AccountingWEB News Wrap-Up - Issue 205

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THIS WEEK'S NEWS

  1. Congress Tries Last Minute Push to Expand Child Tax Credit
  2. Full Text FASB Statements Now Available at no Charge
  3. Ernst & Young Faces More Tax Shelter Headaches
  4. Tax Advisers Lose Another Layer of Client-Adviser Privilege
  5. SEC Cites "Harry Potter Fantasy," Presses Forward on E&Y Sanctions
  6. IRS Issues Temporary Regulations on S Corporation ESOPS
  7. Report Places Freddie Mac Blame on Ousted Executives
  8. Three High Profile Law Suits OK'd Against Big Accounting Firms
  9. Crowe Chizek: Adding Partners, Offices For National Growth
  10. Executives Less Favorable to Sarbanes-Oxley One Year Later

Be sure to check out the Hot Topics, the AccountingWEB Q&A Forum, sample Premium Content and more in this week's News Wrap-up!

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PLATT'S PERSPECTIVE

Taxpayer privacy rights made the news twice this week, and in both cases the news was not good for the taxpayer. BDO Seidman has been forced to turn over client records to the IRS regarding tax shelter participation, and an IRS co-marketing scheme with H&R Block has critics crying foul.

What's at issue is the presumption that information shared with a tax adviser is sacred, and information shared with the IRS is sacred as well.

What we're learning is that in an era of corporate scandals, a down economy and government budget cuts, the IRS is cracking down on loopholes and is trying to run itself more like a business. Maybe, just maybe, that's a concept worth exploring.

Related Stories:

Privacy Advocates Cry "Foul" Over IRS Tactics

Tax Advisers Lose Another Layer of Client-Adviser Privilege

Michael Platt, CEO
AccountingWEB, Inc.
e-mail Mike Platt

THIS WEEK'S TOP NEWS

1. Congress Tries Last Minute Push to Expand Child Tax Credit

The Senate is offering a compromise, and Democrats promise negative publicity, but House Republicans seem to be holding out for an expanded Child Tax Credit that seems unlikely to make it into law this summer.

2. Full Text FASB Statements Now Available at no Charge

The Financial Accounting Standards Board has brought a midsummer's gift to the accounting profession. The status, summary, and full text of all statements are now available online, and free of charge!


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3. Ernst & Young Faces More Tax Shelter Headaches

The Internal Revenue Service is doing its best to keep Big Four firm Ernst & Young in the news this summer. The federal taxing agency is investigating a particular shelter devised and marketed by E&Y. Millions of dollars from many high profile executives could be at stake.

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4. Tax Advisers Lose Another Layer of Client-Adviser Privilege

In the continuing battle between tax advisers and the IRS regarding turning over taxpayer records of those involved in tax shelters, it seems the advisers are losing.

MORE NEWS. . .

5. SEC Cites "Harry Potter Fantasy," Presses Forward on E&Y Sanctions

6. IRS Issues Temporary Regulations on S Corporation ESOPS

7. Report Places Freddie Mac Blame on Ousted Executives

8. Three High Profile Law Suits OK'd Against Big Accounting Firms

9. Crowe Chizek: Adding Partners, Offices For National Growth

10. Executives Less Favorable to Sarbanes-Oxley One Year Later

Visit the AccountingWEB News Page for the latest updates!

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LAST WEEK'S HOT TOPICS

1. New Overtime Legislation Bill Passes in the House

2. Ernst & Young Could Face New Liability in HealthSouth Case

3. PCAOB Sets Firm Registration Deadline and Fees

4. Stock Options: New Valuation Model, New Approaches

5. AICPA Launches Audit Committee Matching System

Click here for more Hot Topics on AccountingWEB

TOP SELLING BOOKS ON ACCOUNTINGWEB

AccountingWEB has compiled a list of top selling books on the AccountingWEB.com site. Browse through this selection and see if you need to add any of these books to your library.

ACCOUNTINGWEB PREMIUM SUBSCRIPTIONS

See a sampling of this week's Premium Subscription content below.

1. How to Build Unique Referrals

2. How to Deal Effectively With Difficult Clients

3. Getting Beyond the Screener and Into The Interview

4. Resolving Personality Conflicts at Work

5. How to Differentiate Your Services

PREMIUM CONTENT ARCHIVES

Premium Subscriptions: Expert insight on managing an accounting practice, growing your business, professional development and personal improvement is just a click away for AccountingWEB Premium subscribers. Access to the growing library of the latest insights, ideas and tools is available for only $49 a year, just $4 a month.

ACCOUNTINGWEB Q & A FORUM

Visit the AccountingWEB Question and Answer Forum for this
week's topics. Post your comments and/or questions and lend a hand today! See a sampling of this week's questions added to the Forum.

1. Reclassification of Expenses. We have encountered an audit question related to application of MUS (monetary unit sampling). We have audited an expenses through performing a test of details on the sample selected by MUS method. After identifying the errors we have a problem of how to treat the "errors" that relates to inadequately classified expenses.

2. What kind of account is: Excess of replacement cost over historical cost of LIFO liquidation?

3. I have a client who has commercial real estate in the Bronx. She has just sold a portion of the air rights on one of her properties. I need to understand how to account for these monies. Any help would be appreciated. Thank you.

4. Owners Equity- change in ownership. I am the manager of a government services contractor that is an S Corporation with 2 owners. The president is buying out the vice president who is now planning to retire. How do I record this transaction in the owners' equity section of the balance sheet?

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