AccountingWEB News Wrap-Up - Issue 202
- PCAOB Wants Auditor Misdemeanors Made Public
- Illinois to Add $45 Million to State Coffers With Estate Tax
- Enron Lawsuit to Push Limits of Corporate Pension Plan Laws
- WorldCom Lawsuit Against Andersen Gets Go-Ahead
- E&Y to Make $15 Million Settlement With IRS
- H&R Block Settles Multi-Million Dollar Class Action Suit
- IRS Employees Using Computers For Personal Use
- Accounting Watchdog Agency Has Bookkeeping Problems of Its Own
- IRS Closes Door on Controversial Tax Shelter
- Companies Fail to Heed SEC’s Deadline For Insider Trading Disclosure
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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
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.
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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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.
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.
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"To inform, to enrich, to enlighten, to entertain."
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.