News Wrap-Up - Issue 275

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THIS WEEK'S NEWS
  1. Fannie Mae May Sell $5B of Preferred Stock
  2. IRS Expands Pre-Filing Agreement Program
  3. Observers Say Radical Tax Changes Are Unlikely
  4. E&Y to Pay $125M to Settle Claims Over Failed Illinois Bank
  5. IRS Warns Business Against Abuses in Retirement Plans
  6. SEC Charges Walt Disney with Disclosure Violations
  7. Oracle Takes Over, PeopleSoft CEO Steps Down
  8. Treasury and IRS Issue New Rules for 401(k) Plans
  9. Knight Securities Settles, Pays $79M in Disgorgement, Penalties
  10. New IRS Rules on Automatic Rollovers From Retirement Plans
  11. Investor Resource Guides Now Available Online
  12. California Sues Edward D. Jones Over Mutual Fund Deals
  13. Professional Fees in Enron Bankruptcy Top $780M

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

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**PLATT'S PERSPECTIVE**

Attention Tax Professionals: STOP! Before you seal the envelopes and mass mail those client Tax Organizers, keep this reality in mind - it is likely one of the few communications that clients receive from you during the year and probably the one that they will most likely read and pay attention to. Don't miss the opportunity to fine-tune your message and set your firm apart from others.

Let's face it - most Tax Organizer mailings are about as exciting as getting that 1040 package from Uncle Sam - and clients usually look forward to it about as much. Why not use the communication to tell me how to improve, how to save money, how to tap into your resources, and how to solidify our relationship?

It is possible to excite, scintillate and tantalize your clients with your talents through the Tax Organizer communication. It's not hard, and it doesn't cost much. For some quick ideas, read "An Open Letter to My Tax Preparer".

Michael Platt, Founder
editor@accountingweb.com

THIS WEEK'S NEWS
  1. Fannie Mae May Sell $5B of Preferred Stock

Mortgage giant Fannie Mae said Wednesday that it may sell as much as $5 billion of preferred stock to boost capital. Fannie Mae's top two executives left under pressure last week following a determination by the Securities and Exchange Commission that accounting standards were violated and that earnings would have to be restated for a period of more than three years.

  1. IRS Expands Pre-Filing Agreement Program

Large and Mid-Size Business division taxpayers seeking to resolve certain tax issues prior to filing their tax returns may now do so for multiple years under the IRS Pre-Filing Agreement (PFA) Program.

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Attention Accounting Associations and Firm Trainers

If your organization is looking for a fresh training approach, a new perspective, a different face to inform, enrich and enlighten your audience, then look no further. With twenty years of experience working with the accounting profession, AccountingWEB founder Michael Platt offers a new and energetic option for you to consider. Find out more today!

  1. Observers Say Radical Tax Changes Are Unlikely

The Bush administration appears to be backing away from a pledge for radical tax reform and looking at more modest changes. Major tax code changes are taking a back burner to overhauling Social Security and developing the federal budget.

  1. E&Y to Pay $125M to Settle Claims Over Failed Illinois Bank

Ernst & Young LLP will pay $125 million to settle claims stemming from its involvement in the failure of an Illinois savings bank, according to a consent order with the Office of Thrift Supervision.

  1. IRS Warns Business Against Abuses in Retirement Plans

The IRS has issued letters to approximately 1,700 businesses and retirement plan sponsors alerting them to new income and excise taxes applicable to S corporation employee stock ownership plans (ESOPs) and warning of the consequences of participating in abusive schemes involving ESOPs and S corporations.

MORE HEADLINES...

  1. SEC Charges Walt Disney with Disclosure Violations
  2. Oracle Takes Over, PeopleSoft CEO Steps Down
  3. Treasury and IRS Issue New Rules for 401(k) Plans
  4. Knight Securities Settles, Pays $79M in Disgorgement, Penalties
  5. New IRS Rules on Automatic Rollovers From Retirement Plans
  6. Investor Resource Guides Now Available Online
  7. California Sues Edward D. Jones Over Mutual Fund Deals
  8. Professional Fees in Enron Bankruptcy Top $780M

Don't miss a beat, check out ACCOUNTINGWEB'S NEWS PAGE. If you know someone who'd like to read this News Wrap-Up, please forward it to them.

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  1. "Power Napping" and Relaxation Tips!
  2. The Ten Commandments of Goal Setting
  3. Helping Your Employees See the Bigger Picture

HOT TOPICS ON ACCOUNTINGWEB

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  1. FASB Rules that Companies Must Expense Stock Options
  2. Shortage of Accountants Leads to New Recruiting Strategies
  3. IRS Issues Optional Sales Tax Tables
  4. Wineries, Bars Get Reprieve from Civil War Tax
  5. Board Proposes Rules Concerning Independence, Tax Services, Contingent Fees
  6. New Study Sheds Light on Corporate Tax Shelters

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