News Wrap-Up - Issue 240

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THIS WEEK'S NEWS
  1. More Workers Eligible for Overtime Pay under New Rule
  2. E&Y Suspended from Taking New Audit Clients for Six Months
  3. Tax Business Accused of Bilking 100,000 Customers
  4. Scrushy Must Repay $25 Million Loan to HealthSouth
  5. PCAOB Names Advisory Group
  6. Emerging from Bankruptcy, WorldCom Faces $1B Tax Bill
  7. Oxley: Congress Belongs in Stock Option Debate
  8. Computer Associates Fires Nine, Chief Steps Down
  9. Cap Gemini Ernst & Young Set to Drop E&Y Name
  10. PWC Taps Richard Stamm as the Leader of its U.S. Tax Practice

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*** PLATT'S PERSPECTIVE ***

Anyone who is involved in the hectic atmosphere of a CPA firm during tax season knows exactly what he or she needs to spend time on each and every day in order to complete the wave of returns that is typical in many firms. But for many CPAs, post-tax season represents a period of time that tends to be generally less productive, as the intense focus of "the mission" is gone and a period of reorientation sets in, redefining where to spend time each day in activities that have the highest return on investment.

But it doesn't have to be that way. Do you have a plan for the next 30 days for the kind of activities that you should be working on that would give you the most leverage? Have you defined the "high value" projects and activities that will bring you dividends, or do you simply have "clean up and catch up" work planned?

Being busy and being productive are two completely separate concepts. I would challenge each of you to look at your schedule for the next month and find those areas that are truly important to work on. Improve your processes. Coach your employees. Upgrade your business development plan. These next 30 days are critical in charting your path for the rest of the year, so don't lose the opportunity to get focused and get moving on the important things that really matter.

Michael Platt
Founder
AccountingWEB, Inc.

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THIS WEEK'S NEWS
  1. More Workers Eligible for Overtime Pay under New Rule

A new rule defining who must receive overtime pay will cover workers who make up to $100,000 a year, up from the $65,000 overtime ceiling proposed previously.

  1. E&Y Suspended from Taking New Audit Clients for Six Months

Arguing that Ernst & Young engaged in "improper professional conduct" an administrative law judge on Friday suspended the Big Four accounting firm from accepting new publicly traded companies as audit clients for six months and ordered the company to make $1.7 million in restitution.

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  1. Tax Business Accused of Bilking 100,000 Customers

The Justice Department wants a federal judge to shut down a business that is accused of costing the government and 100,000 customers at least $500 million.

  1. Scrushy Must Repay $25 Million Loan to HealthSouth

Upholding a lower court ruling, the Delaware Supreme Court ruled on Thursday that HealthSouth's founder and former chief executive Richard Scrushy must pay back a $25 million loan to the company.

  1. PCAOB Names Advisory Group

The Public Company Accounting Oversight Board announced last week the formation of a Standing Advisory Group to assist the Board in carrying out its standards-setting responsibilities.

MORE HEADLINES...

  1. Emerging from Bankruptcy, WorldCom Faces $1B Tax Bill
  2. Oxley: Congress Belongs in Stock Option Debate
  3. (a) Computer Associates Fires Nine as Federal Probe Continues

    (b) Computer Associates Chief Steps Down

  4. Cap Gemini Ernst & Young Set to Drop E&Y Name
  5. PWC Taps Richard Stamm as the Leader of its U.S. Tax Practice

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  1. Five Ways to Build Your Business
  2. Good Questions Uncover Client Related Problems
  3. Show Me the Money: Workers Put a Bonus, Raise First on Wish List
  4. Color Rows According to Criteria in Microsoft Excel

HOT TOPICS ON ACCOUNTINGWEB

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  1. Tough Rules for Private Entities Could Burden Small CPA Firms
  2. Eight Indicted on Tax Avoidance Scheme for Wealthy Clients
  3. IRS Issues New Pension Interest Rate for Defined Benefit Plans
  4. Hey, They Tried: Tax Deductions that Wouldn't Fly

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