AccountingWEB News Wrap-Up - Issue 202

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HAVE A SAFE AND FESTIVE HOLIDAY WEEKEND

THIS WEEK'S TOP NEWS

  1. PCAOB Wants Auditor Misdemeanors Made Public
  2. Illinois to Add $45 Million to State Coffers With Estate Tax
  3. Enron Lawsuit to Push Limits of Corporate Pension Plan Laws
  4. WorldCom Lawsuit Against Andersen Gets Go-Ahead
  5. E&Y to Make $15 Million Settlement With IRS
  6. H&R Block Settles Multi-Million Dollar Class Action Suit
  7. IRS Employees Using Computers For Personal Use
  8. Accounting Watchdog Agency Has Bookkeeping Problems of Its Own
  9. IRS Closes Door on Controversial Tax Shelter
  10. Companies Fail to Heed SEC’s Deadline For Insider Trading Disclosure

Make sure you check out the Hot Topics and Premium Content sampling in this week's News Wrap-Up.

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PLATT'S PERSPECTIVE

Thanks to the new tax law, employees should see more money in their paychecks starting this week, as new withholding tables kick in with lower tax rates.

This "gift" from the federal government comes during the week of the 60th anniversary of the passage of the Current Tax Payment Act, which mandated that employers begin withholding employee's taxes in the first place. It was July 1943 - the middle of World War II, when this tax payment "convenience" was first implemented. It offered a way for Americans to budget their tax payment as well as provided much needed funds to the federal government months before the March 15 filing deadline.

Now, 60 years later, it's still a good idea to check your withholding amount to make sure the government doesn't get to use too much of your money during the year. After all, you don't want to get too big of a "refund" after April 15!

Michael Platt, CEO
AccountingWEB, Inc.
Mike Platt

THIS WEEK'S TOP NEWS

1. PCAOB Wants Auditor Misdemeanors Made Public

The Public Company Accounting Oversight Board is asking auditing firms who register with the PCAOB Board to divulge information on auditors who have committed misdemeanor offenses of any kind in the past five years.

2. Illinois to Add $45 Million to State Coffers With Estate Tax

Not waiting for the federal government to make a final decision on the fate of the federal estate tax, the Illinois legislature is preparing to add an estate tax on estates exceeding $1.5 million. The state expects to add approximately $45 million per year to its budget by enacting the estate tax.

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3. Enron Lawsuit to Push Limits of Corporate Pension Plan Laws

The Department of Labor has filed suit against Enron Corporation and individuals who were directors and other executives of the now bankrupt conglomerate, alleging that the company violated pension laws by mismanaging employee retirement funds.

4. WorldCom Lawsuit Against Andersen Gets Go-Ahead

A district judge in Mississippi has ruled that WorldCom has a green light to proceed with a class action lawsuit against now defunct public accounting firm Andersen.

MORE TOP NEWS. . .

5. E&Y to Make $15 Million Settlement With IRS

6. H&R Block Settles Multi-Million Dollar Class Action Suit

7. IRS Employees Using Computers For Personal Use

8. Accounting Watchdog Agency Has Bookkeeping Problems of Its Own

9. IRS Closes Door on Controversial Tax Shelter

10. Companies Fail to Heed SEC’s Deadline For Insider Trading Disclosure

Visit the AccountingWEB News Page for the latest updates!

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PREMIUM CONTENT

1. Characteristics That Make a Successful Entrepreneur

2. Ten Quick Range Name Tricks - Excel Tip

3. Top Strategies For Client Retention

4. Strategies For Communicating With Your Clients

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HOT TOPICS

1. U.S. and EU Face Off Over Sarbanes-Oxley Regulation

2. This Synergy Will Incentivize Your Company's Paradigm - Say What?

3. KPMG Feels Tax Shelter Heat on Several Fronts

4. Corporate Minutes: More Than a Unit of Time

5. Payroll Card May Replace Checks as Preferred Method of Pay

Click here for more Hot Topics on AccountingWEB. A>

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Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
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Jul 23
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In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.