News Wrap-Up - Issue 267

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THIS WEEK'S NEWS
  1. HealthSouth's Scrushy Begins New Career: Religious Talk Show Host
  2. Black & Decker Prevails in Tax-Shelter Suit
  3. IRS Issues Final Version of Form for Corporate Tax Returns
  4. Aon Accused in Insurance Scandal; Greenberg Leaves Marsh
  5. Qwest Charged with Multi-Faceted Accounting, Reporting Fraud
  6. PCAOB Adopts 2005 Budget of $152M, Proposes Subpoena Rule
  7. Ovitz, Eisner Relationship Spotlighted in Disney Suit
  8. California Couple Sues High-Priced Tax Assistance Firm
  9. SEC Votes to Begin Inspections of Hedge-Fund Operators
  10. "Renaissance" Tax Promoters Indicted for $84M Tax Fraud
  11. Robert Bunting Elected Chair of the AICPA
  12. CA Man Gets Prison Term for Harassing Female IRS Agent
  13. EU Clears Obstacle to Takeover of PeopleSoft

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

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**PLATT'S PERSPECTIVE**

I would like to add my name to a long list of well wishers this week in congratulating Bob Bunting on taking over the position of Chairman of the American Institute of Certified Public Accountants.

I've had the good fortune of knowing and working with Bob in various capacities during my 20 year career in this profession and I - like most people who have had the opportunity to know him - have nothing but the utmost respect and admiration for him personally and professionally.

As the accounting profession continues to redefine itself for the future, I can think of few people who can get us there with the vision, grace and determination of Bob Bunting. We're in good hands...

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

THIS WEEK'S NEWS
  1. HealthSouth's Scrushy Begins New Career: Religious Talk Show Host

While preparing for a criminal trial due to begin in January, Scrushy, who stands accused of orchestrating a $2.7 billion fraud at the medical services company, has been hosting a half-hour religious talk show every weekday morning since March.

  1. Black & Decker Prevails in Tax-Shelter Suit

The Internal Revenue Service owes Black & Decker Corp. a $57 million tax refund because a tax shelter the company used had a valid business purpose, a federal judge ruled last week.

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  1. IRS Issues Final Version of Form for Corporate Tax Returns

On Tuesday, the Treasury Department and IRS released the final draft version of the Schedule M-3, Net Income (Loss) Reconciliation for Corporations with Total Assets of $10 Million or More, for use by certain corporate taxpayers filing Form 1120, U.S. Corporation Income Tax Return.

  1. Aon Accused in Insurance Scandal; Greenberg Leaves Marsh

In what former SEC Chairman Levitt calls "the scandal of the decade, without a question," the furor unfolding in the insurance industry is getting uglier by the day, with New York Attorney General Eliot Spitzer claiming to have found signs of improper business practices at Aon Corp.

  1. Qwest Charged with Multi-Faceted Accounting, Reporting Fraud

The Securities and Exchange Commission has charged Qwest Communications International Inc., one of the largest telecommunications companies in the U.S., with securities fraud and other violations of the federal securities laws.

MORE HEADLINES...

  1. PCAOB Adopts 2005 Budget of $152M, Proposes Subpoena Rule
  2. Ovitz, Eisner Relationship Spotlighted in Disney Suit
  3. California Couple Sues High-Priced Tax Assistance Firm
  4. SEC Votes to Begin Inspections of Hedge-Fund Operators
  5. "Renaissance" Promoters Indicted for $84M Tax Fraud
  6. Robert Bunting Elected Chair of the AICPA
  7. CA Man Gets Prison Term for Harassing Female IRS Agent

  8. EU Clears Obstacle to Takeover of PeopleSoft

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    2. Ten Rules For Successfully Running a Business
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