News Wrap-Up - Issue 245

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THIS WEEK'S NEWS
  1. SEC Shoots Down Contingent Fee Loophole
  2. Big-Four Firm Settles $50 Million Class-Action Suit
  3. U.S. House Passes Child Tax Credit Bill
  4. Grand Jury Investigating Ernst & Young Tax Shelter Sales
  5. Somali Tax Preparers Accused of Seeking Unwarranted Refunds
  6. NY Attorney General Spitzer Sues Grasso and NYSE
  7. New SEC Rule Establishes Ethics Standards for Mutual Funds
  8. Case Against WorldCom's Ebbers Expands With New Indictment
  9. Nonprofit Executive Pay Placed Under IRS' Microscope
  10. IRS Offers Penalty Refund for EFTPS Enrollment
  11. GAO Report: Private Collectors Could Reduce Backlog of Unpaid Taxes

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

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THIS WEEK'S NEWS
  1. SEC Shoots Down Contingent Fee Loophole

The Securities and Exchange Commission's chief accountant has ruled that a tactic some accounting firms have used to justify charging audit clients contingent fees for tax advice flies in the face of auditor-independence rules.

  1. Big-Four Firm Settles $50 Million Class-Action Suit

In a case that illustrates what used to be common practice before Sarbanes-Oxley became law, Big Four accounting firm PricewaterhouseCoopers agreed to pay $50 million to settle a class action suit involving its former audit client Raytheon.

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  1. U.S. House Passes Child Tax Credit Bill

Last week the House voted to permanently extend the $1000-per-child tax credit. This measure approved last week would make permanent the $1,000-per-child credit that President Bush secured in 2001. That 2001 legislation would have slowly doubled an existing $500 credit through 2010.

  1. Grand Jury Investigating Ernst & Young Tax Shelter Sales

Federal investigators have launched a criminal investigation into Ernst & Young's tax shelter practices, despite the $15 million settlement the firm reached on the matter last year with the IRS.

  1. Somali Tax Preparers Accused of Seeking Unwarranted Refunds

The Internal Revenue Service and Minnesota tax officials are looking into 3,500 questionable tax returns filed on behalf of Somali immigrants.

MORE HEADLINES...

  1. NY Attorney General Spitzer Sues Grasso and NYSE
  2. New SEC Rule Establishes Ethics Standards for Mutual Funds
  3. Case Against WorldCom's Ebbers Expands With New Indictment
  4. Nonprofit Executive Pay Placed Under IRS' Microscope
  5. IRS Offers Penalty Refund for EFTPS Enrollment
  6. GAO Report: Private Collectors Could Reduce Backlog of Unpaid Taxes

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  1. Employees Lack Confidence in Management
  2. How to Use Public Speaking to Attract Clients
  3. Become Fully Accountable For Your Success
  4. And the Goal of Prospecting Is...

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  1. Georgia Man Sues IRS, Says Blacks Should Not Pay Taxes
  2. New Scam Uses Email to Target Taxpayers
  3. SOX Compliance Making Some Companies Consider Going Private
  4. Senate Passes Tax Administration Overhaul Bill
  5. New White Paper Examines Business of Law and Sarbanes-Oxley Impact

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