May 25, 2007

THIS WEEK'S NEWS THEME: Notice anything new?


IRS collection program draws more privacy critics

Democrats and consumer advocates, citing privacy and cost concerns, renewed efforts to terminate a government program that pays private companies to collect delinquent income-tax debts. Republicans and the head of the Internal Revenue Service, which runs the program, defended the private debt collectors' efforts, saying they have netted roughly $19.5 million in tax revenue in eight months. The IRS plans to expand the program next year, and expects to collect more than $1.5 billion in tax revenue it otherwise would have forfeited.

New 403(b) rules give employers more control

The long-awaited final 403(b) regulations should be released by the Internal Revenue Service (IRS) at the end of June with a general effective date of January 1, 2008, according to Robert Architect of the agency's Employee Plans Division. A key feature of the new rules is expected to be the requirement that employers create a plan document defining the plan's rules, a step that could effectively make employers responsible for managing and operating the plans.

Microsoft Office converter to disinfect virus files

Microsoft programmers are working on a file conversion program that will disable infected Office 2003 files by converting them into the new, XML-based Office 2007 formats, AccountingWEB's John Stokdyk reports.

Liberty Tax Service

Hot Topics

Profits to be lost under new accounting rules
Accounting-rule makers are planning to unveil a draft plan to rework financial statements, the data that millions of investors use every day when deciding whether to buy or sell stocks, bonds and other financial instruments, the Wall Street Journal reports. One possible result will be the elimination of net income or net profit, the bottom-line figure showing what is left after expenses have been met and taxes paid.


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