News Wrap-Up - Issue 251

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THIS WEEK'S NEWS
  1. KPMG CFO Resigns Amid Continuing Investigations
  2. Treasury, IRS Issue Revised Tax Form for Corporate Tax
  3. Judge Rules in Favor of BDO Seidman in Tax-Shelter Suit
  4. Lay Faces Charges He Conspired to Manipulate Enron Finances
  5. AICPA Opposes Restrictions on Foreign Housing Benefit
  6. Whistleblower Rules May Provide New Niche for Accountants
  7. Virchow Krause Launches Intl. Services Group, Completes Merger
  8. IRS Reports a Strong Response to Tax Shelter Settlement Initiative
  9. Illinois CPA Society Wins Legislative Victory for CPAs and Public
  10. Regional Firm Raises the Bar for Competition with New Web Site
  11. GASB Issues Proposal: Net Assets Restricted by Enabling Legislation
  12. IRS Streamlines Reporting of Significant Book-Tax Differences
  13. PA Firms Merge to Increase Client Service

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

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PLATT'S PERSPECTIVE

Maximizing revenue is the mantra of every business today. Looking for ways to squeeze an extra dollar out of every transaction has become quite an art form, and in some cases has become quite creative.

I encountered one of the most unique methods I've ever seen during a recent stay at a hotel in downtown Chicago. The bellman was bringing my luggage into the room, and warned me about the "special" minibar, which was in an unlocked drawer in the dresser. He indicated that I needed to be very careful when examining the items because the drawer is "weight sensitive" and if I pick up something - even to look at it - it will trigger an electronic transaction and I will immediately be charged for it, even if I put it right back!

Don't get me wrong, I completely appreciate the need for a
business to automate routine transactions and capture revenue that might not otherwise be captured, but come on! There has to be some recognition of how I as the customer go through a buying process. If I'm discouraged from even looking at the label of products in the minibar for fear of being charged, then chances are I won't even open the drawer to contemplate the transaction. Hmmm, it reminds me of that CPA firm that I dealt with recently who quoted me a fee for their time to determine whether or not they could help me. Like that Hershey bar, I slammed the drawer closed on them too and went somewhere else to continue my shopping. Just some food for thought...

Michael Platt, Founder
editor@accountingweb.com

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THIS WEEK'S NEWS
  1. KPMG CFO Resigns Amid Continuing Investigations

Richard Rosenthal, KPMG LLP's chief financial officer, has resigned amid continuing investigations into the firm’s tax-shelter operations by the Internal Revenue Service and the Justice Department.

  1. Treasury, IRS Issue Revised Tax Form for Corporate Tax Returns

To increase the transparency of corporate tax return filings, the Treasury Department and IRS released a draft on Wednesday of the final version of “Schedule M-3.”

  1. Judge Rules in Favor of BDO Seidman in Tax-Shelter

In contrast to recent court rulings ordering accounting firms to turn over confidential tax-shelter documents, a federal judge has cited attorney-client privilege in handing BDO Seidman a partial victory in its tax-shelter fight with the U.S. government.

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  1. Lay Faces Charges He Conspired to Manipulate Enron Finances

Former Enron Chairman Kenneth Lay, who became a symbol of corporate greed, but an elusive target for investigators, was indicted Wednesday by a federal grand jury for his part in allegedly manipulating financial statements to defraud investors.

  1. AICPA Opposes Restrictions on Foreign Housing Benefit

A Senate proposal to limit a housing benefit that employers provide to overseas workers has sparked opposition from the AICPA and business groups concerned about the loss of American jobs.

MORE HEADLINES...

  1. Whistleblower Rules May Provide New Niche for Accountants
  2. Virchow Krause Launches Intl. Services Group, Completes Merger
  3. IRS Reports a Strong Response to Tax Shelter Settlement Initiative
  4. Illinois CPA Society Wins Legislative Victory for CPAs and Public
  5. Regional Firm Raises the Bar for Competition with New Web Site
  6. GASB Issues Proposal: Net Assets Restricted by Enabling Legislation
  7. IRS Streamlines Reporting of Significant Book-Tax Differences
  8. PA Firms Merge to Increase Client Service

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  1. Effective Incentive Programs: Bring Out the Best in Your Firm
  2. Providing Year Round Tax Services for Small Businesses
  3. Tips for Effective Internal Investigations
  4. Five Ways to Coordinate Your Staff's Time Off Using MS Office
  5. Ideas to Improve the Quality of Your Firm

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  3. Bill Would Require Some Tax Preparers to Register with IRS
  4. Two New IRS Publications Focus on Car Donations
  5. States Fail to Persuade Judge to Disqualify KPMG as MCI Auditor

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