AccountingWEB Weekly News Wrap-Up - Issue 189

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THIS WEEK'S TOP NEWS

  1. Andersen Appeals Obstruction of Justice Verdict
  2. Forget Braxton, Deloitte Shelves Plans to Segregate Consulting
  3. Deadline Nears For Offshore Tax Evaders
  4. Companies do Pay Substantial Taxes, Even on Inflated Earnings
  5. SEC Sets New Rules For Audit Committees
  6. PwC Chief Criticizes Deloitte's Decision to Keep Consulting
  7. Grassley Urges Caution When Using Paid Tax Preparers
  8. Report Fails to Resolve Indian Trust Fund Dispute
  9. GASB Issues Deposit And Investment Risk Disclosures Standard
  10. Crowe Chizek Rebrands And Restructures For Growth
  11. DOL Releases Long Awaited Plan to Update The FLSA
  12. PCAOB Hears Jurisdictional Worries From Around The World
  13. Helpful Post Tax Season Tips to Organize Your Office!

Don't miss the Q&A Forum, 2003 Tax Calendar, AccountingWEB
Marketplace offerings and more. See details below.

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EDITORIAL

The Senate Finance Committee opened hearings this week on whether the IRS is doing everything it can to protect America's taxpayers from "unscrupulous" tax preparers. With this following on the heels of controversial television ads questioning the competency of some CPAs to minimize tax burdens, one can only wonder whether the accounting profession is about to undergo yet another round of scrutiny that could again tarnish its bruised image.

As tax season draws to a close, many of you are exercising your once-a-year opportunity to touch your clients and to again present yourself and your work as the professional-level product that it should be.

This is the perfect time not only to reassure the quality of your services, but also to thank your clients for their business, set up an appointment with them to talk about changes for next year, and see what else you can do to help them as their financial advisor. With unparalleled service like that, the need for Senate hearings will disappear and the profession will be saved another perception problem.

Michael Platt, CEO
AccountingWEB, Inc.

THIS WEEK'S TOP NEWS

1. Andersen Appeals Obstruction of Justice Verdict

In an 85-page brief submitted to the U.S. 5th Circuit Court of Appeals, lawyers for former Big Five accounting firm Arthur Andersen LLP presented reasons why they believe the appeals court should overturn Judge Melinda Harmon's guilty verdict on the obstruction of justice charge issued last year.

2. Forget Braxton, Deloitte Shelves Plans to Segregate Consulting

Big Four firm Deloitte Touche Tohmatsu has announced that plans to break off its Deloitte Consulting arm into an independent company have been tabled. "We began this process at a time of more robust consulting, capital and credit markets - all of which have deteriorated in the past 14 months, due to economic uncertainty exacerbated by the war in Iraq," said James E. Copeland, Jr., Deloitte CEO.

3. Deadline Nears For Offshore Tax Evaders

April 15 is the last chance for people who have used offshore payment cards or other offshore financial arrangements to avoid U.S. taxes to take advantage of the Offshore Voluntary Compliance Initiative (OVCI). Here's what you need to know.

4. Companies do Pay Substantial Taxes, Even on Inflated Earnings

Just because a company inflates its earnings by a couple hundred million doesn't mean it won't pay the taxes on those bogus earnings. At least that's what three university researchers discovered when they conducted a study on the tax consequences of allegedly fraudulent earnings.

5. SEC Sets New Rules For Audit Committees

The Securities and Exchange Commission has voted to adopt rules directing the national securities exchanges and national securities associations to prohibit the listing of any security of an issuer that is not in compliance with the audit committee requirements established by the Sarbanes-Oxley Act of 2002.

MORE HEADLINE NEWS. . .

6. PwC Chief Criticizes Deloitte's Decision to Keep Consulting

7. Grassley Urges Caution When Using Paid Tax Preparers

8. Report Fails to Resolve Indian Trust Fund Dispute

9. GASB Issues Deposit And Investment Risk Disclosures Standard

10. Crowe Chizek Rebrands And Restructures For Growth

11. DOL Releases Long Awaited Plan to Update The FLSA

12. PCAOB Hears Jurisdictional Worries From Around The World

13. Helpful Post Tax Season Tips to Organize Your Office!

Visit the AccountingWEB News page for all of this week's headlines.

PREMIUM CONTENT

Below is a sampling of the Premium Content available to Premium Subscribers on the AccountingWEB Web Site. You can subscribe today for just $49/year and get a FREE 35-Marketing Tips document upon registration. If you have not yet upgraded your membership to the $49/year Premium Service, just click here to sign up now.

1. Tips on Collecting Receivables

2. Overcome Your Fear of Job Interviews

3. Hidden Overhead - Hidden Expenses Cost You Money

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ACCOUNTINGWEB MARKETPLACE

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D&B business reports are now available through AccountingWEB, Inc.! Start your search now... 2. Streamline Your Credit & Collections PoliciesThis downloadable Word document (551k) can be saved to your hard drive and customized for your firm's use. Only $95.00 for the entire template package. Find out more today.3. "Eight Ways to Avoid Probate" E-BookletAttorney Mary Randolph details eight key strategies to avoiding the probate money pit. Includes worksheets and sample letters, as well as state-by-state charts that pinpoint which strategies are viable in each state. Download for just $19.95.4. Save Time and Money With Industry ProfilesCut-and-paste industry information directly from Industry
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MORE MARKETPLACE RESOURCES..."Disaster Planning For CPA Firms" E-Booklet - $39.95"Employee Orientation and Training" E-Booklet - $39.95"Estate Planning Basics" E-Booklet - $21.99"Fixed Asset Policy Templates" Download for $75.00"Home Sales - 2003" Download for $150.00"Low Cost High Impact Ways To Win New Clients" Download for $49.95
2003 TAX CALENDARVisit the AccountingWEB.com 2003 Tax Calendar today.

Q&A FORUM

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!

1. Social Security Benefits Received by Child. I would appreciate if someone can help about the taxability of Social Security Benefits received by the child.

2. Union Members - Daily Travel Expenses. Can union members deduct mileage for their transportation from home to the job site? Does anyone know what union employees can deduct that is allowable by the IRS? Specifically mileage?

3. Private vs. Public Accounting? I want to understand the differences and similarities between the areas of public accounting and private accounting. I'm thinking about going into private accounting but I want to make sure that its best for me.

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