News Wrap-Up - Issue 285

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Industry Profiles from First Research

THIS WEEK'S NEWS
  1. Supreme Court: Tax Court Must Reveal Documents
  2. "Survivor" Richard Hatch Refuses to Deal on Tax Charges
  3. GOP Proposes Big Tax Relief for U.S. Businesses
  4. Delphi Accounting Errors Lead to CFO's Departure
  5. Greenspan Calls for Simpler Tax Code
  6. Donaldson Chastises Attorneys Over Fund Scandal
  7. CFOs: File Internal-Control Certifications, Despite SOX Extension
  8. FASB to Propose Expensing M&A Fees
  9. IRS Seeks New Issues for the Industry Issue Resolution Program
  10. AICPA Issues Report on Social Security Reform
  11. Be Wary of Unlicensed Tax Preparers

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

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*** PLATT'S PERSPECTIVE ***

When I started my career at the U.S. Chamber of Commerce in November of 1980, Ronald Reagan had just defeated Jimmy Carter in a landslide election, and the Chamber was embarking upon a mighty and valiant crusade - to simplify the tax code to help ease the burden on American small businesses.

It's now a quarter of a century later, and four Presidents have served in the White House since then. My hair may be a little grayer, and less voluminous than it was back in the days when this crusade took hold, but some things haven't changed. A familiar headline this week caught my attention and made me smile: "Greenspan Calls for Simpler Tax Code."

Death and taxes may be the only constants, but I would suggest we add "calling for a simplified tax code" to the list of issues that keeps coming around like a dizzy child on a merry-go- round. I have a sneaking suspicion that 25 years from now this will still be a hotly debated issue that will continue to be studied and exploited for political purposes. Until then, the accounting profession will continue to be one of the few benefactors of a convoluted tax code. Congratulations everyone!

Michael Platt
AccountingWEB Founder
editor@accountingweb.com

THIS WEEK'S NEWS
  1. Supreme Court: Tax Court Must Reveal Documents

The Supreme Court on Monday struck down a U.S. Tax Court practice that shields vital documents from participants in cases before the tax court as well as the federal judges who hear tax court appeals.

  1. "Survivor" Richard Hatch Refuses to Deal on Tax Charges

Richard Hatch, the first "Survivor" of the CBS reality show, continues to surprise. Expected to plead guilty to fraud charges in exchange for a lenient sentence, he instead backed out, sending the case to a grand jury.

  1. GOP Proposes Big Tax Relief for U.S. Businesses

Senate debate continues this week on a proposal to offer $4.2 billion in tax relief for U.S. businesses to lighten the burden of a higher minimum wage.

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  1. Delphi Accounting Errors Lead to CFO's Departure

The U.S. auto industry, previously untouched by scandals that have rocked other sectors, was brought into the fray on Friday when Delphi Corp., the nation's largest auto-parts company, disclosed accounting errors that led to the resignation of its chief financial officer.

  1. Greenspan Calls for Simpler Tax Code

Calling the existing U.S. tax code overly complex with an "overlapping web of deductions and exemptions, Federal Reserve Chairman Alan Greenspan suggested a consumption tax could spur more personal savings and economic growth.

MORE HEADLINES...

  1. Donaldson Chastises Attorneys Over Fund Scandal
  2. CFOs: File Internal-Control Certifications, Despite SOX Extension
  3. FASB to Propose Expensing M&A Fees
  4. IRS Seeks New Issues for the Industry Issue Resolution Program
  5. AICPA Issues Report on Social Security Reform
  6. Be Wary of Unlicensed Tax Preparers

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HOT TOPICS ON ACCOUNTINGWEB

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  1. Greenspan Calls for Simpler Tax Code
  2. "Dual-Rate Income Tax" System is a Good Tax Code Fix
  3. Companies Pushing For Lower Audit Fees for 2005
  4. PwC, Partners Hit with Class-Action Pension Suit
  5. Wealthy Taxpayers Feeling the Pressure from IRS

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