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THIS WEEK'S TOP NEWS
- SEC Proposes New Audit Committee Requirements
- Developments at The PCAOB
- Summary of 2002 Tax Law Changes For Businesses
- Bush Tax Plan Has Something For Everyone
- President of AmEx Tax & Business Services Resigns
- AICPA Announces Top Ten Technologies For 2003
- KPMG Invites Comments on Current Audit Issues
- AICPA's Melancon Named Among Worst Managers of 2002
- After Tyco's "Aggressive Accounting," PwC Vows Selectivity
- Taxpayer Advocate Group Lists Top Complaints About The IRS
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Since September 11, 2001, more than 100,000 Reserve and National Guard members have been called to active duty. We all understand what kind of stresses arise for those individuals and their families. But what about the financial and workplace implications for the thousands of businesses that employ these guardsmen? What are their responsibilities? What resources are available to ease the burden caused by employees being called to action?
As we seemingly move closer to war, you need to make it your business to know the answer to these questions. Whether you are the owner of a CPA firm with reservists on staff, whether you are a CFO of a company with reservists, or an advisor to businesses that have reservists, you need to know.
AccountingWEB is committed to assisting military reservists and the businesses that employ them, and offers the link below to resources available to you. Additionally, we want to know how the issue of military reservists affects you. Does your organization have any military reservists on staff? Please go to the following article and take our poll.
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THIS WEEK'S TOP NEWS
The SEC put real teeth into proposed new rules for the oversight of auditors by audit committees. Any U.S. public company that doesn't follow the rules will not be permitted to list its shares on a national stock exchange.
2. Developments at The PCAOB
Three former chief accountants of the SEC wrote to members of the new accounting oversight board, urging the board to take audit standards away from the AICPA.
The Oversight Board held it's first official meeting this week, naming Charles Niemeier as acting Chairman. Additionally, the Board set salary levels for itself that already are controversial, established a recruitment center to fill key positions, and in an ironic development secured office space vacated by former Big Five firm Andersen.
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There are some changes to the tax laws effective for 2002 income tax returns that work to the benefit of business taxpayers. Tax accountants will want to make sure their clients are aware of these changes that will save their clients tax dollars on their 2002 tax returns and in years to come.
President Bush presented his latest tax plan to Congress on
Tuesday. Included in the plan are tax reductions and credits that will benefit all taxpayers.
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Andrew P. Cvitanov, the man at the helm of American Express Tax & Business Services (TBS), has resigned, effective immediately. The AmEx TBS division is the organization behind the consolidation of the non-attest assets of CPA firms into the American Express umbrella.
Information Security is once again the number one issue for the American technology community, according to the results of the 2003 Top Technologies survey by the American Institute of Certified Public Accountants. It took the lead spot in the Institute's 2001 ranking and came in third place last year.
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KPMG is publicly inviting comments on current audit issues.
Readers can submit comments on a newly established interactive Web site.
8. AICPA's Melancon Named Among Worst Managers of 2002
BusinessWeek magazine released its annual Best Managers of the Year list last week for 2002 and supplemented this year's list with a complementary Worst Managers of the Year. Take a look at how the accounting profession was represented.
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In a series of ads timed to correspond with the release of a critical report into the accounting practices of its audit client Tyco International, PwC is vowing a return to an era of greater selectivity in client service.
The National Taxpayer Advocate Service has filed its annual
report with Congress setting out the most serious problems
encountered by taxpayers in dealing with the Internal Revenue Service, the most litigated tax issues, and the TAS's recommendations for legislation.
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Visit the Q&A Forum "Member Questions" Page for the most recent questions/answers posted by our subscribers. Add your comments and lend a hand!
- Social Security Taxes on Foreign Wages. If a US Citizen works in a foreign country for a foreign business what is the social security implications. I am getting different opinions from social security and CPA's concerning the social security taxes due.
- Health reimbursement arrangement (HRA). The HRA allows
employee participants to carry forward any unused medical
reimbursement amounts to the next year. After several years, the employer could be carrying forward a large liability. Is this booked as a liability and expensed as a form of employee benefit each year? Or is it expensed only when the employee is reimbursed?
- CPA for US branch or Ltd Co subsidiary. I am trying to set up either a Branch or Ltd Co in the US for a small Irish software company. We have a representative in Boston, so we would prefer to deal with a firm based there or familiar with applicable local law. If your firm can assist us, please get in touch.
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"To inform, to enrich, to enlighten, to entertain."