News Wrap-Up - Issue 242

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THIS WEEK'S NEWS
  1. IRS Approves Automatic 401(k) Enrollment
  2. House Passes Temporary Alternative Minimum Tax Relief
  3. NYSE Sets Aside $36M Contingency Related to Grasso Case
  4. KPMG Ordered to Hand over Tax Shelter Client Names
  5. IRS Issues Guidance on Business Meal & Entertainment Expenses
  6. Australia, Canada and UK Join IRS to Combat Tax Shelters
  7. FASB Considers Costs to Small Businesses in Stock Option Issue
  8. Plante & Moran Finalizes Chicago Merger
  9. IRS Offers Limited Amnesty for "Son of Boss" Tax Shelter
  10. Lesson from Quattrone Retrial: Don't Cover Up Your Crimes

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

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THIS WEEK'S NEWS
  1. IRS Approves Automatic 401(k) enrollment

Companies that offer 401(k) plans are becoming more aggressive about automatically enrolling employees in the wake of an Internal Revenue Service blessing on the practice, as long as employees are aware of what is occurring.

  1. House Passes Temporary Alternative Minimum Tax Relief

On Wednesday, the House of Representatives passed to extend the Middle-Class Alternative Minimum Tax Relief Act through 2005 by a vote of 333-89.

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  1. NYSE Sets Aside $36 Million Contingency Related to Grasso Case

While the New York Stock Exchange is not giving up in its fight to recoup some of the excessive compensation paid to former Chairman Richard Grasso, the Big Board is making back-up plans just in case.

  1. KPMG Ordered to Hand over Tax Shelter Client Names

Like other firms that steered clients toward questionable tax shelters, KPMG has been ordered by a federal judge to disclose the names of clients who participated.

RELATED NEWS:

  1. IRS Issues Guidance on Business Meal & Entertainment Expenses

This week the Treasury Department and the IRS issued a revenue procedure providing guidance on the use of statistical sampling in determining deductible business meal and entertainment (M&E)expenses.

MORE HEADLINES...

  1. Australia, Canada and UK Join IRS to Combat Tax Shelters
  2. FASB Considers Costs to Small Businesses in Stock Option Issue
  3. Plante & Moran Finalizes Chicago Merger
  4. IRS Offers Limited Amnesty for "Son of Boss" Tax Shelter
  5. Lesson from Quattrone Retrial: Don't Cover Up Your Crimes

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  1. "Controlled" Companies Taking Advantage of Loophole
  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. IRS Issues Guidance on Business Meal & Entertainment Expenses

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