News Wrap-Up - Issue 278

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THIS WEEK'S NEWS
  1. Tax Denial Movement Grows with Help of Internet
  2. “Survivor's” Hatch Faces Jail, Fines in Tax Evasion Case
  3. EEOC Brings Suit that Could Affect Partnership Age Limits
  4. WorldCom Class-Action Suit Against Andersen to Proceed
  5. Judge Rules that Pricewaterhouse Withheld Evidence
  6. California to Offer Amnesty to Tax Cheats
  7. IRS Issues Guidance on New Penalties on Abusive Transactions
  8. SEC Signals Possible Guidance on Options Expensing
  9. Business Roundtable Supports Auditor Liability Cap
  10. Google Settles SEC Suit for Failing to Report $80M in Options
  11. Former ImClone CEO Waksal Settles SEC Insider Trading Case

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

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**PLATT'S PERSPECTIVE**

The presidential inauguration this week gives us a great opportunity to celebrate democracy in action. I’m curious as to what would happen if we were to take the election concept to the accounting profession…

What would happen if the partnership group of your firm had to be re-elected every four years? How would partners who have “arrived” change their behavior to re-earn the status of “partner?” What kind of culture would be fostered in a CPA firm if everyone in the firm had a fair shot at partnership every four years?

While this is clearly a scenario that is not likely to happen any time soon, it is one that could create a strong competitive spirit and establish a culture dominated by a winning mentality. The CPA firm that first adopts the concept will be hailed as an innovator in the profession and will be the envy of hard-to-find-and-keep accounting managers and seniors around the country. Will it be your firm?

Michael Platt, Founder
editor@accountingweb.com

THIS WEEK'S NEWS
  1. Tax Denial Movement Grows with Help of Internet

Those who deny the legitimacy of the U.S. tax code have yet to win a case in court, but the tax denial movement appears to be growing anyway. Al Thompson is one tax denier who is getting his day in court in Sacramento, California.

  1. “Survivor's” Hatch Faces Jail, Fines in Tax Evasion Case

Richard Hatch might have been television's first “Survivor,” but the IRS has a different name for Hatch: alleged tax cheat.

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  1. EEOC Brings Suit that Could Affect Partnership Age Limits

A suit filed last week by federal civil-rights lawyers could change the way aging partners are treated in CPA firms and other private practices that attempt to drive out older partners.

  1. WorldCom Class-Action Suit Against Andersen to Proceed

In the last few weeks there has been good news and bad news for defunct accounting firm Arthur Andersen LLP as it strives to repair its reputation. Last month the Supreme Court agreed to hear an appeal of the company's June 2002 obstruction of justice conviction. That's the good news.

  1. Judge Rules that Pricewaterhouse Withheld Evidence

A federal magistrate judge in Ohio has concluded that PricewaterhouseCoopers withheld evidence in an accounting fraud trial brought by an audit client.

MORE HEADLINES...

  1. California to Offer Amnesty to Tax Cheats
  2. IRS Issues Guidance on New Penalties on Abusive Transactions
  3. SEC Signals Possible Guidance on Options Expensing
  4. Business Roundtable Supports Auditor Liability Cap
  5. Google Settles SEC Suit for Failing to Report $80M in Options
  6. Former ImClone CEO Waksal Settles SEC Insider Trading Case

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  1. Is it time For You to Consider Self-Employment?
  2. Seven Guidelines for Creating an Ideal New Year!
  3. Don't Feel Trapped in Your Job

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  1. Beware of Altered IRS Forms Used for Identity Theft
  2. Revised Schedules K-1 to Reduce Filing Complexity
  3. New Tax Law Encourages Tsunami Relief Contributions
  4. IRS Eases Interest Suspension Rule for Amended Returns
  5. Supreme Court to Hear Appeal of Andersen Conviction

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