Accounting Today articles from July 2003

Accounting Today archives from July 2003

State regulators wrestle with SOX: NASBA begins developing guidelines to handle legislation's repercussions.
July 7, 2003... PORTLAND, ORE. -- A year after the passage of the Sarbanes-Oxley Act, accounting's state regulators are determining how to collectively deal with the sweeping reform measure. The National Association of State Boards of Accountancy is...

At Vest, life goes on with Wells Fargo.
July 7, 2003... IRVING, TEXAS -- H.D. Vest, a pioneer in establishing a niche for CPAs to provide investment advisory services to their clients, is celebrating its 20th year in business and its second under the stewardship of California-based...

Filling the gap. (Action Idea).
July 7, 2003... With vacation season upon us, one employee's hard-earned time off often results in another's extra work. The time to plan for short-handed periods is before your staff start taking breaks. Some tips: * Keep the team informed. Let everyone...

Rotherham to exit RSM McGladrey.
July 7, 2003... BLOOMINGTON, MINN. -- Tom Rotherham, president and chief executive at tax and consulting firm RSM McGladrey, and one of the architects of the 1999 McGladrey & Pullen merger with H&R Block, announced his departure from the firm, based here,...

$39mn contract for XBRL at FDIC.
July 7, 2003... WASHINGTON -- The federal government has awarded a $39 million contract for reporting system modernization at the Federal Deposit Insurance Corp., which will incorporate XBRL, the Internet-based reporting language for business reports. The...

House OKs speedier SEC hiring.
July 7, 2003... WASHINGTON -- House lawmakers, in a 423-0 vote, approved legislation to speed the much-needed hiring of accountants at the Securities and Exchange Commission. The bill, H.R. 658, the Accountant, Compliance, and Enforcement Staffing Act of...

Legislators empower Texas board.
July 7, 2003... DALLAS -- Lone Star legislators have given the Texas State Board of Public Accountancy a set of sharpened regulatory teeth, empowering the board with subpoena power, and the authority to both share information with other law enforcement...

Court upholds Md. 'nexus' on Del. holding company. (Top of the news: the complete chronicle of news and trends shaping the profession).
July 7, 2003... Nexus, the connection between a state and a business that allows the state to impose its tax, is an issue that won't go away as state legislatures and courts seek ways to prevent the loss of tax revenue. The Maryland Court of Appeals has...

Are Best's partner plans more than just lip service? (Top of the news: the complete chronicle of news and trends shaping the profession).
July 7, 2003... ORLANDO, FLA. -- Best Software recently brought together one of the largest groups of resellers in its history to send a message about who the company is, where it's going and why it's good to be a partner. For the most part, the reseller...

Lynn Turner named new MD at KZC. (Top of the news: the complete chronicle of news and trends shaping the profession).
July 7, 2003... NEW YORK -- Lynn Turner, former chief accountant at the Securities and Exchange Commission and an outspoken critic of the Big Four and the American Institute of CPAs, was named a managing director at financial consulting firm Kroll Zolfo...

Small business resources. (Web Cites).
July 7, 2003... * AccountStreet.com--www.accountstreet.com This company offers tax and accounting professionals a turnkey program to aid their clients with due diligence. It concentrates on incorporation and formation, trademark and domain name...

Footnotes.
July 7, 2003... CSCPA HONORS ACCOUNTING CROWS: The Connecticut Society of CPAs has honored the Accounting Crows, a rock 'n' roll band with four CPAs among its members, with its Annual Service Award. Band members were feted for their "positive...

House hearings are hostile to stock options expensing.
July 7, 2003... The options debate rages on and on. Legislation aimed at short-circuiting plans by the Financial Accounting Standards Board for the mandatory expensing of stock option compensation "would undermine the board's standards-setting processes,"...

GASB bulletin helps to take mystery out of derivatives.
July 7, 2003... NORWALK, CONN. -- The world has become a riskier place, and not just from the threat of traditional weapons of mass destruction. The budget crises faced by American state and municipal governments have led them to take a few chances in their...

