News Wrap-Up - Issue 277

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The AccountingWEB 2005 Tax Tips and Tax Calendar

THIS WEEK'S NEWS
  1. Supreme Court to Hear Appeal of Andersen Conviction
  2. Report Highlights Problems, Solutions to the Complex Tax Code
  3. Class-Action Suit Against H&R Block to Proceed
  4. Enron Directors Agree to Pay Part of $168M Settlement
  5. COSO to Help Small Businesses with Internal Controls
  6. IRS Eases Interest Suspension Rule for Amended Returns
  7. Revised Schedules K-1 to Reduce Filing Complexity
  8. Los Angeles Sues Travel Websites for Underpaying Hotel Taxes
  9. President Bush Appoints Panel to Overhaul Tax Code
  10. European Companies Grappling with SOX Compliance
  11. Mandatory E-Filing for Some Corporations, Exempt Organizations
  12. Nortel Restates Earnings; Seeks Return of Executive Bonuses

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

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**PLATT'S PERSPECTIVE**

I read an interesting article in Fast Company magazine this month describing the growing trend to offer customers unbundled, unit pricing based on the specific results that they want, ie. cable TV companies selling "by the channel" instead of a package of 70 channels, the New York Times selling individual articles for $2.95 instead of an annual subscription, or advertisers paying only for leads instead of mass exposure.

How might this trend affect the accounting and finance world? Will tax return preparation fees be based on the number of forms submitted? Will recruiting fees be based on the net increase a new recruit delivers to the bottom line? Will consulting firms have to move to contingency pricing based on results? And what about financial advisors - rather than a 1% management fee will they be forced to consider charging 10% of the net annual increase in a client's portfolio?

The trend is out there now, and is growing across many
industries. Sure, we've got regulations in place to protect us - but as SOX showed, the rules can change. Whether or not this trend will hurt or help your firm will depend on when and how you address this issue and its implications.

Michael Platt, Founder
editor@accountingweb.com

THIS WEEK'S NEWS
  1. Supreme Court to Hear Appeal of Andersen Conviction

The Andersen accounting firm scored a big victory in its ongoing efforts to overturn a criminal conviction stemming from its involvement in the Enron debacle, with the Supreme Court agreeing to hear an appeal this coming April.

  1. Report Highlights Problems, Solutions to the Complex Tax Code

In this years' Annual Report to Congress, National Taxpayer Advocate, Nina E. Olson states that "without a doubt, the largest source of compliance burdens for taxpayers and the IRS alike is the overwhelming complexity of the tax code, and without a doubt, the only meaningful way to reduce these compliance burdens is to simplify the tax code enormously".

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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. Class-Action Suit Against H&R Block to Proceed

The Supreme Court has cleared the way for a class-action suit that accuses H&R Block, the nation's largest tax-preparation company, of charging as many as 17 million customers inflated interest on refund loans.

  1. Enron Directors Agree to Pay Part of $168M Settlement

Ten ex-directors of Enron Corp. have agreed to pay millions of their own money as part of a $168 million settlement of a lawsuit filed by shareholders who lost their investments after Enron's 2001 implosion.

  1. COSO to Help Small Businesses with Internal Controls

Small businesses are about to get help complying with the stringent new internal control requirements of the Sarbanes-Oxley Act. The Committee of Sponsoring Organizations (COSO) announced Monday that it will develop guidance that will help small firms follow the new rules without breaking their budgets.

MORE HEADLINES...

  1. IRS Eases Interest Suspension Rule for Amended Returns
  2. Revised Schedules K-1 to Reduce Filing Complexity
  3. Los Angeles Sues Travel Websites for Underpaying Hotel Taxes
  4. President Bush Appoints Panel to Overhaul Tax Code
  5. European Companies Grappling with SOX Compliance
  6. Mandatory E-Filing for Some Corporations, Exempt Organizations
  7. Nortel Restates Earnings; Seeks Return of Executive Bonuses

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. How to Successfully Add a New Service to Your Business
  2. Will Seminars Get You Clients?
  3. Baby Boomers, Beware! Don't Let Your Resume Date You!

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  1. U.S. Falls out of the Index of Economic Freedom's Top 10
  2. Annual Salary Survey Shows it Pays to Hold CPA Designation
  3. Highlights of the 2004 Tax Law Changes
  4. Treasury and IRS Issue New Rules for 401(k) Plans
  5. New Study Sheds Light on Corporate Tax Shelters

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