AccountingWEB Weekly News Wrap-Up - Issue 197
- SEC to Require Stricter Internal Controls
- Key Components of The New Tax Legislation
- PricewaterhouseCoopers Fined $1 Million
- Whistleblower Seeks $2.5 Million in Suit Against Duke Power
- KPMG Sued Over United Way Embezzlement
- PCAOB Places Limits on Controversial Decision
- SEC Under Scrutiny For Settling Fraud Cases
- FASB Agrees to Rethink Pension Rule Change
- Ban Being Sought on E&Y New Client Additions
- Tax Freedom Day Arrived Early This Year
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Accountants have always had a strong love-hate relationship with new tax legislation. While new tax laws provide a whole new set of rules that challenges accountants to become "experts" in, it also provides tremendous opportunities to help and serve clients.
This week, the shouting and arm-twisting of the very vocal debate about the propriety of a tax cut bill came to an end. Congress reached an agreement and the President signed the Jobs and Growth Tax Relief Reconciliation Act of 2003 in an elaborate ceremony at the White House.
Be sure you take advantage of the window of opportunity this new law creates to inform, educate and advise clients and staff on ways to maximize their benefits from the legislation. We'll help you. START HERE.
Michael Platt, CEO
As part of its ongoing attempts to show that the buck stops in the CEO's office, the SEC voted this week to approve strict new internal control requirements, requiring CEOs to sign off that the rules are in place and being followed.
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The Jobs and Growth Tax Relief Reconciliation Act of 2003, signed into law this week, contains some splashy big tax cuts that will keep payroll accountants busy this summer, as well as a new rebate plan and tax incentives for both individuals as well as small businesses. Find out more today.
Be sure you have the tools you need to communicate to your clients and staff how the new tax laws will affect them. AccountingWEB has prepared a summary of the new law that you can use in client newsletters, on your Web site, and other client and staff communications.
On Thursday of last week, the Securities and Exchange Commission announced a settlement with Big Four firm PricewaterhouseCoopers regarding the firm's 1997 audit of SmarTalk Teleservices Inc.
An accountant with Duke Power Co. - a major utility in North and South Carolina - claims in a federal suit that he was harassed in a five-hour interrogation and was forced to take an unwanted job change.
Boutique investment partnership on the East Coast is looking to acquire a controlling interest in a business with $10 to $50+ million in annual revenues. Your assistance is needed in locating a possible acquisition candidate. A finder's fee will be paid to the organization that makes an introduction to a business that is ultimately acquired. The investment group will also commit to an ongoing role for any referring accounting firm. Find out more today!
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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.