U-Hauling the PCAOB. (Opinion: the free and open forum for the tax and accounting community).
July 7, 2003... Ionce had an editor who regularly conferred on his stable of reporters the old adage, "One might be unlucky, but two is a trend." That usually proved true when pursuing a story of fraud or corruption in a company or administration, or...

Public accounting--no longer a profession: connect the dots. (Commentary).
July 7, 2003... There are times when the obvious becomes obscured and there are times when the obvious is disputed. The following explicit abstracts portray a panorama that should be thoughtfully digested at this time of upheaval in the public accounting...

The objectives of financial reporting. (Commentary).
July 7, 2003... On June 2, The Wall Street Journal published attacks on the foundation of accounting in not one but three different op-ed pieces. Unfortunately, none of the authors appreciated the role of accounting in the real world, which seems strange since...

Offshore tax return processing is not out of hand. (Commentary).
July 7, 2003... As the April 15 deadline approached this year, articles and commentaries began to appear drawing attention to the offshore processing of individuals' tax returns--a method that began last year, gained considerable momentum this year and is...

Treasury releases child tax rebate checks timetable. (Taxing Issues).
July 7, 2003... * TREASURY RELEASES CHILD TAX REBATE CHECKS TIMETABLE: Those child tax credit rebate checks will start fanning out across the U.S. starting on July 25, the Treasury Department announced. More than 25 million taxpayers will be receiving...

Senate passes more family tax relief. (Taxing Issues).
July 7, 2003... * SENATE PASSES MORE FAMILY TAX RELIEF: Sen. Chuck Grassley, R-Iowa, chairman of the Committee on Finance, won Senate passage of a compromise version of his legislation to give Americans more family tax relief. The legislation, passed by...

Experts say sunset provisions should give investors pause. (Taxing Issues).
July 7, 2003... * EXPERTS SAY SUNSET PROVISIONS SHOULD GIVE INVESTORS PAUSE: The new tax law seems to answer many investors' prayers, but before rushing out to completely overhaul your portfolio, you should take into account some of the sunset provisions built...

GAO audit finds significant weaknesses in IRS controls. (Tax practice: the special report on news and trends for the tax professional).
July 7, 2003... The Internal Revenue Service is vulnerable to theft and impaired reliability of current financial information needed to make decisions, according to a General Accounting Office audit. "Continued weaknesses expose the IRS to unnecessary risk...

Helping your clients make the most of the new tax law. (Tax Strategy).
July 7, 2003... The Jobs and Growth Tax Relief Reconciliation Act of 2003 seems to have gotten enough press coverage to educate most people on the basics. It appears as if most taxpayers understand a new tax law has passed Congress that is likely to give most...

Intuit expands payroll offerings. (Tax practice: the special report on news and trends for the tax professional).
July 7, 2003... NEW YORK -- Intuit Inc. unveiled plans for an enhanced online edition of its Complete payroll program and two other new payroll-related programs for small and midsized businesses. The company said that its Complete Payroll for Quick-Books...

Lesco taps KPMG. (Change Of Auditors).
July 7, 2003... * LESCO TAPS KPMG: Turf-care provider Lesco Inc. tapped Big Four firm KPMG as its auditor, replacing rival giant Ernst & Young. In a statement, Lesco said that there were no disagreements between the company and E&Y on matters of accounting...

Puroflow selects E&Y. (Change Of Auditors).
July 7, 2003... * PUROFLOW SELECTS E&Y: Filter manufacturer Puroflow tapped Big Four firm Ernst & Young as its independent accountant, succeeding Rose, Snyder & Jacobs. In an 8-K filing, Puroflow said that there were no disagreements with RS&J, and reports on...

Ameron replaced D&T. (Change Of Auditors).
July 7, 2003... * AMERON REPLACED D&T: Pipe technology concern Ameron International Corp. replaced Big Four firm Deloitte & Touche with PricewaterhouseCoopers, according to a filing with the Securities and Exchange Commission. The filing did not state a...

American Millennium taps GHP as auditor. (Change Of Auditors).
July 7, 2003... * AMERICAN MILLENNIUM TAPS GHP AS AUDITOR: Wireless concern American Millennium dismissed incumbent auditor Dohan & Co. last month and hired Denver-based Gelfond Hochstadt Pangburn as its replacement, according to an 8-K filing. The...

