News Wrap-Up - Issue 262

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THIS WEEK'S NEWS
  1. E&Y Disciplined by California & New Mexico Accountancy Boards
  2. SEC's Nicolaisen Objects to KPMG's Statement to Clients
  3. U.S. Chamber Seeks to Block SEC Mutual Fund Company Rule
  4. SEC Warns Big Four against Dropping Small Clients
  5. U.S. Virgin Islands Tax Haven under Scrutiny
  6. SEC Under Fire Over Implied Rule
  7. Georgia Collects More Than $82 Million in Back Taxes
  8. Mesirow Financial Acquires KPMG's Corp. Recovery Practice
  9. Treasury and IRS Grant Relief in Student Loan Rules
  10. First Enron Case to Set the Stage for Others
  11. SEC Files Charges Against Former Computer Associates' Chief
  12. Newly Released Study Says 82 Firms Paid No Income Taxes
  13. Schedule C-EZ Change Means Savings for Small Businesses

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

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**PLATT'S PERSPECTIVE**

There's something very wonderful and very predictable about business owners - about people in general - when it comes to marking the time milestone of the beginning of autumn or the recognition that the last fiscal quarter is starting. Business owners tend to use that milestone to refocus now more than ever on what they need to do in the next 90 days to be sure that their annual targets are met.

My advice to you, Mr. and Mrs. Service Provider, is to POUNCE on this predictable opportunity before the window closes. Contact your clients in the next two weeks and ask two very simple but very sincere questions: "How are you doing?" and "Is there anything we can do to help?"

If my CPA called me and asked me those questions, not only would I NOT feel bothered by it, but I would welcome the conversation with open arms. If my financial advisor called and asked those questions, I would probably be thinking silently "Finally he has called!" I know, I know, if clients really needed help all they need to do is to call their CPA or advisor and you would be very responsive to them. But wouldn't it be unique (and helpful and profitable and a great way to solidify the relationship) if, in this hectic "we're-too-busy-to-do-anything world" that this communication was initiated by you?

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

THIS WEEK'S NEWS
  1. E&Y Disciplined by California & New Mexico Accountancy Boards

The California Board of Accountancy has taken disciplinary action against Big Four firm Ernst & Young LLP because of independence questions that arose from the firm's dealings with PeopleSoft Inc. In a related event, the New Mexico board voted 4-0 to issue notice that it "contemplated action" against E&Y for its PeopleSoft audits.

  1. SEC's Nicolaisen Objects to KPMG's Statement to Clients

The top accountant of the Securities and Exchange Commission, Donald Nicolaisen, questioned a statement in the Aug. 28 summary sent to KPMG clients that said "the SEC would not challenge our independence" if certain conditions were met regarding accounting for contingent-fee arrangements.

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  1. U.S. Chamber Seeks to Block SEC Mutual Fund Company Rule

A controversial new rule from the Securities and Exchange Commission is under attack by the U.S. Chamber of Commerce, which filed an emergency motion Monday in the U.S. Court of Appeals for the D.C. Circuit.

  1. SEC Warns Big Four Against Dropping Small Clients

The Securities and Exchange Commission is worried that the Big Four accounting firms are using the Sarbanes-Oxley Act as a handy excuse to drop smaller, less profitable audit clients.

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  1. U.S. Virgin Islands Tax Haven Under Scrutiny

The Justice Department is putting residents of the U.S. Virgin Islands on notice: if you are only pretending to live there to take advantage of a special tax rate, the gravy train may be over.

MORE HEADLINES...

  1. SEC Under Fire Over Implied Rule
  2. Georgia Collects More Than $82 Million in Back Taxes
  3. Mesirow Financial Acquires KPMG's Corp. Recovery Practice
  4. Treasury and IRS Grant Relief In Student Loan Rules
  5. First Enron Case to Set the Stage for Others
  6. SEC Files Charges Against Former Computer Associates' Chief
  7. Newly Released Study Says 82 Firms Paid No Income Taxes
  8. Schedule C-EZ Change Means Savings for Small Businesses

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  2. Unique Staffing Strategies for Your Firm
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HOT TOPICS ON ACCOUNTINGWEB

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  1. Top Mistakes Executives Make in Leading Their Organizations
  2. Survey Highlights Traits Employees Want Most in Managers
  3. "Tech-Etiquette" Blunders More Common Today: What to Avoid
  4. E&Y, Capgemini Agree to $20 Million Travel Expense Settlement
  5. Power Napping, the Latest Trend for Weary Workers

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