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 | December 1999 Vol. 188, No. 6 |
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| Highlights AICPA JOINS BATTLE AGAINST ABUSIVE In testimony before the House Ways and Means Committee, David A. Lifson, chairman of the tax executive committee, described Institute initiatives to help the government in its attempts to curb abusive corporate tax shelters. “Corporate tax sheltering is posing a problem for the tax system and we stand ready to help you fix it,” Lifson told the congressional committee. Although the AICPA supports combating abuses, Lifson said, it also wants to protect taxpayers’ ability to take advantage of intended incentives and to pay only legally required taxes. The Institute does not support provisions that are “overly broad, vague and so punitive as to have a chilling effect on normal transactions of average business taxpayers,” he said.
E&Y FIRST IN U.S. TO ALLY ITSELF WITH Ernst & Young LLP is breaking new ground for U.S. accounting firms by forming an alliance with a Washington, D.C., law firm. Under the terms of the deal, E&Y will finance, but not own, the newly formed law firm, McKee Nelson Ernst & Young, which will be fully independent. For some time, Europe has been the setting for pacts between Big Five accounting firms and law firms that want to offer their clients one-stop shopping for tax and legal services. But domestic fee-sharing restrictions have so far prevented the creation of such “multidisciplinary” organizations in the United States. What makes this deal different, though, is that it’s backed by a loan–not an equity stake–from E&Y, which exempts the new firm from current U.S. restrictions and positions it well in case they are repealed. Read more about these stories in the News Report and Tax Matters sections of next month’s JofA.
JofA GOES ONLINE IN REAL TIME The wait is over. Readers can now get the Journal of Accountancy online in real time. As part of the Institute’s WebFirst strategy, readers will now be able to examine each issue before it goes to press by clicking on the J ournal of Accountancy Online banner at the AICPA Web site ( www.aicpa.org ). The new online magazine includes all the feature articles and columns of the print version, as well as an archive of previous issues. Future enhancements to the JofA Online include expanded multimedia capabilities, a refined search function and an improved e-mail capacity that will allow readers to communicate directly with the JofA staff. |