Educators' failures and the profession's decline. (The Spirit Of Accounting).
July 7, 2003... By now, millions of words have been written about the fall of the accounting profession to its lowest levels of prestige and respect in its 100-plus years of life. Ominous swells on the financial reporting ocean appeared with frauds at...

No more donations: FASB readies for shift in funding. (Assurance: technical developments, professional issues engagement changes).
July 7, 2003... NORWALK, CONN. -- Since its founding in 1973, the Financial Accounting Standards Board has been funded by voluntary contributions from the big accounting firms, the American Institute of CPAs, a number of corporations, smaller accounting firms...

Veteran tax lobbyist joins FPA. (PFP Briefs).
July 7, 2003... * VETERAN TAX LOBBYIST JOINS FPA: Veteran tax lobbyist William R. DeReuter has joined the Washington staff of the Financial Planning Association as assistant director of government relations. DeReuter will be responsible for developing FPA...

Morningstar to acquire MPower. (PFP Briefs).
July 7, 2003... * MORNINGSTAR TO ACQUIRE MPOWER: Morningstar is making a grab for the large-plan sponsor retirement market. The Chicago-based outfit inked a deal to acquire privately held mPower.com Inc., a San Francisco-based investment advisory firm that...

TD Waterhouse integrates Axys into Veo platform. (PFP Briefs).
July 7, 2003... * TD WATERHOUSE INTEGRATES AXYS INTO VEO PLATFORM: Brokerage giant TD Waterhouse has integrated Advent Software's Axys portfolio management and reporting solution with its Internet-based platform for advisors, Veo. Advisors who use the TD...

Vanguard expands relationship with financial engines. (PFP Briefs).
July 7, 2003... * VANGUARD EXPANDS RELATIONSHIP WITH FINANCIAL ENGINES: The Vanguard Group has expanded its relationship with Financial Engines to include transaction and data aggregation capabilities for retirement plan participants whose employers provide...

Advisorport crosses $10b mark. (PFP Briefs).
July 7, 2003... * ADVISORPORT CROSSES $10B MARK: Advisorport, an outsource provider of online fee-based platforms to broker/ dealers, independent advisor networks and money management firms, has crossed the $10 billion mark in assets serviced. The...

Surveys says Gen Xers shaken by market losses. (PFP Briefs).
July 7, 2003... * SURVEY SAYS GEN XERS SHAKEN BY MARKET LOSSES: Shaken by market losses and Wall Street scandals, investors from Generation X--the 52 million Americans born between 1967 and 1981--have slowed their investment pace, according to a poll by the...

Many small advisors find gloomy future is here today. (Financial planning: news and strategies for the personal financial planner).
July 7, 2003... The dire predictions of a shakeout in the advisory business are coming true. Competition for clients is squeezing revenue and the cost of delivering additional client services is eating at profits. Registered investment advisors face the...

New tax legislation lowers long-term capital gains rates. (Financial Planning Tax Tactics).
July 7, 2003... The recently passed Jobs and Growth Tax Relief Reconciliation Act of 2003 reduced the 10 percent tax rate on adjusted net capital gain to 5 percent, and the 20 percent tax rate on adjusted net capital gain to 15 percent. The act also...

IRS helps out retirement plan sponsors.
July 7, 2003... WASHINGTON -- The Internal Revenue Service is streamlining its system of voluntary correction programs designed to help retirement plan sponsors and administrators retain the favorable tax status of their plans, including simplifying the fee...

Clifton Gunderson brands tech practice. (Tech Briefs).
July 7, 2003... * CLIFTON GUNDERSON BRANDS TECH PRACTICE: Clifton Gunderson, one of the nation's 20 largest CPA firms, has combined its national technology consulting operations under one umbrella organization, Clifton Gunderson Technology Solutions. The...

Big Microsoft reseller gets bigger. (Tech Briefs).
July 7, 2003... * BIG MICROSOFT RESELLER GETS BIGGER: Altara, one of Microsoft Business Solutions' largest resellers, has added offices in St. Louis and Dallas. The Dallas office, led by Duane Connor, who has been named president of Altara Southwest, will...

