AccountingWEB Weekly News Wrap-Up - Issue 187


This News Wrap-Up Brought To You By:

FRx Forecaster

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THIS WEEK'S TOP NEWS

  1. IRS Chief Nominee: Curbing Tax Evasion is Priority One
  2. Oversight Board to be Funded by Corporations
  3. Andersen Retiree Names Partners in Lawsuit
  4. Class Action Filed Against Intuit Over Product Activation
  5. PwC Chairman Calls For Expanded Auditor Responsibility
  6. IBM Consulting Regains Former PwC Clients
  7. Stock Options And Pensions Added to FASB Agenda
  8. AICPA Issues Internal Control Reporting Exposure Draft
  9. Voices of Reform: Get Out of Tax, Get Out of Audit, Shape up!
  10. Estate Beneficiaries Sue E&Y For Faulty Tax Advice
  11. Gems on Reform From Investment Guru Warren Buffett

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EDITORIAL

Everything I have to say today seems pretty inconsequential given what’s happening in the world this week. With US now officially at war, we all send our thoughts and prayers to the 250,000+ service men and women in and around Iraq.

Professional soldiers are joined in this war by a vast spectrum of reservists, representative of your clients, employees, service providers, friends and neighbors. We salute and appreciate all those reservists including doctors, mechanics, computer programmers, salespeople, government employees, business owners, and, yes, accountants in uniform, and pray for their safe and quick return.

Michael Platt, CEO
AccountingWEB, Inc.
mailto:editor@accountingweb.com

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THIS WEEK'S TOP NEWS

1. IRS Chief Nominee: Curbing Tax Evasion is Priority One

Despite former IRS Chairman Rossotti's report of the agency's failure to go after taxpayers who fail to file a return - or perhaps because of it - Mark Everson, the nominee to head the IRS, has vowed to make curbing tax evasion his top priority.

2. Oversight Board to be Funded by Corporations

The Public Company Accounting Oversight Board, the new watchdog panel that was spawned by the Sarbanes-Oxley Act of 2002, met last week to determine a formula that will cover funding for the group without directly costing the taxpayers anything.

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3. Andersen Retiree Names Partners in Lawsuit

Retired Arthur Andersen LLP partner Gilbert Viets has amended a previously filed lawsuit against Andersen and the remaining Big Four accounting firms and Grant Thornton to include members of the Andersen executive team and all former Andersen personnel who were partners as of January 2002.

Busy Season Stress Busters (Part One - Four)

If you missed any of the four parts of AccountingWEB's Busy
Season Stress Busters, check this out!

4. Class Action Filed Against Intuit Over Product Activation

Customers who purchased Intuit's TurboTax tax preparation
software this year were surprised to find a new feature, the product activation feature, that prevents users from installing the software on more than one computer. Now those who purchased the software may be able to recover damages in a lawsuit filed against Intuit.

5. PwC Chairman Calls For Expanded Auditor Responsibility

Speaking at the Economic Club of Detroit on March 17, PricewaterhouseCoopers Chairman Dennis Nally called for the auditing profession to expand its role to include greater responsibility for more of the contents of a company's annual report.

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6. IBM Consulting Regains Former PwC Clients

It's been nearly six months since IBM finalized the acquisition of the technology consulting division of PricewaterhouseCoopers (PwC). Over the months, PwC has been wooing back former PwC clients that left the consulting firm before IBM's acquisition. The "winback" program has been a success, with IBM winning back 70 percent of the consulting clients that were lost.

TAX TIP: Tax Changes For Business Owners

These tips are provided to help trigger ideas on ways to
minimize your tax burden, not as a substitute for professional advice.

7. Stock Options And Pensions Added to FASB Agenda

Responding to requests from investors, financial analysts and other users of financial information, the Financial Accounting Standards Board added to its agenda two projects that will seek to improve the accounting and disclosures relating to stock-based compensation and pension costs.

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8. AICPA Issues Internal Control Reporting Exposure Draft

In an effort to help auditors understand and implement Section 404 of the Sarbanes-Oxley Act - "Management Assessment of Internal Controls" - the AICPA's Auditing Standards Board (ASB) has issued an exposure draft on Internal Control Reporting.

9. Voices of Reform: Get Out of Tax, Get Out of Audit, Shape up!

As the accounting profession jockeys to identify and secure its proper place in the financial universe, conflicting messages continue to emanate from the leaders of the profession.

10. Estate Beneficiaries Sue E&Y For Faulty Tax Advice

Big Four firm Ernst & Young faces a court battle in the Circuit Court of Jackson County, Missouri, where beneficiaries and trustees of an estate claim the firm cost them millions due to a miscalculation of potential estate tax.

TAX TIP: Don't be Taken in by Tax Scams

The IRS reminds taxpayers not to fall victim to a variety of tax scams. These schemes take several shapes, ranging from promises of special tax refunds to illegal ways of "untaxing" yourself.

11. Gems on Reform From Investment Guru Warren Buffett

In what has become an annual tradition, the investment community eagerly looks forward to Mr. Buffett's annual Letter to Shareholders, in which he shares his views on his company and the state of corporate America. Find out what Mr. Buffett has to say this year!

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1. Tips on Managing People From David Maister

2. Ten Tax Season Media Opportunities

3. Excel Tip: Locate Phantom Links in Your Workbooks

4. Leveraging Busy Season Discussions to Nurture Relationships

5. Seven Tips To Keep Your Businesses PC Costs Down

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2003 TAX CALENDAR

Visit the AccountingWEB.com 2003 Tax Calendar today at http://www.accountingweb.com/tax/calendar1.html

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