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March 23, 2006
THIS WEEK'S NEWS

Scams Increase As Tax Deadline Approaches

Pennsylvania Poised to Join 47 CPA Jurisdictions with 150-Hour Rules

Federal Contractors Probed as Tax Gap Widens

GASB Identifies Key Differences Between Governmental & Business Financial Reporting

Tax Deductions for Accounting Professionals

The Good Guys Finish First

Ratio of Federal Spending to Tax Revenue Favors Low Income States

Billionaires & Accounting Scandals

March Madness Spawns Gambling Madness

GM Revising 2000 to 2005 Profit Figures

More News





"Busy Season Promotion!"

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Something to Think About

It is a mistake to regard age as a downhill grade toward dissolution. The reverse is true. As one grows older, one climbs with surprising strides.

George Sand






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ADDICTED TO WORK

It can be hard to remember, in the middle of the busy season, that there will come a time when things will slow down and you will have time to leave your desk or even take some time off. Of course, not everyone will scale back their work habits. Some will keep going, full speed, not just into the post tax season but for years to come. These people are workaholics.

Workaholism, like many other addictions, has been linked to a variety of health and emotional problems, from exhaustion and high blood pressure to divorce and an inability to relax.

"High-income, highly educated people are particularly likely to suffer from workaholism with regard to deciding when to retire -- going cold turkey on their addictive behavior," said Joel Slemond, professor of business economics and public policy at the University of Michigan's Stephen M. Ross school of Business and director of the Office of Tax Policy research.

Slemrod and colleague Daniel Hamermesh of the University of Texas, examined data from the University of Michigan's Retirement History survey and Panel Study of Income Dynamics and found that highly educated workers are less likely to follow through with their retirement plans. According to the study, workaholics, many of whom become addicted early in their careers, often misjudge the costs and benefits of working more hours and working beyond their retirement dates.

"The results suggest that certain more educated and higher-income respondents simply cannot help themselves," Slemrod said. "They express an expectation of retirement, but when the time comes, they are less likely to be retired."

Of course, addiction to work may be only part of the explanation. Something else could also be going on.

"An alternative cause may be that people develop apparent workaholic behavior because they develop additions to the consumer goods whose increased purchase is made possible by the fruits of their work," Slemrod explains.

We all look like workaholics during the busy season. The real test comes later in the year. If you are still at your desk when everyone else is scheduling, taking and talking about vacations, it may be time to take a hard look at your priorities. Before retirement passes you by.

Written by Jay Hammond, Managing Editor, AccountingWEB.com Editor@AccountingWEB.com

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