Intacct adds payroll from PayMaxx. (Tech Briefs).
July 7, 2003... * INTACCT ADDS PAYROLL FROM PAYMAXX: Online accounting solutions developer Intacct Corp. has added payroll to its applications offerings under an alliance with payroll processor PayMaxx Inc. Intacct will co-market PayLoad Suite, PayMaxx's...

MBS one of the few receptive to Web-based prospects. (Ecomm Patrol).
July 7, 2003... * MBS ONE OF THE FEW RECEPTIVE TO WEB-BASED PROSPECTS: Microsoft Business Solutions is leading a reluctant field of technology companies in responding to prospects that make Web site inquiries, according to Boston-based technology industry...

SOX could spell Y2k for IT spending, implementations. (Technology: news and trends in information systems and electronic commerce).
July 7, 2003... BOSTON -- The Sarbanes-Oxley law's new standards for financial reporting have set the stage for a surge in information technology implementations that could be comparable to the Year 2000 compliance buying craze of the late 1990s, reports AMR...

AmEx alliance shelters SAP from SMB market shakeout. (Technology: news and trends in information systems and electronic commerce).
July 7, 2003... NEW YORK -- Three months into its alliance with American Express Tax & Business Services, software giant SAP AG has new reasons to be pleased with its decision to work with the accounting firm in marketing to small and midsized businesses. ...

Consolidation benefits trial balance software. (Software Review).
July 7, 2003... The consolidation of the CPA software market-place in recent years has resulted in a cream-of-the-crop selection of trial balance software products. Nearly all of the independent vendors of trial balance packages have been purchased by...

Managing your move to document management. (Boomer's Blueprint).
July 7, 2003... Most firms have document management on their agendas. Before you start your project or even if you have already started, it would be wise to step back and ask a few important questions in order to focus on priorities, meet expectations and...

Peachtree Premium. (Software).
July 7, 2003... Peachtree Premium Accounting--Accountants' Edition is designed specifically for accountants. With the ability to set up, open and edit client data from any Peachtree 2004 product, this can save accountants time and hard drive space. The...

'Hidden Financial Risk'.
July 7, 2003... Penn State accounting professor and Accounting Today contributing columnist J. Edward Ketz proclaims that recent accounting scandals are the product of profound systemic failures and that the remedy will require fundamental changes in the U.S....

SOX compliance. (Software).
July 7, 2003... "Becoming a Financial Integrity Advocate" is a new on-line training program from WeComply designed to help companies comply with the financial reporting requirements of the Sarbanes-Oxley Act. The training explains the broader impact of...

Reduce tax deposit penalties. (Software).
July 7, 2003... TaxPenalty.com's penalty abatement software is now available with enhanced features and new subscription pricing. Taxpayers using the service can expect to reduce their penalties by as much as 45 percent. TaxPenalty.com works by reallocating...

'Winning in the Invisible Market'.
July 7, 2003... These days, selling professional services has become much harder than ever before. Marketing and sales consultant Robert Potter's new book, "Winning in the Invisible Market," is designed to help accounting professionals and CPA firms acquire...

Tax legislation explained.
July 7, 2003... The Jobs and Growth Tax Relief Reconciliation Act of 2003 accelerates changes already mandated by existing law, but also makes new changes to the tax treatment of capital gains, dividends and certain business expenses. In "2003 Tax Legislation:...

Salesforce.com upgrades. (Software).
July 7, 2003... The latest version of hosted customer relationship management software Salesforce.com features pre-built accounting adapters to QuickBooks and Great Plains accounting software. The accounting adapters--built by Salesforce.com partner eBridge...

'Counterfeiting Exposed'.
July 7, 2003... Counterfeiting is one of the fastest growing economic crimes, threatening businesses, undermining trade relations, and scaring off new investments. In "Counterfeiting Exposed: Protecting Your Brand and Customers," authors David Hopkins, Lewis...

Rothstein, Kass & Co. PC. (California).
July 7, 2003... Richard O'Rourke has joined Rothstein, Kass & Co. PC, Beverly Hills, as audit manager for the National Real Estate Group. He brings more than 15 years of experience, and was previously a senior manager for Deloitte & Touche.

