News Wrap-Up - Issue 241

This News Wrap-Up Brought To You By:

PricewaterhouseCoopers

Practitioners Publishing Company’s

THIS WEEK'S NEWS
  1. No More Loopholes for High Tax State Governments
  2. States Shaming People into Paying Back Taxes, Watch Out!
  3. California Shatters Records with Tax Amnesty Program
  4. Outsourcing to India to Increase 50 Percent Next Year
  5. PA Woman Claims to be Princess, Gets $1.2 Million Refund from IRS
  6. House Extends Tax Cut for Married Couples
  7. Delta Shareholders OK Plan to Limit Executive Pension Accounts
  8. Google IPO Sparks Excitement among Investors, Wall Streeters
  9. Enron’s Skilling Faces Possible Court Action after Night Out in NY
  10. Janus Agrees to Pay $225 Million to Settle Market Timing Probe
  11. “Controlled” Companies Taking Advantage of Loophole
  12. Corporate Executives Still Reeling in the Perks

Check out the News Page for this week's news and more.

*** SPONSOR OFFER ***

PricewaterhouseCoopers' Comperio

Maximize your time by minimizing the effort it takes to research accounting issues using PricewaterhouseCoopers Comperio. Comperio performs efficient searches of its vast database of financial accounting and reporting literature based on the key words, topics or terms you enter. Comperio is updated regularly, and the entire online library is available at the tip of your fingers using your standard web browser. There is no software to install. For your FREE 30-day trial of Comperio, visit us on the Web.

*** PLATT'S PERSPECTIVE ***

OK, I need to get something off my chest. For years I've observed the behavior of the accounting profession when it comes to professional education - "I need 40 hours this year" has been the predominant motivator for many. But let's agree once and for all that continuing education falls into two categories - "CPE," which is designed to provide technical updates to a current skill set that you already have, and "professional development" which is designed to provide a NEW skill set that makes you more valuable to your clients.

Clients (both external as well as internal) fully EXPECT you to be technically up-to-date, so CPE is an offering geared towards ensuring that you meet minimum standards just to get in the game. Clients WANT you to add more value, bring more insight or help solve more complex problems, so "professional development" is an offering geared toward making you more valuable. From a client's perspective, CPE gets you in the door - professional development keeps you in the room. CPE helps you stay in business. Professional development helps you grow your business. Where do you want to be?

We've talked about this before, but training season is upon us and it's worth talking about again. If you want to grow, then as you ponder the many options in front of you this year for continuing education, make sure that you have a good mix of CPE and professional development on your schedule. Those who are serious about lifelong learning and getting better are making investments of over 200 hours a year in professional development. Do you want to reach minimum standards, or do you want to outshine the competition?

Michael Platt
Founder
AccountingWEB, Inc.

If you've forgotten your login details, we can send you a reminder.

THIS WEEK'S NEWS
  1. No More Loopholes for High Tax State Governments

The Senate is in the throws of a heated debate regarding whether or not more than 7000 taxing jurisdictions should be allowed to discriminate against Internet purchases, and whether they all should be able to force consumers to pay a hefty toll to get on the information superhighway. They are scheduled to vote this week on Internet taxation.

  1. States Shaming People into Paying Back Taxes

Counting on the fact that people like to know other people’s business, states are capitalizing on the Internet to broadcast the names of scofflaws hoping to shame them into paying their taxes.

*** SPONSOR OFFER ***

Introducing PPC's e-Practice Aids powered by Microsoft® Word and Excel. Experience improved productivity and convenience, immediately! Click here for more information or go to www.ppc.thomson.com, or call our e-tool specialists now at 888-823-3676.

  1. California Shatters Records with Tax Amnesty Program

California's recently completed tax amnesty program has yielded more than $1 billion in revenue, nearly 12 times more than the state had originally anticipated, the San Jose Mercury News reported. The unexpected results of the amnesty program also shed the light on just how much money has been hidden in questionable tax shelters.

  1. Outsourcing to India to Increase 50 Percent Next Year

All the talk against foreign outsourcing this political season has not translated into action by U.S. executives, who plan to send 50 percent more work to India next year.

  1. PA Woman Claims to be Princess, Gets $1.2 Million Refund from IRS

Claiming to be Hawaiian royalty, a Pennsylvania woman has become a thorn in the side of the IRS, which has repeatedly sent her refunds and personal information belonging to the rightful heir. In the latest blunder, the IRS sent the Pennsylvania woman a $2.1 million tax refund that should have gone to the rightful heir.

MORE HEADLINES...

  1. House Extends Tax Cut for Married Couples
  2. Shareholders OK Plan to Limit Executive Pension Accounts
  3. Google IPO Sparks Excitement among Investors, Wall Streeters
  4. Enron’s Skilling Faces Possible Court Action after Night Out in NY
  5. Computer Associates Chief Steps Down
  6. Controlled” Companies Taking Advantage of Loophole
  7. Executives Still Reeling in the Perks

$$ PREMIUM SUBSCRIPTION CONTENT $$

See a sampling of this week's featured content below. Subscribe today for only $49/year and gain access to the Premium Content Archives. If you've forgotten your login details, we can send you a reminder.

  1. Five Ways to Build Your Business
  2. For Interview Success Start by Asking the Right Questions
  3. Document Your Processes - It Pays!
  4. The Focus of Firm Management

HOT TOPICS ON ACCOUNTINGWEB

If you've forgotten your login details, we can send you a reminder.

  1. Computer Associates Fires Nine as Federal Probe Continues
  2. Long-Serving, Male Execs Most Likely to Commit Company Fraud
  3. Hackers Exploiting Recent Microsoft Flaw
  4. Outsourcing to India to Increase 50% Next Year
  5. U.S. Workers Give Performance Management Programs a Failing Grade

ACCOUNTINGWEB HELP

Are you looking for some information about AccountingWEB and can't find it elsewhere? Do you need to change your password, or update your e-mail address? Take a moment and view our "Help Page" for information on how to utilize the AccountingWEB Service.

WHAT'S ON ACCOUNTINGWEB

ACCOUNTINGWEB MARKETING SOLUTIONS

Let AccountingWEB help your organization customize a marketing campaign for your products and services. Make sure you book your ad campaign in advance! Get your message in front of our audience of accounting and finance professionals today. Our team can help you uncover promotional opportunities that are right for you.


Your Personal Membership Information

Take a moment today to ensure that we have accurate, up-to-date information in our records. Just go to your Profile Page and login to update your information today! If you've forgotten your AccountingWEB.com login details, we'll send you a reminder.

Premium Subscriber Information

Access to the growing library of the latest insights, ideas and tools is available for only $49 a year. Subscribe today!

Copyright (C) 2004 AccountingWEB, Inc.
All rights reserved.
http://www.accountingweb.com
"To inform, to enrich, to enlighten, to entertain."

Contact AccountingWEB, Inc.
P.O. Box 68748, Indianapolis IN 46268
Contact Us

You may like these other stories...

Federal film credits are not new, but they are becoming big business in more ways than one. Approximately forty states receive federal film credits they can use to entice moviemakers to make motion pictures within their...
By Deanna C. White, CorrespondentUniversity of Portland accounting student Ingrid Nelson said she became interested in a career as a CPA because it offered her both credibility and flexibility – a solid foundation in...
Accountant Rickey Charles Goodrich had it a little too good. Many bean counters would kill to serve as financial guru to the likes of Pearl Jam. Goodrich was hired in 2005, and the following year, he became the CFO of Curtis...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.