News Wrap-Up - Issue 236

This News Wrap-Up Brought To You By:

Bentley College

EFTPS - Electronic Federal Tax Payment System

THIS WEEK'S NEWS

  1. Judge Orders WorldCom to Stop Paying KPMG
  2. NC Subpoenas Deloitte in Unemployment Tax Investigation
  3. H&R Block Broker Branch under Scrutiny; Computer Server Stolen
  4. Treasury Issues Accounting Method Change Procedure
  5. FASB Establishes Small Business Advisory Committee
  6. Treasury, IRS Propose Guidance on Pension Plan Amendments
  7. IRS Fails to Pursue $16.5 Billion in Unpaid Taxes
  8. SEC to Take Hard Look at Off-Balance-Sheet Disclosures
  9. Maryland Takes Steps to Close Delaware Tax Loophole
  10. PCAOB Creates Office of Internal Oversight, Performance Assurance
  11. Putnam Says Ex-CEO Hid Abuses, Fights SEC Fines
  12. EU/US Reach Accord on Auditing Rules
  13. Federal Grand Jury Indicts Delusional Anti-Tax Crusader
  14. Homeowners Could See New Tax Break on PMI

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Bentley's Master of Science degrees in Accountancy and Accounting Information Systems deliver the skills needed to analyze data and make informed business decisions. Because they utilize technology and immediately add value, Bentley graduates are actively recruited by accounting firms and leading corporations. For more information, attend a Graduate information session Saturday, April 17 or visit us on the web.

*** PLATT’S PERSPECTIVE ***

Would it surprise you to find out that only 6% of those who owe personal taxes this year have budgeted specifically for that purpose? That amazing statistic is among the findings of a recent survey that indicates that Americans are not properly prepared for tax time.

Think about it - 94% of those who need to write a check to Uncle Sam are pulling the money from somewhere else - savings, credit cards, and other loans. This "out of the blue" expense leads many taxpayers to scramble and go against sound personal financial principles to fulfill this obligation.

I believe that we, as advisors and finance professionals, should not only help our clients prepare for this "unexpected" expense, but have an obligation to do so in order for them to maintain good, financial disciplines and practices. Your clients will appreciate your advice on this one - so feel free to offer it to them. Just my two cents...

Michael Platt
AccountingWEB, Inc.

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THIS WEEK'S NEWS
  1. Judge Orders WorldCom to Stop Paying KPMG

U.S. Bankruptcy Judge Arthur Gonzalez has ordered WorldCom to stop paying its external auditor KMPG after 14 states announced last week that the Big Four firm gave the company advice designed to avoid some state taxes.

  1. NC Subpoenas Deloitte in Unemployment Tax Investigation

North Carolina is investigating whether accounting firm Deloitte & Touche gave companies advice designed to help them avoid paying unemployment taxes. The North Carolina Employment Security Commission issued subpoenas on Thursday requesting Deloitte to produce records, correspondence, sales brochures and other items pertaining to the firm's unemployment insurance tax planning practices.

  1. H&R Block Broker Branch under Scrutiny; Computer Server Stolen

As H&R Block revealed that National Association of Securities Dealers is considering disciplinary action against the company for allowing improper mutual fund trading and market timing, the tax preparation branch also reported the theft of a server containing client information.

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HELP YOUR CLIENTS MAKE THEIR FEDERAL TAX PAYMENTS ON TIME. Recommend they enroll in EFTPS--a free government service. They can make payments quickly, easily, accurately online through the secure government web site. Click here to learn more! See how easy it is. Make sure your company is enrolled too. This newsletter is sponsored by EFTPS--Electronic Federal Tax Payment System.

  1. Treasury Issues Accounting Method Change Procedure

This week the Treasury Department and IRS issued a revenue procedure that sets forth the exclusive administrative procedures that taxpayers must use to obtain automatic consent to change to their method of accounting under the recently issued final regulations on capitalizing costs incurred in acquiring or creating intangible assets.

  1. FASB Establishes Small Business Advisory Committee

In an effort to increase involvement by the small business community in developing U.S. accounting standards, the Financial Accounting Standards Board (FASB) has established a Small Business Advisory Committee.

MORE HEADLINES...

  1. Treasury, IRS Propose Guidance on Pension Plan Amendments
  2. IRS Fails to Pursue $16.5 Billion in Unpaid Taxes
  3. SEC to Take Hard Look at Off-Balance-Sheet Disclosures
  4. Maryland Takes Steps to Close Delaware Tax Loophole
  5. PCAOB Creates Office of Internal Oversight & Performance Assurance
  6. Putnam Says Ex-CEO Hid Abuses, Fights SEC Fines
  7. EU/US Reach Accord on Auditing Rules
  8. Federal Grand Jury Indicts Delusional Anti-Tax Crusader
  9. Homeowners Could See New Tax Break on PMI

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  1. Managing IT to a Plan
  2. Adding a Wrap Text Shortcut in Microsoft Excel
  3. Browser Trapping! How to Stop From Being Held
  4. Employers Consider New Enticements to Attract Workers
  5. Resume Fraud Gets Sophisticated; What You Need to Know

IRS TAX TIPS
  1. Do You Have a Deductible Home Office? IRS Tax Tip
  2. Selling Your Home: IRS Tax Tip
  3. IRS’s Statement of Cooperation Regarding Abusive Tax Transactions
  4. What Entertainment Expenses Are Deductible? A Step-by-Step Guide

HOT TOPICS ON ACCOUNTINGWEB
  1. UCLA Rattles Accounting Students with Program Changes
  2. Top Tax Season Trends: Here's What Taxpayers Want to Know
  3. Employers Consider New Enticements to Attract Workers
  4. AICPA Honors Top CPA Exam Performers; Women Bring Home Top Honors
  5. Civil Case Tossed out in KPMG Tax Shelter Case

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