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October 18, 2007

Featured News


PCAOB explains how auditors can apply AS No. 5

The Public Company Accounting Oversight Board has published for public comment staff guidance on auditing internal control over financial reporting in smaller public companies. The guidance explains how auditors can apply the Board's internal control auditing standard to audits of smaller, less complex public companies.

IRS authorizes alternative signature methods for EROs

The IRS has issued Notice 2007-79 which sets forth rules that allow Electronic Return Originators (EROs) to sign forms by rubber stamp, mechanical device (such as signature pen), or computer software program.

Social Security raises wage ceiling, increases benefits

Effective January 1, 2008, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $102,000 from $97,500. Of the estimated 164 million workers who will pay Social Security taxes in 2008, nearly 12 million will pay higher taxes as a result of the increase in the taxable maximum.



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Firm/State

Tax comparison: Best states for business
The Tax Foundation has released its 2008 State Business Tax Climate Index. The Index ranks how "business friendly" the 50 state tax systems are, providing a roadmap for state lawmakers concerned with keeping their states tax competitive

Publisher’s Note

What do AccountingWEB t-shirts and Social Security checks have in common? Well, not much, but you can get them both in the mail if you happen to be old enough and wise enough. The Social Security Administration has announced the new wage ceiling for Social Security withholding. If you happen to exceed the wage limit and are bemoaning the increased withholding, you can take solace in the fact that you might have a new t-shirt to wear if you are one of the lucky winners in AccountingWEB's new weekly quizzes!

Rob Nance
Publisher
publisher@accountingweb.com