News Wrap-Up - Issue 243

This News Wrap-Up Brought To You By:

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THIS WEEK'S NEWS
  1. Bill Closes Loopholes, Includes Corporate Tax Cuts
  2. WorldCom Investors, Enron Employees Win Settlements
  3. Arizona Firm Fails PCAOB Inspection
  4. Defunct Arthur Andersen Target of Lawsuit, Disciplinary Action
  5. Merck Vows to Fight IRS Over $2 Billion Tax Bill
  6. Stock Options Accounting Legislation Clears House Subcommittee
  7. Canadian Accounting Bodies Pondering Merger
  8. Fannie Mae to Adopt New Accounting Standard
  9. PCAOB Begins Inspections, Partner Pay to be Checked
  10. Treasury, IRS Clarify Health Savings Accounts
  11. PWC Settles Warnaco Case for $2.4 Million
  12. Wave of Tax Shelters Could be Unleashed in the Coming Weeks
  13. GAO Recommends 12 Actions for Exchange Listing Standards

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

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PLATT'S PERSPECTIVE

In my twenty plus years of working with business owners, it continuously surprises me to recognize that the most successful people aren't necessarily the brightest; they don't necessarily have the "best" products or services to sell; they don't necessarily have the "best" training or supervision - what they have in common is a complete dedication to a consistent and relentless follow-up process.

Whether it is pursuing a prospect, setting a meeting with a referral source, launching a new product, or pursuing a complex project, be sure that you systematically follow-up with the principals involved as often as necessary and never give up until you determine that there is absolutely no way to continue.

Most of us have great ideas and intentions. Some of us pursue those great ideas. Few of us stick with those great ideas long enough to enjoy the fruit of our labor. Creating and sticking to a bulletproof follow-up system that works for you is perhaps the best return on investment that you will ever experience in your career.

Michael Platt, Founder, AccountingWEB.com
editor@accountingweb.com

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THIS WEEK'S NEWS
  1. IRS Bill Closes Loopholes, Includes Corporate Tax Cuts

Bonanza for special interests or the jumpstart needed to create new jobs? A bill passed this week in the Senate is probably a little of both as it attempts to replace subsidies with tax breaks for corporate America.

  1. WorldCom Investors, Enron Employees Win Settlements

Two of the most stunning business collapses of the last few years produced hefty settlements for some of the victims this week. Current and former Enron employees received the news on Wednesday of the $85 million partial settlement in the would-be class action lawsuit.

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  1. Arizona Firm Fails PCAOB Inspection

The Public Company Accounting Oversight Board (PCAOB), created by the Sarbanes-Oxley Act of 2002, has rejected an Arizona audit firm’s application to audit publicly traded companies. This is the first denial since the implementation of the registration process.

  1. Defunct Arthur Andersen the Target of Lawsuit, Disciplinary Action

A prominent political couple in California is seeking $34 million from Arthur Andersen LLP, alleging the now-defunct firm sold them a tax shelter it knew might be outlawed by the Internal Revenue Service.

  1. Merck Vows to Fight IRS Over $2 Billion Tax Bill

The Internal Revenue Service may deny deductions Merck & Co. claimed over the past decade, giving one of the world’s biggest drug companies a $2 billion headache.

MORE HEADLINES...

  1. Stock Options Accounting Legislation Clears House Subcommittee
  2. Canadian Accounting Bodies Pondering Merger
  3. Fannie Mae to Adopt New Accounting Standard
  4. PCAOB Begins Inspections, Partner Pay to be Checked
  5. Treasury, IRS Clarify Health Savings Accounts
  6. PWC Settles Warnaco Case for $2.4 Million
  7. Wave of Tax Shelters Could be Unleashed in the Coming Weeks
  8. GAO Recommends 12 Actions for Exchange Listing Standards

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  1. How to Handle Difficult People
  2. Employer-Employee Rules for Successfully Running a Small Business
  3. How to Improve Your Self-Management Skills
  4. The Focus of Firm Management
  5. Four Basic Rules for Growing Your CPA Firm
  6. Niche-Building in Professional Services Firms

HOT TOPICS ON ACCOUNTINGWEB

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  1. IRS Approves Automatic 401(k) Enrollment
  2. House Passes Temporary Alternative Minimum Tax Relief
  3. Dream of Fleeing the Taxman? Get Real
  4. IRS Issues Guidance on Capital Gain Dividends
  5. Family-Friendly Cutbacks Affecting Employee Choices

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