News Wrap-Up - Issue 273

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THIS WEEK'S NEWS
  1. Court Defies SEC, Upholds Limitations on Expiring Fraud Claims
  2. Controversial Provision Removed from Spending Bill
  3. Judge Bars MCI from Paying Additional Professional Fees
  4. Business Venture with Ernst Leads to TIAA-CREF Resignations
  5. Local, Regional Firms Report Revenue and Practice Growth
  6. California City in Distress, Files Suit Against Auditor
  7. American Express Ends Relationship with E&Y, Hires PwC
  8. New Corporate Tax Return Instructions Available
  9. IRS Challenges Tribune Co. Over Business Deals and Taxes
  10. AICPA Launches Web Site to Promote Audit Quality
  11. Tax Guru Imprisoned for Promoting Off-shore Tax Havens
  12. Business Growth Continues to Fuel Demand for Accountants

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

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**PLATT'S PERSPECTIVE**

I was making a hurried connection at O'Hare Airport yesterday and was behind a young man on the moving walkway with a duffle bag, dressed in full military gear - desert camouflage - always a sobering sight no matter how often you see it. He turned around and I immediately recognized him as a manager at a CPA firm I know.

During the 60 second ride that we shared on that walkway, he told me he had enlisted in the National Guard and that his unit was being deployed to Iraq for a minimum of six months. "At least I'll miss tax season," was his nervous attempt at humor.

As the moving walkway came to an end, I awkwardly told him to be safe and wished him good luck. I turned left to my gate to give a speech; he turned right to his gate to go to war. It's amazing what a chance encounter like that can do to bring the stresses of a busy day into a bit of healthy perspective...

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

THIS WEEK'S NEWS
  1. Court Defies SEC, Upholds Limitations on Expiring Fraud Claims

Before Sarbanes-Oxley, the law stated that investors who were made aware of fraudulent activities had to file lawsuits against the misbehaving companies within one year of discovering the fraud and within three years of the actual fraudulent activity.

  1. Controversial Provision Removed from Spending Bill

A $388 billion government spending plan was finally approved by the House this week. The House voted 381 to 0 to remove a provision that would have given congressional staffers access to taxpayer information that is now protected by IRS code.

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  1. Judge Bars MCI from Paying Additional Professional Fees

A District Court judge has ordered MCI to stop paying the numerous professional firms that guided it through its complicated bankruptcy. Some of the huge fees requested during the bankruptcy include a $115 million bill from KPMG for work performed between October 2003 and July 2004. Deloitte & Touche and Deloitte Consulting asked for $75 million for the same billing period.

  1. Business Venture with Ernst Leads to TIAA-CREF Resignations

Two TIAA-CREF trustees have resigned because they violated auditor independence rules by forming a business venture with the pension fund's auditor, Ernst & Young.

  1. Local, Regional Firms Report Revenue and Practice Growth

Local and regional firms across the U.S. reported revenue growth, salary increases and expansion of core service offerings in 2004 and feel optimistic heading into 2005, according to this year's PCPS/Texas Society of CPAs National Management of Accounting Practice (MAP) Survey.

MORE HEADLINES...

  1. California City in Distress, Files Suit Against Auditor
  2. American Express Ends Relationship with E&Y, Hires PwC
  3. IRS, Treasury Issue Instructions for New Corporate Tax Return
  4. IRS Challenges Tribune Co. Over Business Deals, Taxes
  5. AICPA Launches Web Site to Promote Audit Quality
  6. Tax Guru Imprisoned for Promoting Off-shore Tax Havens
  7. Business Growth Continues to Fuel Demand for Accountants

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  1. Organizational Behavior: We Need More Respect for Emotions in Business
  2. Attract and Retain Quality People by Developing Talent Now
  3. Protect Your Beneficiary's Inheritance

HOT TOPICS ON ACCOUNTINGWEB

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  1. Jeopardy Champ Stumped; H&R Block Seizes Marketing Opportunity
  2. SOX 404 Trends for Next Year Beginning to Emerge
  3. Car Donations; New Law Changes Rules at End of the Year, Beware
  4. More Executives Saying "No Thanks" to CFO Job
  5. Giuliani Creates New Firm, Buys Arm of E&Y
  6. Report: Audit Committees Not Implementing Key Practices

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