AccountingWEB News Wrap-Up - Issue 213

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THIS WEEK'S NEWS

  1. IRS, States Partner to Target Abusive Tax Avoidance
  2. House Passes Internet Tax Moratorium
  3. PCAOB Tackles Tax Shelters
  4. New Challenges For Reporting 2002 Capital Gains
  5. Taxes Paid to State and Local Governments Jumps in FY 2003
  6. Justice Department Leans on Grant Thornton, Abusive Tax Shelters
  7. AICPA Task Force Issues Report Containing 14 Recommendations
  8. TurboTax E-File Scam May Land Wisconsin Woman in Jail
  9. SEC Seeks Ways to Work in Harmony With State Authorities
  10. NYSE's Grasso Yields to Public Outcry and Resigns

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THIS WEEK'S NEWS

1. IRS, States Partner to Target Abusive Tax Avoidance

This week the Internal Revenue Service and state tax officials announced the creation of a new nationwide partnership to combat abusive tax avoidance. Under agreements with individual states, the IRS will share information on abusive tax avoidance transactions and those taxpayers who participate in them.

2. House Passes Internet Tax Moratorium

On Wednesday, the House of Representatives passed the Internet Tax Non-Discrimination Act, the bill that imposes a permanent ban on taxes on Internet services.

3. PCAOB Tackles Tax Shelters

In its top-to-bottom review of all aspects of the auditing business, the Public Company Accounting Oversight Board (PCAOB) has turned its attention to tax shelters.


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4. New Challenges For Reporting 2002 Capital Gains

Schedule D, Capital Gains and Losses, the tax form used to report sales of assets held as investments, is in for a facelift. Changes to the form for the Spring 2003 tax filing season will incorporate new tax rules that provide a lower tax rate on capital gain income for sales occurring after May 5, 2003.

MORE NEWS. . .

5. Taxes Paid to State And Local Governments Jumps in FY 2003

6. Justice Department Leans on Grant Thornton, Tax Shelter Info.

7. AICPA Task Force Issues Report Containing 14 Recommendations

8. TurboTax E-File Scam May Land Wisconsin Woman in Jail

9. SEC Seeks Ways to Work in Harmony With State Authorities

10. NYSE's Grasso Yields to Public Outcry and Resigns

REMINDER: IRS Retirement Plan Deadline

The IRS is reminding small and mid-size businesses using "off-the-shelf" retirement plan documents to update their plans by September 30, 2003. Businesses must formally adopt updates to maintain the tax benefits associated with retirement plans. Read the entire article.

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3. Mistakes Companies Make in Computer Crime Prevention

4. Five Ways Small Businesses Can Avoid Ethics Problems

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LAST WEEK'S HOT TOPICS

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1. CFOs Measuring Cost of Sarbanes-Oxley Implementation

2. PCAOB Chief Warns Auditors of "Grave Consequences" For Misdeeds

3. Cost of Health Insurance Continues to Soar

4. First Enron Executive is Sent to Prison

5. H&R Block to Set up Shop at a Wal-Mart Near You

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