AccountingNet Helps Businesses Save Thousands of Dollars; AccountingNet Teams with TimeValue Software to Reduce IRS Deposit Penalties by an Average of 42 Percent

Business Wire, Jan 7, 2000

Business Editors, High-Tech Writers

SEATTLE--(BUSINESS WIRE)--Jan. 7, 2000

AccountingNet (www.accountingnet.com), the complete online resource for accounting professionals, and TimeValue Software (www.timevalue.com) today announced the availability of the Web941 Tax Penalty Calculator, a free online service for business taxpayers.

Powered by TimeValue Software, Web941 reduces average tax penalties owed by using a computer model to test alternative computation methods. It has reduced or eliminated penalties in 91 percent of cases by an average of 42 percent.

"Last year's Restructuring and Reform Act allows taxpayers to use alternative computation methods to find out if they're overpaying," said Derek Doke, co-founder and chief executive officer at AccountingNet. "The IRS computes these penalties in a way that usually produces the highest penalty result. Now, thanks to TimeValue's technology, there's an alternative."

With more than 3.8 million penalty notices each year, the Web941 Tax Penalty Calculator provides a strong, results-driven solution for taxpayers by calculating penalties that are frequently hundreds or thousands of dollars less than the IRS method.

By combining this essential online service with the convenience of the Internet, AccountingNet makes time-consuming accounting functions and research easier than ever before. Users enter liabilities and deposits, then Web941 runs through a series of allocation strategies. If the Web941 calculator finds a better allocation, the tool provides complete documentation on how to allocate deposits. The output can be used for the taxpayer's records and for the IRS. If the Web941 calculator fails to produce a lower result, it uses the IRS allocation.

"When you have a number of liabilities and deposits, it quickly becomes almost impossible to test all the possible deposit alternatives," said Tom Persky, Head of Product Development at TimeValue Software. "Even in relatively simple cases, the number of potential designation strategies can quickly run into the millions. That's where Web941 comes in."

The service is free, unless Web941 saves the user more than $500. If savings exceed $500, there is a flat fee of $49.

Starting in January 2002, the IRS will change its computation methodology in order to reduce the number of notices with overstated penalties. But even when the IRS completes its work, the complex structure of the rules will continue to make it necessary for taxpayers run to alternative calculations.

Availability

To use Web941, visit www.accountingnet.com and go to the Research Library. Supporting literature about the federal tax deposit penalty is also available.

About AccountingNet Solutions, Inc.

AccountingNet(TM) (www.accountingnet.com) is the complete online resource for accounting professionals, servicing more than 300,000 accountant visits per month. With headquarters in Seattle, the company provides online news, research and educational materials for accountants and develops turnkey Internet solutions for more than 30 CPA associations. The AccountingNet network of sites includes Accounting and Finance Jobs(TM) (www.accountingjobs.com), CPA Link(TM) (www.cpalink.com), AccountingStudents(TM) (www.accountingstudents.com), and Digital Springs, Inc. (www.digitalsprings.com).

AccountingNet has headquarters at 600 Stewart Street, Suite 820, Seattle, Wash. 98101, and can be reached by phone at 206/441-8285 or 800/724-4696.

About TimeValue Software

TimeValue Software develops, markets and supports time value of money, loan, financial, accounting, tax, and payroll software for personal computers and networks. TimeValue Software products are used by over 100,000 financial professionals and firms, including all of the national accounting firms. They also produce special editions of their TValue, TaxInterest, and File In Time products for the American Institute of Certified Public Accountants (AICPA). In addition to personal computer-based software products, they offer a DLL (dynamic link library) that allows software developers to use their time value of money calculations in other software applications. These time value of money calculations are also available for Web page development.