News Wrap-Up - Issue 280

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THIS WEEK'S NEWS
  1. Corporations Gear-Up for Windfall Tax Break
  2. AMEX Plans to Pursue Spin-Off of Financial Advisors
  3. Failed Venture Prompts Wealthy Investors to Sue KPMG
  4. President Bush to Seek Additional $500M for IRS Enforcement
  5. Former E&Y Audit Partner Jailed for SOX Violations
  6. Block to Expand into Small Business Services Sector
  7. ACORN to Protest Liberty Tax's Refund Loan Practices
  8. Marsh & McLennan Agrees to Apologize, Pay $850 Million
  9. Tax Amnesty for Multinationals Expected to Spur $100 Billion
  10. Treasury, IRS Announce Guidance on Like-Kind Home Exchanges
  11. Rein in the Public Company Accounting Oversight Board
  12. IRS Revises Form for Tax-Exempt Bonds
  13. Report Identifies Ways U.S. Could Raise More Tax Revenue

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

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*** PLATT'S PERSPECTIVE ***

If there is one practice that uniquely demonstrates a professional's culture, it is the attitude towards giving clients access to you beyond the 9-5 work day. How accessible are you, and what does that message say to clients?

Knowing that this would be the topic of today's Platt's Perspective, I was keenly aware this week of comments or actions of people I encountered that demonstrated this idea.

A CPA firm partner to a manager: "You give your cell phone number to clients? Don't they bother you too much?" A consultant: busily text messaging a client in need during a casual dinner. A managing partner: "Our people are too accessible - it's not good for work-life balance." A lawyer to a client: "Here's my home number. Feel free to call me day or night." (By the way, of all the professionals I know who regularly provide home numbers, not a single one has ever reported a client abuse of the privilege.)

There's clearly no one right answer for how accessible you should be - that is up to you and the culture of your firm. My challenge to you, however, is to be aware of how your current level of accessibility is perceived by clients, to consciously consider alternatives that may alter that perception, and then to make choices that will define how accessible you care to be.

Michael Platt
AccountingWEB Founder
editor@accountingweb.com

THIS WEEK'S NEWS
  1. Corporations Gear-Up for Windfall Tax Break

Many U.S. corporations with overseas operations are busy announcing plans to participate in the repatriation amnesty program that is part of the American Jobs Creation Act (AJCA) signed into law last fall.

  1. AMEX Plans to Pursue Spin-Off of Financial Advisors

American Express Company this week announced plans to pursue a spin-off to shareholders of its American Express Financial Advisors (AEFA) unit. "This spin-off will create two distinct businesses and allow them to capitalize on their respective growth opportunities," said Kenneth I. Chenault, chairman and chief executive officer, American Express.

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  1. Failed Venture Prompts Wealthy Investors to Sue KPMG

A Houston investment fund, which started as a promising money- maker for a group of wealthy, well-connected acquaintances, has ended in a Texas district court with accounting firm KPMG on the hot seat.

  1. President Bush to Seek Additional $500M for IRS Enforcement

President Bush's 2006 budget will request an additional $500 million for IRS enforcement activities. "Americans who play by the rules and pay their taxes deserve confidence that others pay their fair share as well," stated Secretary of the Treasury John Snow.

  1. Former E&Y Audit Partner Jailed for SOX Violations

Late last year, Thomas Trauger pled guilty to falsifying records in a federal investigation in violation of the Sarbanes-Oxley Act. He admitted as part of this plea that he knowingly altered, destroyed and falsified records with the intent to impede and obstruct an investigation by the Securities and Exchange Commission.

MORE HEADLINES...

  1. Block to Expand into Small Business Services Sector
  2. ACORN to Protest Liberty Tax's Refund Loan Practices
  3. Marsh & McLennan Agrees to Apologize, Pay $850 Million
  4. Tax Amnesty for Multinationals Expected to Spur $100 Billion
  5. Treasury, IRS Announce Guidance on Like-Kind Home Exchanges
  6. Rein in the Public Company Accounting Oversight Board
  7. IRS Revises Form for Tax-Exempt Bonds
  8. Report Identifies Ways U.S. Could Raise More Tax Revenue

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. Herding Tigers and Other Lone Rangers
  2. Working Next to the Competition Embracing Opportunity
  3. Employee Retention Programs Needed Now...for Defense

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  1. Get Ready, Get Set, Start Shredding
  2. AICPA Addresses Fraud in Audit Committee Guidance
  3. "Accounting Fraud" Penthouse Uncovered
  4. The Road to Compliance: Assessing Company-Level Controls
  5. Auditors Hesitant to Use Judgment, Fear Challenges

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