News Wrap-Up - Issue 276

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THIS WEEK'S NEWS
  1. Highlights of the 2004 Tax Law Changes
  2. Firm to Pay $81.55 Million to Settle Tax Shelter Claims
  3. Charges Against Deloitte & Touche Dismissed in Ahold Matter
  4. Deloitte Claims Grant Thornton Held Back Parmalat Information
  5. AICPA Outlines Top Emerging Technologies for 2005
  6. U.S. Falls out of the Index of Economic Freedom's Top 10
  7. GASB Clarifies Reporting Of Net Assets
  8. Class Action Securities Fraud Lawsuits up in 2004
  9. Senators Propose Extending 2004 Deadline for Tsunami Donations
  10. RSM McGladrey Acquires Rockford BDO Seidman Office
  11. Ex-WorldCom Directors Agree to Pay from Own Pockets
  12. IRS Clarifies Section 409A, Nonqualified Deferred Compensation Plans

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

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**PLATT'S PERSPECTIVE**

Okay, it is New Year's resolution season. Time for all of us to announce our grand ambitions and goals for 2005 to make us healthier, wealthier and wiser.

But before you set yourself up for the inevitable letdown (failure) on this year's resolutions, can I suggest re-shaping your thinking to focus on a January goal instead of a 2005 goal?

That way it is immediate, it is short-term and it is something you'll be able to accomplish and focus on over the next 25 days. Then you can set a February goal, a March goal and so on. Before you know it, you will be able to get an awful lot accomplished during 2005.

Michael Platt, Founder
editor@accountingweb.com

THIS WEEK'S NEWS
  1. Highlights of the 2004 Tax Law Changes

The tax laws in 2004 bring some big changes for most taxpayers. The IRS has provided a list of the highlights that you will need to be aware of.

  1. Firm to Pay $81.55 Million to Settle Tax Shelter Claims

The law firm of Jenkens & Gilchrist, PC, has agreed to pay $81.55 million in a class action settlement to resolve claims against the firm related to its tax shelter work. This week's settlement concludes negotiations that took over 14 months to complete and represents two significant modifications to the initial settlement, reached in April 2004.

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The AccountingWEB 2005 Tax Tips and Tax Calendar

Each tax season, clients and employees look to you for tax saving ideas and tips to help them. AccountingWEB has created a unique scrolling "Tax Tips Ticker" for your firm to place on its Web site, which will display these daily tips. AccountingWEB has also created an HTML version of the 2005 Tax Calendar for your firm to place on its Web site during 2005. This calendar offers you dynamic content and a valuable client service with little time or effort on your part. Find out more today!

  1. Charges Against Deloitte & Touche Dismissed in Ahold Matter

Deloitte & Touche is off the hook in a class action suit brought by investors of Dutch retailer Ahold NV, thanks to a federal judge's move to dismiss claims that Deloitte engaged in deceptive conduct and recklessly disregarded misstatements in Ahold's financial documents.

  1. Deloitte Claims Grant Thornton Held Back Parmalat Information

Big Four accounting firm Deloitte has accused a smaller rival, Grant Thornton, of hindering its audit of Parmalat, the once- mighty Italian dairy giant that collapsed amid accusations of widespread fraud.

  1. AICPA Outlines Top Emerging Technologies for 2005

Each year, the AICPA Top Technologies Task Force prepares a "watch list" of five emerging technologies that may not have viable commercial acceptance currently, but show promise in the next 24-36 months as having a potential impact on businesses and individuals. Here is this year's list.

MORE HEADLINES...

  1. U.S. Falls out of the Index of Economic Freedom's Top 10
  2. GASB Clarifies Reporting Of Net Assets
  3. Class Action Securities Fraud Lawsuits up in 2004
  4. Senators Propose Extending 2004 Deadline for Tsunami Donations
  5. RSM McGladrey Acquires Rockford BDO Seidman Office
  6. Ex-WorldCom Directors Agree to Pay from Own Pockets
  7. IRS Clarifies Section 409A, Nonqualified Deferred Compensation Plans

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  1. A New Look at Succession Planning: The Next Big Thing
  2. The Value of Trust, A Clients Perspective
  3. Own Your Niche by Building a Niche Community

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

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