| Starr Is Honored |
Samuel P. Starr, CPA, Esq., a tax partner
of Coopers & Lybrand, was presented with the Tax Management
Distinguished Author Award. Tax Management Inc., a subsidiary of
the Bureau of National Affairs, gives the award to
"recognize ongoing contributions to Tax Management."
Starr was chairman of the American Institute of CPAs S
corporation committee and is a recognized authority on S
corporations and limited liability companies. Other winners were
Alan S. Acker, Esq., and Juergen Killius, JD.
Strikes Blow for Environment
The Department of Labor issued interim
rules, effective since June 1, 1997, allowing employers to use
e-mail instead of paper in many instances to deliver health
care summary plan descriptions (SPDs) and summaries of
material modifications (SMMs) to employees. Restrictions
apply, however, and employees may still request paper copies
at no charge.
Seeing the Invisible Disability
Although they often are hard to detect,
psychiatric disorders (such as depression, anxiety and manic
depression) accounted for about 12.7% of all charges filed
with the Equal Employment Opportunity Commission between July
26, 1992, and September 30, 1996. The EEOC has issued policy
guidance for this difficult problem, which can be downloaded
from its Web site:
http://www.eeoc.gov . Hard copies are available by
You Can Bet on It
According to the Census Bureau, state
lotteries generate approximately $27 billion a year in
But Can He Beat Deep Blue?
Frank H. Eiseman, a CPA in Portland,
Oregon, founded "Chess for Success," an afterschool
chess program for inner city elementary schools, nearly four
years ago. The program has succeeded in teaching
self-discipline to problem children, many of whom have
improved their scholastic performances. For more information,
write to Phillip Margolin, "Chess for Success," 1020
S.W. Taylor Street, Suite 330, Portland, Oregon 97205.
| Who Directs the Directors?
James J. Darazsdi, chairman of the
nonprofit National Association of Corporate Directors, announced
the appointment of Charles Russel Hansen, Jr., as chief
operating officer of the association. He will report to John
Nash, president and chief executive officer, and succeed him as
president and CEO in October. Hansen is the founder and managing
director of the Governance Institute, which focuses on the needs
of individuals working with corporate boards of directors.
Easdaq, a new European stock market, has
opened in Brussels. It is owned by Nasdaq and some major
European banks and offers an over-the-counter, electronic
market with no exchange floor. Easdaq filing requirements are
modeled on those of the U.S. Securities and Exchange
Commission but are not identical. The exchange began
operations on September 30, 1996, and is the first
pan-European stock market.
IRS Not So Friendly to ISO 9000 Certification
In two unrelated tax examinations, the
Internal Revenue Service offered to permit a company to deduct
expenses relating to IS0 9000 certification over three years
rather than allow it to take a full deduction for the costs in
one year. A 1996 survey conducted by Grant Thornton revealed
that 52% of midsize U.S. manufacturing companies with sales of
$10 million to $500 million plan to be ISO 9000 certified by
1999. "Certified companies that already fully deducted
their costs in the year incurred will want to prepare to
defend their deductions if they are examined by the IRS,"
said Eileen OConnor, a partner of Grant Thorntons office of
federal tax services in Washington, D.C.
In recognition of his career achievements
and business contributions, Dominic A. Tarantino, chairman of
Price Waterhouse World Firm, was awarded the 1996 Career
Achievement Award presented by the Delta Sigma Pi professional
business fraternity. Tarantino served as chairman of the
American Institute of CPAs board of directors for 1993-94.
This Act Has Teeth
The Departments of Labor, Health and
Human Services and Treasury all issued interim regulations in
April in response to the Health Insurance Portability and
Accountability Act of 1996. Employers who violate the act may
be liable for fines up to $100 per day per affected