News Wrap-Up - Issue 286

This News Wrap-Up Brought To You By:

Management Recruiters International, Inc.

THIS WEEK'S NEWS
  1. Ebbers Found Guilty in Massive WorldCom Fraud Case
  2. Small Accounting Firms Shop for "Safe" Companies
  3. AICPA Calls for Delay in IRS Mandated Electronic Tax Filing
  4. Corporate Taxes Shrinking, Panel Investigating
  5. Congress Acts to Make Federal Disaster Grants Tax-Free
  6. IRS Rebuts Those Making Frivolous Arguments on Paying Taxes
  7. Bankrupt Airline Sues Ernst & Young for Accounting Fraud
  8. Tax Prep Support Program: The Next Small Firm Practice Area?
  9. Chess Great Bobby Fischer Faces U.S. Tax Evasion Charges
  10. IRS Clarifies Retirement Savings Contributions Credit
  11. CalPERS to Adopt PCAOB Audit Independence Proposal
  12. Apple Plans to Boost Executive Compensation Through Bonuses

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

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*** PLATT'S PERSPECTIVE ***

How valuable would it be to you if you could (a) assure that clients ask to meet with you regularly, and (2) when they do they pay you on their way out the door?

I was at the dentist this morning, and I continue to be impressed with the system they have to accomplish the above. We've talked about the process before, but consider what they do:

The dentist sends a reminder card out - "It's time to meet". After the client schedules the requested meeting, the dentist calls to confirm - in my case they called three times: 2 weeks out, 1 week out, and 3 days out.

When I left the dentist they did four things that were part of this process - handed me my bill, indicated that they take MasterCard and Visa, posted a sign that full payment is due upon departure, and asked me to fill out another postcard that they will mail to me in 6 months.

When I left, they were paid in full for their services and had another appointment with me tentatively scheduled in six months. Yes, I know you are different and your services are different, and you are in a different profession. But don't you think you can incorporate some of the concepts that the dental profession uses to increase client contact and increase cash flow?

Michael Platt
AccountingWEB Founder
editor@accountingweb.com

THIS WEEK'S NEWS
  1. Ebbers Found Guilty in Massive WorldCom Fraud Case

In a closing chapter in what has become the nation's largest accounting fraud, former WorldCom chief executive Bernard Ebbers was found guilty this week on all counts.

  1. Small Accounting Firms Shop for "Safe" Companies

Smaller accounting firms are scrutinizing potential clients like never before. Accounting firms of all sizes and their clients are approaching each other far differently than they did in the pre-Enron business environment.

  1. AICPA Calls for Delay in IRS Mandated Electronic Tax Filing

The American Institute of Certified Public Accountants will urge the IRS to delay, by at least a year, implementation of mandatory electronic filing (e-file) procedures for large corporations and exempt organizations at a hearing before the IRS this week.

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  1. Corporate Taxes Shrinking, Panel Investigating

Corporate tax collections are down, a sign that companies are making use of sophisticated tax planning, stock options and other tools to reduce their tax burden.

  1. Congress Acts to Make Federal Disaster Grants Tax-Free

After a year full of natural disasters, the last thing victims need is a hefty tax bill on grants received from the federal government that were supposed to help them. A bill passed this week will prevent that from happening.

MORE HEADLINES...

  1. IRS Rebuts Those Making Frivolous Arguments on Paying Taxes
  2. Bankrupt Airline Sues Ernst & Young for Accounting Fraud
  3. Tax Prep Support Program: The Next Small Firm Practice Area?
  4. Chess Great Bobby Fischer Faces U.S. Tax Evasion Charges
  5. IRS Clarifies Retirement Savings Contributions Credit
  6. CalPERS to Adopt PCAOB Audit Independence Proposal
  7. Apple Plans to Boost Executive Compensation Through Bonuses

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.

HOT TOPICS ON ACCOUNTINGWEB

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  1. Ebbers Found Guilty in Massive WorldCom Fraud Case
  2. Small Accounting Firms Shop for "Safe" Companies
  3. Tax Season Stress Busters...Part One
  4. Tips to Guard Against Identity Theft Vulnerability
  5. AICPA Issues Report on Social Security Reform

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