Scott Gottlieb, CPA


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Balance Budget Act 1997

 

Never Underestimate the Value of A CPA


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NEWS BYTES
September 1997

Editor: Scott Gottlieb, CPA
Assistant editor: Susan A. Maffetone, CPA


Electronic Records Storage

The IRS recently issued Revenue Procedure 97-22, in which the IRS provides guidance on maintaining records by using an electronic storage system. In summary, the IRS insists the electronic system supports the taxpayer’s books and records, includes indexing and retrieval systems and provides an audit trail between the general ledger and the source documents. The taxpayer is obligated however, to provide the IRS with the resources necessary to locate, retrieve, read and reproduce any electronically stored books and records.

BEWARE VIRTUAL OFFICES: If the system fails to operate as required by the IRS the taxpayer may face penalties if it has not maintained its books and records.

New Bill in Congress Would Freeze Internet Taxation

The Internet Tax Freedom Act would impose an indefinite moratorium on state and local taxes on the Internet. Business conducted over the Internet – including the sale of software, on line newspapers and database services – generated $1.1 billion in 1996. According to the Treasury Department, Internet commerce could grow to $ 70 billion by 2000.Congressman Christopher Cox (R-Cal.) and Senator Ron Wyden (D-Ore.), who introduced the bill, believe that due to the Net’s decentralized architecture every transmission becomes vulnerable to multiple taxation. The bill would prohibit state and local governments from imposing taxes on online services and access. Another aspect of the bill would be to direct the administration to seek an international agreement making the Internet a duty-free zone. Truly cyberspace travel!

 Accounting Software tip of the month – Quick Books Pro – Using Passwords

QB pro has become the easy choice for small offices and personal business computing. The program is relatively inexpensive and simple to use. When it is used for small business applications by nonaccounting individuals a common Query is "how do I close a month?" QB does not have a monthly close feature, so your data could be corrupted in prior months by simply posting the wrong date. In order to control the integrity of data you should use the password protection feature. This feature can be activated as follows:

  1. From the file menu, choose passwords.
  2. Enter the last date of the period in the "Date through which books are closed." Field of the password’s window.
  3. Enter a password in the "Password to edit transactions on or before date above." Field.
  4. Click OK

Suggestion: Write down the period closed and the password used and place in a safe place should you need to refer to it!

September Words of Wisdom

Never leave your laptop unattended in a public place even for a moment.

Be especially cautious about installing any software from unknown sources; IT MAY CONTAIN A VIRUS.

BACKUP; BACKUP; BACKUP!

 

 

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The materials on this Web site are for informational purposes only and are not intended and should not be construed as accounting advice. This information is not intended to create, and receipt of it does not constitute, a CPA-Client relationship. You should not act upon this information without seeking counsel from a Certified Public Accountant