News Wrap-Up - Issue 279

This News Wrap-Up Brought To You By:

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The 2005 Tax Calendar

THIS WEEK'S NEWS
  1. Judge Rules BDO Arbitration Clauses Unenforceable
  2. Final Regs. for Defined Contribution Retirement Plans Announced
  3. Get Ready, Get Set, Start Shredding
  4. NY Comptroller Issues Scathing Report on Accounting Firm
  5. Accounting Fraud; Penthouse Magazine Uncovered
  6. Companies Delaying 401(k) Deposits, Costs Workers Millions
  7. Auditors Hesitant to Use Judgment, Fear Challenges
  8. AICPA Addresses Fraud in Audit Committee Guidance
  9. High Court Rules Full Damage Awards Taxable
  10. KPMG LLP Reports Revenues of $4.1 Billion
  11. GlaxoSmithKline's Billion Dollar Dispute with IRS Broadens

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

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THIS WEEK'S NEWS
  1. Judge Rules BDO Arbitration Clauses Unenforceable

A federal judge has ruled that because contracts BDO Seidman LLP had with tax-shelter clients were fraudulent, the contracts' arbitration clauses are unenforceable, which means the case will be heard in court.

  1. Final Regs. for Defined Contribution Retirement Plans Announced

The Treasury Department and IRS issued final regulations this week to conform to changes made under section 411(d)(6)(E), as added by the Economic Growth and Tax Relief Reconciliation Act of 2001(EGTRRA), relating to defined contribution retirement plans that offer lump sum distributions.

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  1. Get Ready, Get Set, Start Shredding

If fears of identity theft haven't sent you to the nearest office supply store to buy a shredder, a new law may be just the push you need. A law that goes into effect June 1 says that you must "destroy" personal information - shred it, burn it or pulverize it - of all people you employ, even if it's just one person and it's the gardener.

  1. NY Comptroller Issues Scathing Report on Accounting Firm

A school district in New York has sued its outside accounting firm for $12 million, asserting that millions of dollars in misspent funds went undetected.

  1. Accounting Fraud; Penthouse Magazine Uncovered

Penthouse International has been charged with accounting fraud by the Securities and Exchange Commission, which alleges the pornography publisher and a former shareholder certified financial statements that had not been reviewed by an independent auditor.

MORE HEADLINES...

  1. Companies Delaying 401(k) Deposits, Costs Workers Millions
  2. Auditors Hesitant to Use Judgment, Fear Challenges
  3. AICPA Addresses Fraud in Audit Committee Guidance
  4. High Court Rules Full Damage Awards Taxable
  5. KPMG LLP Reports Revenues of $4.1 Billion
  6. GlaxoSmithKline's Billion Dollar Dispute with IRS Broadens

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  2. "Survivor's" Hatch Faces Jail, Fines in Tax Evasion Case
  3. Achieving a Paperless Office In 2005
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FIRMS, PEOPLE AND TRENDS

  1. Crain & Company Joins Horne LLP, CPAs and Business Advisors
  2. CBIZ Acquires California Firm, Nation Smith Hermes Diamond
  3. Federal Judge to Join KPMG as Vice Chair of Legal Affairs
  4. Four Out of Five Major Financial Firms Have a Chief Risk Officer
  5. New McAfee Tool Helps Companies Spot Their Leaks

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