News Wrap-Up - Issue 281

This News Wrap-Up Brought To You By:

PricewaterhouseCoopers' Comperio

The Guide to Paperless CPA Firm Administration

THIS WEEK'S NEWS
  1. Bush Budget Plan Calls for Permanent Tax Cuts
  2. AICPA Committee Adopts Nonattest Services Changes
  3. WA State Nixes Estate Tax, Refunds of $152M in the Works
  4. Tax Professional Suspended for Joking About Taxes
  5. WorldCom Settlement Rejected, Case Headed for Trial
  6. EU Companies to Book Stock Options
  7. Grant Thornton Posts 31% Rise in 2004 Revenues
  8. IRS Has $2B in Unclaimed Refunds from Non-Filers in 2001
  9. HealthSouth's Former President Indicted, Faces Jail Time
  10. SEC Announces Roundtable on Internal Control Reporting
  11. Microsoft Urges Users to Patch Numerous Critical Flaws

IRS Tax Tip: Roth IRA Contributions

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

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*** PLATT'S PERSPECTIVE ***

My, how the world has changed! It was only a couple of years ago that you would look around a room and see everyone reading the latest Grisham or Clancy novel, hot off the presses, priming its reader for a fantasy escape into world of excitement and adventure.

I was boarding a plane yesterday and in the first several rows noticed people reading books on failures at Enron ("Smartest Guys in the Room"), failures at Worldcom ("Disconnected: Deceipt and Betrayal at WorldCom"), failures at Arthur Andersen ("Final Accounting"), and failures in the U.S. security system ("The 9/11 Report".) Have these books replaced the Grisham novels on the casual reading lists of busy Americans?

Fascinating, educational and enlightening real stories about real organizations that failed because of a breakdown in thinking make for a pretty compelling read, and have moved to the top of the charts in terms of required business reading today. Sorry John Grisham, you've been trumped by reality!

You may review and purchase these books below under PLATT'S PERSPECTIVE Books!

Michael Platt
AccountingWEB Founder
editor@accountingweb.com

THIS WEEK'S NEWS
  1. Bush Budget Plan Calls for Permanent Tax Cuts

President Bush proposes making the broad tax cuts of his first term permanent, beefing up IRS enforcement, eliminating the federal estate tax and extending the expiration date of new, lower income-tax rates.

Related News: www.accountingweb.com/tax.html

  1. AICPA Committee Adopts Nonattest Services Changes

At its January 2005 meeting, the AICPA's Professional Ethics Executive Committee adopted revisions to Interpretation 101-3 - Performance of Nonattest Services, to provide clarification on the applicability and intent of the rule and ensure its continued effectiveness in promoting independence when a member renders nonattest services to an attest client.

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The Guide to Paperless CPA Firm Administration

AccountingWEB is pleased to provide you with THE guide to transitioning into and managing a paperless CPA firm. This concise seven-step guide is easy-to-follow and will provide you with the information you need to be a paperless CPA firm. It also dedicates a chapter to instruction on growing your business the paperless way. Find out more today!

  1. WA State Nixes Estate Tax, Refunds of $152M in the Works

The Supreme Court of the State of Washington ruled last week that the state's estate tax must go. In a unanimous decision, the court declared that the tax, which is based on a calculation related to the federal estate tax, could no longer be collected.

  1. Tax Professional Suspended for Joking About Taxes

Linda Stubbs, an income tax superintendent in Middletown, Ohio, was suspended for a week without pay for injecting humorous statements in the city income tax return instructions that were mailed to residents of Middletown.

  1. WorldCom Settlement Rejected, Case Headed for Trial

In a surprise decision, U.S. District Judge Denise Cote of the Southern District of New York ruled last week that a provision in the settlement agreement in the class-action case against WorldCom was illegal.

MORE HEADLINES...

  1. EU Companies to Book Stock Options
  2. Grant Thornton Posts 31% Rise in 2004 Revenues
  3. IRS Has $2B in Unclaimed Refunds from Non-Filers in 2001
  4. HealthSouth's Former President Indicted, Faces Jail Time
  5. SEC Announces Roundtable on Internal Control Reporting
  6. Microsoft Urges Users to Patch Numerous Critical Flaws
  7. IRS Tax Tip: Roth IRA Contributions

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

HOT TOPICS ON ACCOUNTINGWEB

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  1. Former E&Y Audit Partner Jailed for SOX Violations
  2. Rein in the PCAOB: Guest Article
  3. Block to Expand into Small Business Services Sector
  4. When Love and Work Collide: Set "Workplace Romance" Rules
  5. New CPA Firm Association Names Executive Director

*** PLATT'S PERSPECTIVE BOOKS ***

Smartest Guys in the Room: The Amazing Rise & Scandalous
Fall at Enron

Disconnected: Deceipt and Betrayal at Worldcom

Final Accounting: Ambition, Greed & the Fall of Arthur Andersen

The 9/11 Commission Report

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