year again... The Ohio Society of CPAs' Tax Guide for Ohio Legislators for Tax Year 2002 will be available in January. This annual publication is produced in an effort to assist legislators with some of the complex...

Strategies to ensure ethical diligence at your firm. (Steal this Idea).
January 1, 2003... In this time of increased scrutiny of accounting practices, it seems appropriate to take a fresh look at how we ensure ethical diligence among accounting staff, particularly compliance with the CPA profession's Code of Professional Ethics. At...

Members only.
January 1, 2003... The Accountancy Board of Ohio Makes History With Its New Chairman The Accountancy Board of Ohio (ABO) recently made history when it became the first of 54 state accounting regulatory agencies in the United States to elect a chairman who is...

Members in motion.
January 1, 2003... Crowe, Chizek and Co. ranked eighth in Public Accounting Report's 2002 Top 100, which lists the 100 largest firms by U.S. net revenue. This is the eighth consecutive year Crowe Chizek has placed in the top ten. Clifton Gunderson LLP has...

Ohio Society success: tort reform legislation to reign in lawsuit abuse. (Capitol Access).
January 1, 2003... The Ohio Society of CPAs has scored a major victory on one of its top legislative priorities, providing much needed lawsuit abuse relief to Ohio CPA firms and businesses that have long suffered under the litigious environment that has run...