Daniel Werfel replaces Miller as acting IRS commissioner

By Zachary A. Goldfarb and Aaron Blake

Logo of the Internal Revenue Service

Logo of the Internal Revenue Service (Photo credit: Wikipedia)

Daniel Werfel, a senior official at the Office of Management and Budget, has been named acting commissioner of the Internal Revenue Service, according to a White House official.

President Obama announced Wednesday that acting commissioner Steven Miller had stepped down amidst a scandal in which the IRS targeted conservative groups.

It is not clear whether Werfel will be nominated to fill the vacancy full-time, but he is considered to have a good relationship with Senate Republicans and has won confirmation from from the upper chamber before.

Sen. Orrin G. Hatch (R-Utah), the top Republican on the Senate Finance Committee, said he wasn’t familiar with Werfel but would be open to considering him as a permanent commissioner. Continue reading

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Newtek Business Services, Inc. to Present at the ValueRich Small-Cap Financial Expo

Newtek Business Services, Inc. to Present at the ValueRich Small-Cap Financial Expo

NEW YORK, Sept. 9 /PRNewswire-FirstCall/ — Newtek Business Services, Inc. (NASDAQ:NKBS) www.newtekbusinessservices.com), a direct distributor to the small to medium-sized business market, announces that Barry Sloane, Chairman and CEO, will be presenting at the ValueRich Small-Cap Financial Expo at 11:00am EDT on September 14. The presentation can be accessed live by going to the website http://www.visualwebcaster.com/ValueRichExpoNYC2005/ and filling out a short registration form. The presentation will be archived for 60 days on the Newtek Business Services homepage.

The Roth Capital Partners Conference presentation, which was held September 7, 2005, can be accessed through a power point presentation and audio tape on the Newtek Business Services homepage.

About the ValueRich Small-Cap Financial Expo

This year the ValueRich Small-Cap Financial Expo will be held on September 14-15, 2005 at the Jacob K. Javits Center. ValueRich is expecting over 100 companies showcasing their products and services, along with presentations. For more information about the conference visit: http://www.valuerichonline.com/ny05/index.php.

About Newtek Business Services, Inc.

Newtek Business Services, Inc. is a direct distributor to the small to medium-sized business market. According to the SBA, there are over 23.5 million small businesses in the United States which in total represent 99.7% of all employers, generate 60 – 80 percent of all new jobs annually and generate more than 50% of non-farm GDP. Since 1999, Newtek has helped these business owners realize their potential by providing them with the essential tools needed to manage and grow their businesses. Newtek focuses on providing its 54,000 customers with access to financial, management and technological resources that enable them to better grow and compete in today’s marketplace. Newtek’s products and services include:

* Newtek Small Business Finance: small business and U.S. government-
guaranteed lending services;

* Newtek Merchant Solutions: electronic merchant payment processing
solutions;

* Newtek Insurance Services: customized business insurance provided
through Financial Keyosk;

* Newtek IT Services: complete information technology solutions;

* CrystalTech Web Hosting: comprehensive web site services for small and
medium sized businesses;

* Newtek Financial Information Systems: outsourced digital bookkeeping;
and

* Newtek Tax Services: tax filing, preparation and advisory services.

The statements in this release may contain forward-looking statements relating to such matters as anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company’s or CrystalTech’s actual results to differ materially from the anticipated results expressed in the Company’s forward looking statements such as intensified competition and/or operating problems and their impact on revenues and profit margins or additional factors as described in Newtek Business Services’ 2003 annual report on Form 10-K and subsequently filed registration statements.

Contacts:

Newtek Business Services
Barry Sloane
Chairman of the Board & CEO
212-356-9500
[email protected]

Source: Newtek Business Services, Inc.

CONTACT: Barry Sloane, Chairman of the Board & CEO of Newtek Business
Services, +1-212-356-9500, [email protected]

Web site: http://www.newtekbusinessservices.com/

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Profile: financial services

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FINANCE: Clean Audits Weak Systems

Image from a GAO report explaining how the int...

Image via Wikipedia

The good news: More agencies are receiving clean audits on the their financial statements. The bad news: Their financial systems can?t generate the comprehensive data needed for day-to-day financial management.

