Resource Guide - Issue 131

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  1. Illinois Launches Ethics Training for State Workers
  2. Financial Performance Higher for Companies with Women at Top
  3. New Tax Form for Corporate Returns Proposed
  4. Big Four Accounting Firms Lose Public Company Audit Clients
  5. IESOC Urges Field Testing of FASB′s Proposed Stock Options Rules
  6. AICPA Identifies Three Goals for IRS Strategic Plan
  7. Investors Believe That Sarbanes-Oxley Will Protect Investments
  8. Fraudulent E-Mail Schemes Warning From the Treasury Department
  9. Whistle-Blower Wins Protection Under Sarbanes-Oxley
  10. Treasury Department Issues Depreciation Guidance
  11. Book Recommendation: The New CFO Financial Leadership Manual


  1. How to Walk Your Talk: Leadership and Sponsorship in Action
  2. Selling on the Inside: Attitude and Aptitude
  3. Leveraging Tax Season Discussions to Nurture Relationships
  4. Ten Tax Season Media Opportunities

Don't miss this week's IRS Tax Tips, Busy Season Stress Busters, the Hot Topics on AccountingWEB and the Member Question and Answer Forum -- all in this week's Resource Guide!


AccountingWEB is pleased to bring you tools that can help systematize the accounting department of a small company, corporate business or a public accounting firm. Department policy groups identified below range in price from $75.00 - $145.00 for each complete group, which consists of anywhere from 20-50 individual policies each. You may also purchase the entire accounting department policy collection for $795. Click here
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  1. Illinois Launches Ethics Training for State Workers

A state with a long history of political corruption is giving its employees training in how to avoid more scandalous headlines. All state workers are required by a new reform law to annually undergo ethics training, which started last week for 58,000 employees and continues through May.

  1. Financial Performance Higher for Companies with Women at Top

A new study released last week demonstrates that companies with a higher representation of women in senior management positions financially outperform companies with proportionally fewer women at the top. These findings support the business case for diversity, which asserts companies that recruit, retain, and advance women will have a competitive advantage in the global marketplace.


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  1. New Tax Form for Corporate Returns Proposed

In an effort to increase the transparency of corporate tax return filings, the Treasury Department and IRS have proposed an expansion on Schedule M-1, which has not been updated in several decades.

  1. Big Four Accounting Firms Lose Public Company Audit Clients

For the first time in at least a decade, in 2003 each of the accounting profession's biggest firms lost more public company audit clients than they acquired. Smaller national firms collectively acquired 21% of the clients lost by their Big Four competitors.

  1. IESOC Urges Field Testing of FASB's Proposed Stock Options Rules

The International Employee Stock Options Coalition (IESOC) is asking the Financial Accounting Standards Board (FASB) to "field test" stock-option valuation models before issuing new statements covering the issue.


  1. AICPA Identifies Three Goals for IRS Strategic Plan
  2. Investors Believe That Sarbanes-Oxley Will Protect Investments
  3. Fraudulent E-Mail Schemes Warning From the Treasury Department
  4. Whistle-Blower Wins Protection Under Sarbanes-Oxley
  5. Treasury Department Issues Depreciation Guidance
  6. Book Recommendation: The New CFO Financial Leadership Manual, by Steven M. Bragg

In the modern corporation, a Chief Financial Officer's responsibilities have become as diverse and dynamic as they are important. A CFO must manage day-to-day financial activities as well as the implementation of a long-term fiscal strategy, while also keeping abreast of emerging key issues such as outsourcing, shared services, best practices, and electronic commerce. The New CFO Financial Leadership Manual provides a comprehensive overview of the strategies, measurement and control systems, financial analysis tools, funding sources, and management improvement tips that can deliver the greatest possible value to a company.


See a sampling of this week's featured content below. Subscribe today for only $49/year!

  1. How to Walk Your Talk: Leadership and Sponsorship in Action

The power of an organization's leaders in creating the organization's values, environment, culture and actions is immeasurable. Start here to learn how to walk your talk. Or, use these ideas to help your organization's leaders and managers walk theirs. It's the shortest journey to empower change and realize the work environment they desire.

  1. Selling on the Inside: Attitude and Aptitude

Becoming an insider and selling to owners, board members and top management takes a unique combination of both attitude and aptitude. By effectively communicating expertise and stature, any professional can succeed with in a high powered environment.

  1. Leveraging Tax Season Discussions to Nurture Relationships

This time of year, partners and managers spend many hours talking to clients, prospects and referral sources. Did you know that busy season discussions can be leveraged to enhance your effectiveness as an advisor and nurture existing relationships? By incorporating a few open-ended questions into busy season conversations, you can elevate the value of the dialog.

  1. Ten Tax Season Media Opportunities

Accounting firms have a great opportunity to leverage the media exposure the profession is afforded during tax season. Here are 10 events which afford an opportunity to send press releases and a few tips on making the releases more newsworthy.


  1. Need a Copy of Your Tax Return Information? Look No Further

Taxpayers have two easy and convenient options for getting copies of their federal tax return information - tax return transcripts and tax account transcripts - by phone or by mail.

  1. IRS Reminds Taxpayers to Mail Returns to the Correct Address

As taxpayers begin to prepare their tax returns, the Internal Revenue Service notes that some may be sending their returns to a different service center this year. Do you have the correct and up-to-date information? Find out now!

  1. IRS Free File Opens Second Year; Improvements Detailed

The IRS, Treasury Department, and the Office of Management and Budget unveiled a series of improvements last week designed to make the Free File program easier to use for more taxpayers. Now starting its second year, the Free File Program lets millions of taxpayers prepare and file their federal taxes on-line for free.


  1. New Arrest in Parmalat Scandal, Accounting Firms Named in Probe
  2. Serious Computer Alert, Feared to Top Sobig.F
  3. Computer Alert: New Threat to E-Mail Databases
  4. Report Says Top Execs Failing to Pay Off Company Loans
  5. Congress to Consider Withholding Taxes From Contractor Pay

For more Hot Topics on AccountingWEB, click here!


Last week we presented some ideas on ways to reduce the stresses of tax season. Here are some more great ideas from the members of If you have any ideas, share your thoughts with us. This is free to all users, but you will need to login to the site:

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Members of AccountingWEB may add their questions in this area for other members to view and respond to. When someone responds to your question, you'll get an e-mail sent directly to you indicating that a response has been posted if you opt to receive any responses. Check
out the topics below and see if you can lend a hand.

  1. Allowable Property Taxes

New Jersey member is seeking assistance with Allowable property taxes and municipal property taxes due for last three years. Can the taxes for 2001 and 2002 be applied as allowable deduction against current year's personal taxes?

  1. S-Corp Buy-Out of Shareholder

I have a closely held corporation (S-Corp status). There were 3 shareholders that held equal shares. Recently a shareholder was bought out. Here is my question, how do I account for these transactions. I need to write off his equity but what is the credit? This is probably really easy, but I just can't figure it out.

  1. IRA Deductibility Restrictions

IRAs were deductible on the 1040 when they were first introduced. Sometime in the 1980's restrictions were put on the deductibility. Those restrictions were based on whether you were in a pension plan at work and your income. Do you know when these restrictions went into effect or where I can find that information?

  1. Foreign currency revaluation

Has anyone come across an Institution that uses two rates to revalue balances? i.e. Assets valued at selling rate and liabilities at buying rate. What are the advantages and disadvantages of such a practice?



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