News Wrap-Up - Issue 283

This News Wrap-Up Brought To You By:

Industry Profiles from First Research

Taking Your Firm Up in a Down Economy

THIS WEEK'S NEWS
  1. Settlement Offer Extended for Exec. Stock Option Tax Scheme
  2. Judge Rules E&Y Papers Should Remain Private in Bankruptcy Case
  3. U.S. Companies Changing Audit Firms at Record Pace
  4. Money Flowing into Tax-Free "Dynasty Trusts"
  5. Accounting Firm Sued Over Nonprofits Collapse
  6. Clients Pushing For Lower Audit Fees for 2005
  7. Andersen Appeal to go Before Justices in April
  8. IRS Clarifies Capital Gains and Losses
  9. Newly Created Tax Panel Seeks Your Comments
  10. Redesigned Employment Tax Return Unveiled

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

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*** PLATT'S PERSPECTIVE ***

Can a $1000-a-year corporate tax client be an "A" client? I participate in a small business networking group here in Indianapolis and the common refrain from small businesses (defined here as fewer than 10 paid employees -AccountingWEB included) is "I need financial help, I feel like I'm too small to get attention from my current CPA firm, but I don't want to go to a sole practitioner."

Do you know which of your $1000-a-year clients might be easily converted to $10,000-a-year clients - to your delight AND to theirs? Do you have a process in place to assess which of those small, "insignificant" clients would happily pay you to help them ease their stress, improve the top line, reduce expenses, etc.?

Sadly, even consulting friends of mine who serve the CPA firm marketplace joke that they can't find a good accountant to help them streamline their business! On behalf of my friends and colleagues, let me suggest that this small business market is sorely under-noticed, grossly underserved and significantly underestimated as a potential "A" client. We're out here quietly but noticeably frustrated - is anyone out there listening

Michael Platt
AccountingWEB Founder
editor@accountingweb.com

THIS WEEK'S NEWS
  1. Settlement Offer Extended for Exec. Stock Option Tax Scheme

The Internal Revenue Service announced a settlement initiative for executives and companies that participated in an abusive tax avoidance transaction involving the transfer of stock options or restricted stock to family controlled entities.

  1. Judge Rules E&Y Papers Should Remain Private in Bankruptcy Case

Documents related to Ernst & Young's audit of now-defunct Metropolitan Mortgage & Securities will remain private, a bankruptcy judge in Washington state has ruled.

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Taking Your Firm Up in a Down Economy

This is a downloadable report on how accounting firms can adapt in a down economy to generate new clients and sell more services to their existing clients. Includes: Working SMARTER instead of HARDER; the tools that you will need; What clients look for in uncertain times; Adding Value - some great ideas; Marketing activities when things are slow; Better networking ideas; Some "recession-proof" industries to concentrate on. Find out more today!

  1. U.S. Companies Changing Audit Firms at Record Pace

The Sarbanes-Oxley Act of 2002 did not require public companies to regularly change audit firms, but it seems many of them are doing so anyway, at a record pace.

  1. Money Flowing into Tax-Free "Dynasty Trusts"

Wealthy Americans are taking advantage of looser rules in some states that allow so-called dynasty trusts to remain tax-free in perpetuity. About $100 billion in assets has poured into trusts in states that have started allowing them to last for hundreds of years or even forever.

  1. Accounting Firm Sued Over Nonprofits Collapse

A San Francisco nonprofit that went out of business after failing to account for $19 million in donations is suing its auditor. The suit, filed by PipeVine's court-appointed receiver, seeks unspecified damages as a "result of the acts, omissions and breach of duty by defendant Grant Thornton".

MORE HEADLINES...

  1. Clients Pushing For Lower Audit Fees for 2005
  2. Andersen Appeal to go Before Justices in April
  3. IRS Clarifies Capital Gains and Losses
  4. Newly Created Tax Panel Seeks Your Comments
  5. Redesigned Employment Tax Return Unveiled

Tax Tip: IRS Clarifies Early Distributions from Retirement Plans

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  1. Most Companies Get an "F" in Fraud Prevention
  2. The Best Shortcut Keys in Microsoft Excel
  3. Ten Signs of Job Dissatisfaction-Don't Ignore Them!

HOT TOPICS ON ACCOUNTINGWEB

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  1. Tax Law Changes for Individuals
  2. Sarbanes Oxley Group Announces Professional SOX Certifications
  3. OfficeMax CEO Resigns, Six Others Fired in Accounting Scandal
  4. Tax Code Overhaul May Include Hybrid System
  5. Ernst & Young Sued For Its Computer Associates Audit

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