‘The underlying financial systems are a serious problem,’ the Government Accountability Office said in a recent report (GAO-05-881 at www.gao.gov). ‘Systems of most agencies are still unable to routinely produce reliable, useful and timely financial information,’ as required by the Federal Financial Management Improvement Act of 1996.

Ultimately, this shortcoming prevents agencies from effectively managing major programs, according to GAO.

For fiscal 2004, auditors for 16 of the 23 agencies covered by the Chief Information Officers Act of 1990 reported that the agencies? financial management systems failed to comply with FFMIA. In reviewing the reports, GAO criticized auditors for six of the seven other agencies for providing only ‘negative assurance,’ meaning nothing came to the auditors’ attention during their investigations to indicate that the systems didn?t meet FFMIA standards.

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SENATE SUBCOMMITTEE TO HOLD HEARING ON CONGRESS

Today, the Senate Subcommittee on Federal Financial Management, Government Information, and International Security is planning to hold a hearing on the topic of

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LogicaCMG Calls for Focus on the ‘Forgotten Customers’ as Banks Consider SEPA Strategies at Sibos 2005

LogicaCMG Calls for Focus on the ‘Forgotten Customers’ as Banks Consider SEPA Strategies at Sibos 2005

LONDON, September 5/PRNewswire/ — The current emphasis on the challenges that SEPA (Single Euro Payments
Area) poses for banks fails to acknowledge the need for customers’
acceptance and buy-in to the new payments infrastructure, according to a new
white paper from LogicaCMG published today at Sibos 2005. SEPA: The Forgotten
Customer exposes the current gap in banks’ SEPA strategies, addresses the
impact of SEPA on the end-customer and explains that while customers will
benefit greatly from SEPA they are yet to participate and understand what it
really means for them.

The paper proposes that without pressure from consumers and business
customers, there is a danger that SEPA might be derailed.

Jerry Norton, author of the report and director of strategy, global
financial services, LogicaCMG said: “There is an ever-increasing amount of
material and commentary on all things SEPA related. But everything is either
about the bank or the payments infrastructure. I think there is something
missing from the debate – the end customer. Try finding commentary about them
or written by them.”

The compliance demanded by SEPA may cost banks over EUR10 billion to make
the required changes according to some reports. To avoid a severe impact on
the bottom line it is estimated that banks will have to deliver cost
efficiencies of about 10 percent per annum. LogicaCMG’s paper considers the
impact this may have upon the services and products offered by banks.

Jerry Norton explains: “Banks must find as many new ways of making up the
shortfall as possible, and to this end SEPA will force an exciting period of
innovation in products and processes, with potential for radically improved
customer service and differentiation.”

SEPA: The Forgotten Customer describes seven steps that the regulators
and the banking industry need to take in order to engage customers and ensure
that awareness is raised and business cases clarified.

SEPA: The Forgotten Customer is available at the LogicaCMG stand C249 at
Sibos 2005, 5-9 September in Copenhagen, Denmark. It is also available to
download at http://www.logicacmg.com/sibos/sibos_focus.asp

If you would like to speak to LogicaCMG please contact Alexandra Bell,
+44-(0)-1604-232223, [email protected] or Isabell Horvath
+49-(0)-171-6546152

Notes to Editors

About LogicaCMG

LogicaCMG is a major international force in IT services and wireless
telecoms. It provides management and IT consultancy, systems integration and
outsourcing services to clients across diverse markets including telecoms,
financial services, energy and utilities, industry, distribution and
transport and the public sector. The company employs around 21,000 staff in
offices across 35 countries and has more than 40 years of experience in IT
services. Headquartered in Europe, LogicaCMG is listed on both the London and
Amsterdam stock exchanges (LSE: LOG; Euronext: LOG). More information is
available from www.logicacmg.com

Source: LogicaCMG Plc

Press contacts: Alexandra Bell, Citigate Dewe Rogerson, +44-(0)-1604-232223, [email protected]; Isabell Horvath, LogicaCMG, +49-(0)-171-6546152, [email protected]

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Profile: financial services

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