News Wrap-Up - Issue 231

This News Wrap-Up Brought To You By:

New York Institute of Finance
and
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THIS WEEK'S NEWS
  1. Enron's CEO Jeffrey Skilling Surrenders to FBI
  2. Partnership Ranks Cut by Ten Percent at BDO Seidman
  3. FASB Sets New Rules for Cash-Balance Benefits
  4. Regulators, Specialists Reach Tentative Agreement
  5. Defense Contractors Owe Over $3 Billion in Back Taxes
  6. Outsourcing to India Grows, Legislation Aims to Apply Brakes
  7. KPMG is Subject of DOJ Investigation, KPMG Responds
  8. IRS Vows Crackdown Against Tax Cheats Big or Small

  9. Sham Site's a Scam: There is No "National Do Not E-mail Registry"
  10. Most Companies Get an "F" in Fraud Prevention
  11. IRS Highlights Info on Combating Retirement Plan Tax Shelter Schemes
  • More Related News Below...

Don't miss this week's Tax Tips, Hot Topics and more in this edition of the AccountingWEB News Wrap-Up.

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*** PLATT’S PERSPECTIVE ***

There I was, proud of myself for hooking all the pieces together to set up a home wireless network – and it worked! Now my wife and I don't have to ration the Internet connection time anymore - we can both browse on our computers at the same time. But then I got a sinking feeling in the pit of my stomach, which was echoed by a local television news report this week - can others get access too?

There's a new and disturbing trend called "war driving" which describes a growing population of potentially mischievous computer users, who literally drive around neighborhoods looking for unsecured wireless Internet connections to hijack. With basic equipment and easily
attainable "how to" knowledge, they find dozens of connections in any neighborhood – the cyber-equivalent of neon signs offering "Free Internet – and See My Computer's Content, Too! Want to see pictures of my kids? See my financial records? Get access to my password list? Then click your computer now... "

I'm fortunate because a quick call to my network administrator helped me lock up access to my home wireless system, shutting down access to the outside world. But what about your wireless system? Your parents' system? Your small business network? Do you know if you are secure? If you don't have a definitive answer to this question, you've got some homework to do – now. Start here.

Michael Platt
AccountingWEB, Inc.

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THIS WEEK'S NEWS
  1. Enron's CEO Jeffrey Skilling Surrenders to FBI

Former Enron CEO Jeffrey Skilling surrendered to the FBI in Houston, and is expected to appear before a federal district judge later today. The onetime Enron chief may face criminal charges related to the energy-trading company's collapse.

  1. Partnership Ranks Cut by Ten Percent at BDO Seidman

Four months after a management shakeup at Chicago-based accounting firm BDO Seidman LLP, about 10 percent of the partners have been let go. The reductions in the tax, audit and consulting business lines follow a restructuring in which five board directors were replaced and Chief Executive Denis M. Field took an indefinite leave of absence.

  1. FASB Sets New Rules for Cash-Balance Benefits

The Financial Accounting Standards Board (FASB) last week adopted a definition for cash-benefit pension plans, giving companies new rules for measuring these controversial retirement vehicles.

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  1. Regulators, Specialists Reach Tentative Agreement

The New York Stock Exchange's five largest "specialist" firms reached a preliminary agreement Tuesday to pay about $240 million to settle a civil case claiming they failed to oversee traders who improperly traded ahead of their customers.

  1. Defense Contractors Owe $3 Billion in Back Taxes

They provide a variety of services to the U.S. Department of Defense — everything from janitorial services, engineering studies, artillery and weapons parts manufacturers and security guards. But 27,000 defense contractors owe the government $3 billion in unpaid federal taxes.

MORE HEADLINES...

  1. Outsourcing to India Grows, Legislation Aims to Apply Brakes
  2. KPMG is Subject of DOJ Investigation, KPMG Responds
  3. Tax Cheats Beware: IRS Vows Crackdown Against Tax Cheats
  4. Sham Site's a Scam: There is No "National Do Not E-mail Registry"
  5. Most Companies Get an "F" in Fraud Prevention
  6. IRS Gives Investors the Benefit of Pending Technical Corrections on Qualified Dividends
  7. IRS Shuts Down Abusive Life Insurance Policies in Retirement
  8. IRS Issues Guidance on Abusive Foreign Tax Credit Transactions
  9. IRS Highlights Info on Combating Retirement Plan Tax Shelter Schemes

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  1. Don't Fire Your 'C' Clients, What Were You Thinking?
  2. The Brand Called You: Manage Your Reputation
  3. Excel Tip: Save Customized Excel Chart Styles

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HOT TOPICS ON ACCOUNTINGWEB

Visit the AccountingWEB Hot Topics page for the latest trends, news, scandals, and more. Check out the hottest issues with your colleagues:

  1. FEI's Top Financial Reporting Issues for 2004
  2. Section 404 Could Cost Big Companies $4.6 Million or More

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*** TAX TIPS ***
  1. Capital Gains and Losses
  2. Taxability of Social Security Benefits
  3. Alimony Payments Have Tax Implications

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