For Chief Financial Officers of U.S. companies, a short successful war will mean positive revenue growth over the next year according to the March "CFO Outlook Survey," conducted this week by Financial Executives International (FEI) and Duke University's Fuqua School of Business. However, a prolonged war with Iraq would cause revenues to remain flat for the coming 12 months.

Last Thursday, the U.S. Senate's Joint Committee on Taxation published a three-volume, 2,700 page report describing what the committee had learned of the tax shelters used by Enron Corporation to reduce and in some cases avoid paying U.S. corporate income tax. The year-long investigation into Enron's shenanigans produced a high level of awe from Senators who knew big corporations use tax shelters to lower their tax bills but didn't know quite how much of an industry the practice is.

Last week the Teamsters union negotiated the highest health increase ever in the freight industry. While health costs are increasing at an unprecedented rate and employers are cutting benefits, raising the cost of employee participation, or both, the major trucking companies agreed to health and pension fund increases of $3.10 per hour and a continuation of the no-co-pay policy that is nearly non-existent among the rest of corporate America.

A new report, "The Way We Tax: A 50-State Report," produced by the staff of Governing magazine, points out weaknesses in state tax systems across the country. "The vast majority of state tax systems are inadequate for the task of funding a 21st century government," the authors begin. "Many of those tax systems are also unfair."The report claims that tax policies among the states, which vary greatly from state to state, are based on decisions made during the depression era. While economic conditions have changed, taxes, for the most part, have not kept up with the change.

The Independent Community Bankers of America, in cooperation with Grant Thornton, has released a comprehensive study outlining a menu of federal tax relief and simplification measures to improve the country's economy.The 50-page study, "Community Bank Tax Relief and Simplification Options," was developed by the community banking sector to suggest policies that should be enacted to assist small businesses and individuals, and increase the viability of community banks to serve these customers.The Top Ten Tax Fix

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.The tax plan features the following reductions:An immediate elimination of federal income tax on all dividend income, retroactive to January 1, 2003.An immediate increase in the child tax credit for children under the age of 17 from the current $600 per child to $1,000 per child effective for tax year 2003.

In an attempt to spur the sagging economy, the Bush White House is considering recommending tax cuts that could go into effect as early as January 1, 2003. Top among the cuts under consideration are an immediate repeal of the marriage penalty, currently slated for repeal in 2009, and an increase in the Child Tax Credit to $1,000.

On average, starting salaries for accounting and finance professionals should remain little changed from 2002, according to the just-released 2003 Salary Guide from Robert Half Finance & Accounting and Accountemps. With continued economic uncertainty, demand will remain strong for accounting professionals who can implement cost containment and cash-flow improvement initiatives, research shows. The 2003 Salary Guide is based on an analysis of the thousands of job orders managed by the company's U.S.

The NonProfit Times, in association with accounting firm Grant Thornton, has released the 14th Annual NonProfit Times 100, an in-depth study of the financial positions of the 100 largest not-for-profit organizations in the country.The study was conducted through an examination of federal Form 990s, organizational annual reports, and personal interviews. To be included in the listing, an organization needs to raise at least 10% of its revenues from the public.