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.
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