News Wrap-Up - Issue 232

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THIS WEEK'S NEWS
  1. KPMG Tax Shelter Probe Widens; Another Firm Enters the Picture
  2. SEC Extends Sarbanes-Oxley Section 404 Compliance Dates
  3. Former SEC Chairman Harvey Pitt Gives PCAOB "A" Grade
  4. KPMG Partnership Confirms Joseph Mauriello as Deputy Chairman
  5. PCAOB Chair Warns of CEO Pay Controls
  6. More Errors in 1099s Expected; IRS Responds
  7. Intel’s Tax Returns are Being Investigated by the IRS
  8. NYSE’s Thain Defends Trade-Through Rule; Ruling Expected Soon
  9. Small Firms Getting Big Slice of Sarbanes-Oxley Pie
  10. PCAOB to Consider Adopting Standard for Audits of Internal Control Over Financial Reporting
  11. Computer Alert: Another Problem to Contend With
  12. Treasury and IRS Shut Down Aggressive Executive Stock Transaction

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 ***

Remember how exciting it was when you first started dating your spouse or significant other? Both of you wanted to please each other all the time, both of you courted each other, and the relationship was "magic."

Well, that same courtship dance is used when you recruit employees, or prospect for clients. You go out of your way to please, impress, over deliver, in short – show your best face.

So here’s the question. Once a significant other becomes your spouse, should you stop romancing them? Once a recruit becomes an employee, should you stop recruiting them? Once a prospect becomes a client should you stop super-impressing them?

I would suggest that employees that have been with you for a year should be "courted" to be recruited into their second year, and similarly for their 3rd, 4th, and 5th year. I would suggest that clients that have been with you for a year should be courted like prospects for their 2nd, 3rd and 4th year with you. Oh, and I would suggest you do something special for your significant other – just because...

Michael Platt
AccountingWEB, Inc.

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  1. KPMG Tax Shelter Probe Widens; Another Firm Enters the Picture

Presidio Advisory Services LLC, a San Francisco-based company founded by two former KPMG partners, has been "informally" contacted by federal prosecutors looking into three of KPMG’s tax shelter strategies.

  1. SEC Extends Sarbanes-Oxley Section 404 Compliance Dates

The Securities and Exchange Commission announced this week that it is extending the deadline for compliance with section 404 of the Sarbanes-Oxley Act of 2002. Compliance with the section initially was set to be reflected in annual reports ending on or after June 15, 2004, but has been pushed to Nov. 15 for "accelerated filers."

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  1. Former SEC Chairman Harvey Pitt Gives PCAOB "A" Grade

Two former Securities and Exchange Commission officials who were brought down by the formation of the Public Company Accounting Oversight Board praised its accomplishments last week at the Reuters Corporate Reform Summit in New York.

  1. KPMG Partnership Confirms Joseph Mauriello as Deputy Chairman

KPMG LLP’s 1,600 partners have ratified the selection of Joseph Mauriello as Deputy Chairman of the U.S. audit, tax and advisory firm, according to an announcement by Eugene D. O'Kelly, Chairman and CEO. The election of Mauriello, 59, is effective immediately for a term that runs through the firm's fiscal year 2006.

  1. PCAOB Chair Warns of CEO Pay Controls

Lavish compensation packages for top executives may be a thing of the past, as the head of the new accounting watchdog group warned business leaders that government may intervene if pay doesn’t come down.

MORE HEADLINES...

  1. More Errors in 1099s Expected; IRS Responds
  2. Intel’s Tax Returns are Being Investigated by the IRS
  3. NYSE’s Thain Defends Trade-Through Rule; Ruling Expected Soon
  4. Small Firms Getting Big Slice of Sarbanes-Oxley Pie
  5. PCAOB to Consider Adopting Standard for Audits of Internal Control Over Financial Reporting
  6. Computer Alert: Another Problem to Contend With
  7. Treasury and IRS Shut Down Aggressive Executive Stock Transaction

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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. Outsourcing to India Grows While Legislation Aims to Apply Brakes
  2. Most Companies Get an 'F' in Fraud Prevention
  3. Partnership Ranks Reduced by 30 at BDO Seidman, LLP
  4. Wireless Internet Networking is Great, Right? Yes, But Beware

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IRS TAX TIPS

  1. Remember Your Advance Child Tax Credit
  2. Early Distributions From Retirement Plans

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