News Wrap-Up - Issue 226

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THIS WEEK'S NEWS

  1. Alternative Minimum Tax Top Problem Facing Taxpayers
  2. IRS E-Filing Directive Sparks Privacy Debate
  3. California Tax Preparers Gear Up For Mandatory E-Filing
  4. KPMG Makes Management Changes After Recent Tax Shelter Probe
  5. SEC Finds "Revenue Sharing" Practices at 13 Brokerages
  6. Coming Soon to a TV Near You: "The Accountant and the Stripper"
  7. Bush Seeks to End Leasing Deals That Lead to Tax Write-Offs
  8. Fastow Strikes Plea Deal, Will Serve 10 Years For Enron Scandal
  9. SEC Proposes New Investment Rules
  10. IRS Office of Professional Responsibility to Disbar CPA
  11. Microsoft Issues Security Bulletin; One Critical

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*** PLATT’S PERSPECTIVE ***

With the 90-day run up to the April 15 tax filing deadline starting this week, controversies over electronic filing have made their way into the headlines over the last few days.

Privacy advocates are up in arms over an IRS plan to identify and tag e-filed returns. "For marketing purposes" says the IRS – "Unnecessary government intrusion and privacy concerns" say opponents. Some software companies feel so strongly about the issue that they are
pulling out of the IRS free filing initiative. >> Full article.

Meanwhile, in California, that harbinger of all new social and economic trends, tax preparers are gearing up for a new mandatory e-filing law requiring electronic filing if they handle more than 100 returns. Gone are the days where preparers can choose to offer whether or not to e-file. Gone are the days where professional discretion comes into play in determining the best method for clients to file. So what does the future of paper filing in your state look like? As the great Governor of California is fond of saying, "Hasta La Vista, Baby." >> Full article.

Michael Platt
AccountingWEB, Inc.

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THIS WEEK'S NEWS

  1. Alternative Minimum Tax Top Problem Facing Taxpayers

National Taxpayer Advocate Nina E. Olson this week released a report to Congress that identifies the Alternative Minimum Tax (AMT) and sole proprietor tax noncompliance as the top two problems faced by taxpayers.

  1. IRS E-Filing Directive Sparks Privacy Debate

Is it unnecessary government intrusion or a way to gather routine information? Tax preparers are debating that question since the IRS announced it would flag taxpayers who use its free electronic tax filing program.

  1. California Tax Preparers Gear Up For Mandatory E-Filing

A new law in California has some tax preparers scrambling to ensure they can file every state tax return electronically this year. The law requires all tax preparers who filed more than 100 state returns for the 2002 tax year to submit all their work for this tax season by computer.

*** SPONSOR OFFER ***

AccountingWEB is pleased to bring you tools that can help systematize the accounting department of a small company, corporate business or a public accounting firm. Department policy groups identified below range in price from $75.00 - $145.00 for each complete group, which consists of anywhere from 20-50 individual policies each. You may also purchase the entire accounting department policy collection for $795. Click here to learn more!

  1. KPMG Makes Management Changes After Recent Tax Shelter Probe

On Monday, KPMG's Chairman and Chief Executive Eugene D. O'Kelly announced that several management changes were being made in the firm's leadership structure. This announcement comes at a time when the IRS is investigating KPMG as a promoter of potentially abusive tax shelters.

  1. SEC Finds "Revenue Sharing" Practices at 13 Brokerages

The Securities and Exchange Commission said Tuesday that the activity behind the scandal rocking the $7 trillion mutual fund industry is apparently quite common, with 13 out of 15 brokerages under SEC scrutiny admitting to "revenue sharing" practices.

MORE NEWS...

  1. Coming Soon to a TV Near You: "The Accountant and the Stripper"
  2. Bush Seeks to End Leasing Deals That Lead to Tax Write-Offs
  3. Fastow Strikes Plea Deal, Will Serve 10 Years For Enron Scandal
  4. SEC Proposes New Investment Rules
  5. IRS Office of Professional Responsibility to Disbar CPA
  6. Microsoft Issues Security Bulletin; One Critical

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HOT TOPICS ON ACCOUNTINGWEB

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  1. Ernst & Young Sued in Medicare Billing Case
  2. Tax Filing Season Opens With The Debut of 1040 Central
  3. New Year's Resolution: Ten Tips For Organizing Your Finances
  4. Suit Alleges EY, UBS Knew of HealthSouth Fraud

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