AccountingWEB Weekly News Wrap-Up - Issue 169
- Up to 78 Million Taxpayers Will Be Able to File For Free
- PCAOB Challenged, Chair Implicated in Fraud Case
- PwC Pays $21.5M to Settle Case With Anicom
- California Panel Studies Changing Accounting Profession
- O'Neill: Tax Code is "Absolute Gibberish" - Overhaul Pending
- California Law Beefs Up Disclosure Requirements
- Treasury Releases Rules to Prevent Duplication of Losses
- Procedures Clarified For Accounting Period Changes
- SEC Moves to Curb Reporting and Trading Abuses
- IASB and FASB Tout Their "Norwalk Agreement"
- AccountingWEB 2003 Tax Tips Ticker Promotion
- The Art of Managing a Group of Professionals - Audio Tape
- Essentials of Setting Up a Mentoring Scheme - Document
- The AuditWatch Catalog - Free Download
- Resume Fraud More Common Than You Think
- How to Make a Positive Impact When Sending E-mail
Do CPA firms have a future with individual tax return preparation? For many firms, individual tax return preparation services can make up 25-50% of the firm's income, and contributes strongly to the "Tax Season" challenges renowned throughout the profession. Fee pressure has been mounting in this area, with many taxpayers opting to buy inexpensive software to do it themselves, or taking advantage of a growing number of "value added" offers by brokerage companies to have their returns prepared for free.
Adding to those challenges, this week the Treasury Department inked a deal with Free File Alliance, LLC, a consortium of tax software companies, to provide free tax return preparation services for up to 60% of all taxpayers in the United States. That equates to 78 million individuals who may not be a part of your prospect pool for tax preparation. What will this do to your business?
In a post-Enron era where CPA firms are jockeying to redefine their service niches, this new twist puts even more emphasis on firms taking on consultative roles through tax planning services, not simply tax preparation services. High income clients will always need your services, but perhaps there are more planning services that can be offered to middle-income taxpayers who might otherwise opt for the growing number of free filing options. Start planning now for how your firm will replace some of its tax return preparation services with the (hopefully) more lucrative planning services that taxpayers really need.
Find out more about the free filing consortium and share your views by clicking on the "Comment" button.
Michael Platt, CEO
For those of you who work with federal, state, or local governments and want a professional financial management staff that is knowledgeable, experienced, and confident, turn to individuals who hold the Certified Government Financial Management (CGFM) Certification. CGFM holders are serious about their careers, participate in professional development activities, and meet the rigorous standards endorsed by a national professional body. Learn more about the CGFM Program today. Call 1-800-AGA-7211 for a FREE INFORMATION KIT AND GIFT or visit us on the Web.
The Treasury Department has signed an agreement with Free File Alliance, LLC, an organization representing a consortium of tax software companies, to enable as many as 78 million taxpayers to file taxes online at no cost.
The SEC called for a review of the PCAOB selection process following press reports that newly-appointed Chairman William Webster is implicated in a fraud case against a company whose audit committee he chaired.
Facing accusations of acting recklessly by certifying the books of Anicom, Inc., PricewaterhouseCoopers has opted to settle a pending lawsuit from shareholders for $21.5 million, rather than seeking a protracted legal battle.
The Securities and Exchange Commission has issued Wells notices to three auditors from Big Four firm Ernst & Young. The notice advises the auditors that they are likely to be the subject of civil charges by the federal agency and gives them an opportunity to explain their actions in an effort to show why they should not be so charged.
The staff of AccountingWEB would like to hear from you! Tell us what you like, what you don't like and how we can enhance our service and your experience with us. Just e-mail us with your feedback and suggestions. Thank you for your time!
Treasury Secretary Paul O'Neill is overseeing a team of over 100 tax policy experts at the Treasury Department who are putting together a package of tax reform options to present to the White House right after the first of the year.
Ground-breaking new state legislation will soon require certain corporations doing business in California to disclose more information, including the names of their independent auditors. The information will be available to the public through an online system by the end of 2004.
The U.S. Treasury Department has issued proposed regulations to prevent the duplication of losses reported by groups of related corporations. The proposed regulations, issued under section 1502 of the Internal Revenue Code, apply to corporations that file consolidated tax returns.
The IRS has issued Notice 2002-72, which clarifies certain procedures for obtaining approval of an adoption, change or retention of an annual accounting period.
As part of its efforts to restore confidence in the capital markets, the U.S. Securities and Exchange Commission tentatively approved new curbs aimed at the types of reporting and trading abuses involved in recent accounting scandals.
In a surprising and controversial move, accounting standard-setters and regulators in the U.S. and Europe have jointly announced an agreement to stamp out any differences between FASB and IASB standards that may remain by January 1, 2005.
Below is a sampling of the featured Premium Subscription
content available to Premium Members. $49 buys full access to all Premium Subscription features for an entire year.
To subscribe, go to the order form.
Visit the Q&A Forum "Member Questions" Page for the most recent questions/answers posted by our subscribers. Add your comments and lend a hand!
Visit the AccountingWEB news page for the latest news and
information available on AccountingWEB. Just go to
Let AccountingWEB help your organization customize a marketing campaign for your products and services. Make sure you book your ad campaign in advance! Get your message in front our audience of accounting and finance professionals today. Our team can help you uncover promotional opportunities that are right for you.
You may modify your newswire subscriptions, cancel your newswire delivery or change your password information by visiting the Profile Page on our secure server.
Subscribe to the AccountingWEB Premium Subscription Service. For full unrestricted access to all articles in AccountingWEB, become a premium subscriber for just $49 a year!
All rights reserved.
"To inform, to enrich, to enlighten, to entertain."