News Wrap-Up - Issue 253

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THIS WEEK'S NEWS
  1. House Limits Stock Option Expensing to Top Five Officers
  2. Ernst & Young Pays $1.5M to Settle Medicare Probe
  3. Hunt for Nonfilers Turns up Millionaires, Lawyers, CPAs
  4. Treasury, IRS Finalize "Deemed IRA" Rules
  5. Congress Extends Some Popular Tax Cuts Through 2006
  6. Revered Falwell's Support of Bush Prompts Inquiry
  7. Treasury Taps KPMG as Auditors in Controversial Decision
  8. Bill Introduced to Expand Cash Accounting
  9. E&Y, Orenda Merge to Create Mid-Market M&A Practice
  10. Financial Planners Sue SEC over Lax Standards for Stock Brokers
  11. Result of No New Hires for IRS Could be Costly
  12. Report: IRS Computer Upgrade Left Door Open to Hackers

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

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PLATT'S PERSPECTIVE

There are certain numbers that every person must know no matter what - their blood pressure score, their cholesterol count, the number of years they have been married, how much money they are spending each month, and the BIG number - how much money they will need the day they retire.

That last one - the BIG one - is known by surprisingly few people. Despite countless articles, books, seminars, financial advisors, and free online calculators making the formula easy to calculate, few people really know what they will need in assets the day they retire.

As your client's "most trusted advisor," you are doing them a disservice if you don't help ensure that your clients know their BIG number. Include that discussion as part of their mid-year or annual financial review. Bring it up when you deliver the tax return. Even if you don't take an active role in helping them get there, take the responsibility as a financial advisor to make sure that your clients are aware of their BIG number.

Michael Platt, Founder
editor@accountingweb.com

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THIS WEEK'S NEWS
  1. House Limits Stock Option Expensing to Top Five Officers

A much-discussed proposal to require public companies to treat all stock options as business expenses has been put on hold by the House of Representatives.

  1. Ernst and Young Pays $1.5M to Settle Medicare Probe

Ernst & Young LLP has agreed to pay $1.5 million to settle allegations that the firm's advice led nine hospitals to over bill the federal Medicare program.

  1. Hunt for Nonfilers Turns up Millionaires, Lawyers, CPAs

In a crackdown on people who have not filed their tax returns, state and federal officials are finding millionaires, medical professionals, lawyers and other heavy hitters.

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  1. Treasury, IRS Finalize "Deemed IRA" Rules

On Wednesday, the Treasury and the IRS finalized regulations regarding "deemed IRAs" in employer-provided retirement plans.

  1. Congress May Extend Some Popular Tax Cuts Through 2006

House and Senate lawmakers this week agreed to extend three of President Bush's popular tax cuts for wage earners, parents and married couples.

MORE HEADLINES...

  1. Reverend Falwell's Support of Bush Prompts IRS Inquiry
  2. Treasury Taps KPMG as Auditors in Controversial Decision
  3. Bill Introduced to Expand Cash Accounting
  4. E&Y, Orenda Merge to Create Mid-Market M&A Practice
  5. Financial Planners Sue SEC Over Lax Standards for Stock Brokers
  6. Result of No New Hires for IRS Could be Costly
  7. Report: IRS Computer Upgrade Left Door Open to Hackers

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  2. Managing the Sophisticated Client's Expectations - Part II
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HOT TOPICS ON ACCOUNTINGWEB

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  1. Widow Leaves $1.1 Billion to Her Accountant
  2. PCAOB Ponders Tax Service, Auditor Independence
  3. Bonuses to IRS Attorneys Questioned
  4. Many Corporations Employ Staff to Monitor, Read Outbound E-mail
  5. Defense Department to Hire up to 300 Auditors

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