Editorial Staff

Publisher/Editor-in-Chief
Colleen Katz

Executive Editor
Barbara J. Shildneck

Managing Editor
Elizabeth Uva

Senior Editors
Katharine W. Coveleski
Peter D. Fleming
John von Brachel
Michael Hayes
Emily S. Plishner
Stanley Zarowin

Senior News Editor
Robert Tie

Associate News Editor
Mavis C. Allen

Assistant Editors
Sarah Cobb
Vincent Nolan

Contributing Editors
Maria Luzarraga Albanese
Anita Dennis
Nicholas J. Fiore

Production Director
Peter M. Tuohy 

Art Director
Jeryl A. Costello

Production Manager
Gene Cioffi

Senior Manager
Production Services--
Publishing Technology
Robert DiCorcia

Production Editor
D. Hillel Lofaso

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Valrie Mason
Patrick Dougherty
Ingrid Medina

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Linda Robinson

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Gordon Hedwig

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R.W. Walker, Co., Inc. Western U.S. 

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John Weinberg

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Editorial Advisers
Andrea Andrews, Ken D. Askelson, Robert C. Beheler, John C. Boma, Jacob R. Brandzel, Steven J. Brown, Jolene C. Brucks, Richard A. Burrell, R. Patrick Cargill, Benson J. Chapman, Elliott Scott Cohen, Henry M. Dachowitz, Susan M. Comeau Daniels, Rosemarie T. Dunn, Sandra English, Robert J. Freeman, John S. Gibbons, Alan Glazer, Dan Gould, Cindy Gustafson, Patrick T. Hanratty, Thomas P. Hess, Karen L. Hooks, James E. Hunton, Ann D. Jevne, Harold Wayne Joseph, Christopher G. Keller, Pamela S. Kemp, Frank J. Kopczynski, Jeffrey B. Kraut, Dennis B. Kremer, Daniel Laufer, William F. Laurie, Alan Levin, John Lewison, Joseph P. Liotta, Ellen M. Long, James V. Long, Mano Mahadeva, Patrick Michael McDonough, Patrick L. McNamee, Benjamin F. Mathews, Anita Meola, Robert R. Moeller, Roger H. Molvar, G. Philip Morehead, Bea L. Nahon, Nancy L. Newman-Limata, Lyne P. Noella, Edward T. Odmark, Stanley Person, Grover L. Porter, Mark L. Richardson, Wesley Riemer, David B. Robinson, Marshall B. Romney, Susan J.Rosenberg, Chester P. Sadowski, David Satava, Peggy Scott, Carolyn S. Sechler, Gary Shamis, Jeffrey D. Solomon, Ivan J. Sotomayor, Paul C. Sullivan, Keith Tobias, Gary R. Trugman, Norman D. Turnipseed, Robert Willens, Jon Arthur Wise, Mark A. Yahoudy  

AICPA JOINS BATTLE AGAINST ABUSIVE 
TAX SHELTERS

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 
LAW FIRM

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 Journal 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.