California Society of CPAs'. (California).
July 7, 2003... James Kuhn was given the California Society of CPAs' Distinguished Service Award, in recognition of his service to the profession and the society. A CPA since 1955, Kuhn served as president of the society from 1969 to 1970.

Madsen, Sapp, Mena, Rodriguez & Co. (Florida).
July 7, 2003... Elizabeth O'Mara, a staff auditor with Madsen, Sapp, Mena, Rodriguez & Co., Fort Lauderdale, achieved the seventh-highest grade in the state on the most-recent Florida Uniform CPA Exam, out of 1,008 candidates. O'Mara is also currently pursuing...

KB Group-KB Information Services. (Florida).
July 7, 2003... Nathan D. Bailey, a project manager with KB Group-KB Information Services, Sarasota, has passed the CPA Exam.

Porter Keadle Moore LLP. (Georgia).
July 7, 2003... Tim Keadle, a partner with Porter Keadle Moore LLP, Atlanta, was elected to serve a three-year term on the Board of Directors for the University of Georgia's Alumni Association. Keadle is a 1978 graduate.

Coming events.
July 7, 2003... --JULY-- 7-11: 2003 Tax Education Program--Week 3, AICPA. University of Illinois at Champaign, Champaign, Ill. Contact: www.cpa2biz.com/conferences. 8-9: The Reluctant Salesperson: A Realistic Approach to Practice Development for the...

Blackman Kallick Bartelstein LLP. (Illinois).
July 7, 2003... Genevieve R. Burns, an audit partner-in-charge with Blackmail Kallick Bartelstein LLP, Chicago, was named the 2003 Corporate Woman of Achievement by the Chicago Area Chapter of the National Association of Women Business Owners.

KAWG&F. (Maryland).
July 7, 2003... KAWG&F, Baltimore, has hired Gail A. Millison as a senior accountant in the firm's Internal Accounting Department; Kristin S. Putchinski as a training coordinator; and Richard E. Barbe and Melissa J. Pitchford as in-charge accountants. In...

Reznick Fedder & Silverman. (Maryland).
July 7, 2003... Ivan Silverman, of Reznick Fedder & Silverman, Bethesda, has been appointed chairman of the Hebrew Home of Greater Washington, the largest nursing home on the East Coast.

New Jersey Society of CPAs. (New Jersey).
July 7, 2003... Marshall A. Morris, of the Barson Group, Somerville, has begun a term as chairman of the Matrimonial Services Committee of the New Jersey Society of CPAs. In addition, the firm announced that Kartik J. Shah, a business valuation specialist, has...

Fagliarone Group CPAs PC. (New York).
July 7, 2003... Tracy L. Amidon, a tax manager with Fagliarone Group CPAs PC, Syracuse, has been accepted into the BDO Seidman LLP Advanced Sales College for Alliance Members, a two-year program for senior partners and managers who are BDO Seidman Alliance...

Van Kampen Investments. (New York).
July 7, 2003... Steve Gleason and Thomas Hughes, financial professionals at New Horizons Asset Management Group LLC, Newburgh and Poughkeepsie, were chosen by Van Kampen Investments for membership in the Generations of Experience Club, Van Kampen's top...

Albrecht, Viggiano, Zureck & Co. PC. (New York).
July 7, 2003... Charles M. Mattern, a principal at Albrecht, Viggiano, Zureck & Co. PC, Hauppauge, will be honored as one of the Class of 2003 Leadership by the Long Island Chapter of the National Multiple Sclerosis Society.

Vanacore DeBenedictus DiGiovanni & Weddell LLP. (New York).
July 7, 2003... Vanacore DeBenedictus DiGovanni & Weddell LLP, Newburgh and Poughkeepsie, announced that Ita M. Rahilly, a manager in the tax department, and partner Deborah Bailey-Browne have been selected as honorees for the YWCA of Dutchess County Salute to...

Carbis Walker LLP. (Pennsylvania).
July 7, 2003... Thomas M. Kublack has joined Carbis Walker LLP, Pittsburgh, as a senior tax manager. He brings over 22 years of experience in public accounting, with the last 14 exclusively in tax.

