AccountingWEB News Wrap-Up - Issue 201
- House Passes New April 30 Tax Filing Deadline
- First Freddie Mac, Now Fannie Mae in the Hot Seat?
- Treasury Department Sues One of Nation's Largest Law Firms
- Landmark Accounting Legislation Passes in NY State Senate
- KPMG Feels Tax Shelter Heat on Several Fronts
- SEC Names New Chief Accountant
- H&R Block Settles Class Action Suit
- Treasury Issues Guidance on Partnership Abuses
- NASD Requires Firms to Use Archiving IM Technology
- Canada Pushes PCAOB For Auditor Exemption
- Niemeier: "AICPA Has Made Some Big Blunders"
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Like thousands of other Americans, I am in the process of refinancing my home mortgage. I've got to tell you, though, that for a process that mortgage brokers carry out many times each week, my experience has been one of frustration, surprises and mystery.
Even though I'm working with someone I trust and with whom I've worked before, I am still running into a surprising number of additional forms needed, missing documentation requests, lost paperwork, and an infuriating and incomprehensible "mysteriousness" about the actual
payoff figures and escrow balances that seemingly can't be nailed down until the actual day of the transaction - leaving the "planner" in me frustrated and operating in the dark.
I consider myself fairly financially savvy, and recognize that the mortgage industry has been in a go-go mode for a couple of years now. But the reality is that client service is still important; answering direct questions with direct answers is still important; and helping clients effortlessly navigate their way through unfamiliar territory is still important - regardless of whether you are a mortgage broker, a CPA or a consultant! Just something to keep in mind as you try to speed through your to-do list each day...
Mike Platt, CEO 
The House of Representatives voted last week 252-170 to pass a bill that would change the deadline for filing annual individual income tax returns from April 15 to April 30. What's going on here?
Just two weeks after a shake up at Freddie Mac led to the ouster of three executives in the nation's No. 2 mortgage company, the No. 1 company, Fannie Mae, finds itself under the microscope.
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The IRS and the Treasury Department sued Dallas-based Jenkens & Gilchrist, one of the nation's largest law firms on Thursday, demanding that the firm turn over information about clients who participated in potential abusive tax shelters promoted by the law firm.
4. Landmark Accounting Legislation Passes in New York State Senate 
New, sweeping legislation has been passed in the state Senate which modernizes New York's laws regulating the practice of public accounting. The New York Society of CPAs says, "Bravo!"
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3. Beware New Child Tax Credit Scam 
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If you missed this week's AccountingWEB Resource Guide, check it out now. 
AccountingWEB has prepared a summary of the Jobs and Growth Reconciliation Tax Act of 2003 - written for the non-tax professional - for you to offer to your clients. Our Tax Legislation Summary includes both an MS Word formatted document (that you can cut and paste as you wish) as well as an HTML formatted document that you can cut and paste right into your Web site immediately. Find out more today! 
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