News Wrap-Up - Issue 284

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THIS WEEK'S NEWS
  1. International Board Created to Set Auditing Standards
  2. IRS Announces the 2005 Dirty Dozen Tax Scams
  3. PwC, Partners Hit with Class-Action Pension Suit
  4. Wealthy Taxpayers Feeling the Pressure from IRS
  5. SEC Grants One-Year Extension for SOX Compliance
  6. Tax Schemes Saved Fortune 500 Companies Billions
  7. Tax Dodger Owes $210 Million to The IRS
  8. SEC Uncovers Wide-Scale Lease Accounting Errors
  9. AICPA Recommends Changes to GAAP for Private Companies
  10. IBM Demands Bonuses Back from Former Consultants
  11. Tax Prep Companies Competing for Business in Unconventional Ways

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

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It is with both a great sense of pride and sadness that I announce the departure later this month of Kelly McRae Platt from the AccountingWEB team. Kelly was a co-founder of AccountingWEB.com when we started in 1999, and has been a strong, constant, dynamic force in the creation, growth and development of AccountingWEB.

Kelly has been running AccountingWEB since I stepped down as CEO eighteen months ago, and has been responsible for the sales and editorial development of the company for several years now. She is leaving to her successor an enviable legacy of a company that is at its highest level of profitability in its six-year history.

Kelly's contributions to the success of AccountingWEB are immeasurable, and are a credit to her determination, persistence, and dedication to seeing a dream become a reality.

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Michael Platt
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kmcrae@accountingweb.com

THIS WEEK'S NEWS
  1. International Board Created to Set Auditing Standards

A group of international regulators is seeking to restore investor confidence by forming the Public Interest Oversight Board to set auditing standards.

  1. IRS Announces the 2005 Dirty Dozen Tax Scams

The Internal Revenue Service on Monday unveiled its annual listing of notorious tax scams, the "Dirty Dozen,"reminding taxpayers to be wary of schemes that promise to eliminate taxes or otherwise sound too good to be true.

  1. PwC, Partners Hit with Class-Action Pension Suit

A former PricewaterhouseCoopers LLC employee has instigated a class-action suit against the Big Four firm claiming unfair pension practices. The suit was brought by former employee Timothy D. Laurent and contends that the firm, which has been known for it's creative cash-balance pension funds, intentionally broke age- and income-discrimination provisions of federal law.

  1. Wealthy Taxpayers Feeling the Pressure from IRS

The IRS is targeting wealthy executives and entrepreneurs to ferret out would-be tax dodgers. The IRS has not focused on individual tax returns of the well-to-do for years, but is becoming more aggressive after studying the results of a 2003 pilot program covering 24 big companies, which were not identified.

  1. SEC Grants One-Year Extension for SOX Compliance

The Commission has further extended the compliance dates for non-accelerated filers and foreign private issuers regarding amendments to its rules under the Securities Exchange Act of 1934 that were adopted on June 5, 2003, pursuant to Section 404 of the Sarbanes-Oxley Act.

MORE HEADLINES...

  1. Tax Schemes Saved Fortune 500 Companies Billions
  2. Tax Dodger Owes $210 Million to the IRS
  3. SEC Uncovers Wide-Scale Lease Accounting Errors
  4. AICPA Recommends Changes to GAAP for Private Companies
  5. IBM Demands Bonuses Back from Former Consultants
  6. Tax Prep Companies Competing for Business in Unconventional Ways

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  1. The Firm of Tomorrow....Ready, Set...Grow!
  2. How do you Spell a Healthy Organization: R-E-S-P-E-C-T
  3. Can We Talk? Surveying Your Prospects and Clients

HOT TOPICS ON ACCOUNTINGWEB

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  1. Companies Pushing for Lower Audit Fees for 2005
  2. "Dual-Rate Income Tax" System is a Good Tax Code Fix
  3. IRS Clarifies Capital Gains and Losses
  4. Nonprofit that Collapsed Amid Scandal Sues Accounting Firm
  5. Money Flowing into Tax-Free "Dynasty Trusts"

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