Witt, Mares & Co. PLC. (Virginia).
July 7, 2003... LoriAnn Penman has joined Witt, Mares & Co. PLC, Newport News, as the firm's finance administrator. She was previously controller for Cale Realty Co.

Virginia Society of CPAs. (Virginia).
July 7, 2003... The Virginia Society of CPAs, Richmond, announced its officers and Board of Directors for 2003-2004. Richard P. Pontynen, a partner at Goodman & Co. LLP, Richmond, will serve as chairman of the board, while John L. Vincie III, a partner at...

Dixon Odom PLLC. (West Virginia).
July 7, 2003... William J. Behrens, a senior manager in the Clarksburg office of Dixon Odom PLLC, has been named the Young CPA of the Year by the West Virginia Society of CPAs. The award recognizes a CPA under 35 who has made significant contributions to the...

Fagliarone Group CPAs PC. (New York).
July 7, 2003... Fagliarone Group CPAs PC, Syracuse, received a Business/ Community Recognition Award from Partners for Business & Education Inc., in recognition of the firm's efforts to encourage high school and college students to consider careers in public...

Carlin, Charron & Rosen LLP. (Massachusetts).
July 7, 2003... Carlin, Charron & Rosen LLP, Worcester, has received the 2003 Torch Award for Marketplace Ethics from the Better Business Bureau of Central New England, in recognition of its "outstanding integrity in business practices, customer service and...

Enterprise Network. (Tennessee).
July 7, 2003... Enterprise Network, Nashville, an alliance of accounting firms, announced that McDirmit Davis Puckett & Co. LLC, Orlando, Fla., and Markovitz Dugan & Associates, Pittsburgh, Pa., have joined the network.

Internet directory: the tax and accounting community's Internet directory.
July 7, 2003... Don Uhl and Associates Inc. Acquire $5,000 to $50,000 + yearly fee Clients! www.afdcenter.com 12 Years of our successful system and programs have helped accountants build $500K to $4Mill firms and the most profitable firms in America...

Vegas revue: 'Pixie dust' at Tech 2003: new technology, more attendees, and plan for CITP mark AICPA show.
July 21, 2003... LAS VEGAS -- The American Institute of CPAs' 2003 Information Technology conference ushered in several new technological twists for practitioners, and offered a new turn in the future of the institute's Certified Information Technology...

New niches: CPA firms help clients to fill staffing needs.
July 21, 2003... Proving that CPAs are indeed their clients' most trusted advisors, an increasing number of accounting firms across the nation are helping their clientele eliminate hiring headaches. Equipped with first-hand knowledge of the skills and...

From piles to files. (Action Idea).
July 21, 2003... The National Association of Professional Organizers says that the average American will spend one year looking through desk clutter for misplaced objects, while executives spend six weeks of every year searching for misfiled or mislabeled...

PCAOB lays down tough ethics code.
July 21, 2003... WASHINGTON -- The Public Company Accounting Oversight Board has approved a stringent set of ethics rules for its board and staff--in an apparent effort to stave off any future conflicts of interest that could impede the group's advances against...

E&Y settles shelter dispute for $15mn.
July 21, 2003... WASHINGTON -- Ernst & Young has agreed to pay the Internal Revenue Service $15 million to resolve an investigation into its marketing of lucrative tax shelters. The Internal Revenue Service said that the agreement resolves all issues...

Audit finds flaws in SEC standards ...(Brief Article)
July 21, 2003... WASHINGTON -- An internal audit of the Securities and Exchange Commission revealed that some portions of the regulator's accounting standards were not up to par. The audit, which was performed on the SEC's fiscal 2002 financials, was...

... As Commission OKs option rules.(SEC approved measures requiring companies that trade on New York Stock Exchange and Nasdaq to get shareholder approval before granting any equity compensation plans)(Brief Article)
July 21, 2003... WASHINGTON -- The Securities and Exchange Commission approved measures requiring companies that trade on the New York Stock Exchange and Nasdaq to get shareholder approval before granting any equity compensation plans, including stock options....