AccountingWEB News Wrap-Up - Issue 205
- Congress Tries Last Minute Push to Expand Child Tax Credit
- Full Text FASB Statements Now Available at no Charge
- Ernst & Young Faces More Tax Shelter Headaches
- Tax Advisers Lose Another Layer of Client-Adviser Privilege
- SEC Cites "Harry Potter Fantasy," Presses Forward on E&Y Sanctions
- IRS Issues Temporary Regulations on S Corporation ESOPS
- Report Places Freddie Mac Blame on Ousted Executives
- Three High Profile Law Suits OK'd Against Big Accounting Firms
- Crowe Chizek: Adding Partners, Offices For National Growth
- Executives Less Favorable to Sarbanes-Oxley One Year Later
Be sure to check out the Hot Topics, the AccountingWEB Q&A Forum, sample Premium Content and more in this week's News Wrap-up!
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Taxpayer privacy rights made the news twice this week, and in both cases the news was not good for the taxpayer. BDO Seidman has been forced to turn over client records to the IRS regarding tax shelter participation, and an IRS co-marketing scheme with H&R Block has critics crying foul.
What's at issue is the presumption that information shared with a tax adviser is sacred, and information shared with the IRS is sacred as well.
What we're learning is that in an era of corporate scandals, a down economy and government budget cuts, the IRS is cracking down on loopholes and is trying to run itself more like a business. Maybe, just maybe, that's a concept worth exploring.
Michael Platt, CEO
e-mail Mike Platt
The Senate is offering a compromise, and Democrats promise negative publicity, but House Republicans seem to be holding out for an expanded Child Tax Credit that seems unlikely to make it into law this summer.
The Financial Accounting Standards Board has brought a midsummer's gift to the accounting profession. The status, summary, and full text of all statements are now available online, and free of charge!
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The Internal Revenue Service is doing its best to keep Big Four firm Ernst & Young in the news this summer. The federal taxing agency is investigating a particular shelter devised and marketed by E&Y. Millions of dollars from many high profile executives could be at stake.
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In the continuing battle between tax advisers and the IRS regarding turning over taxpayer records of those involved in tax shelters, it seems the advisers are losing.
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week's topics. Post your comments and/or questions and lend a hand today! See a sampling of this week's questions added to the Forum.
1. Reclassification of Expenses. We have encountered an audit question related to application of MUS (monetary unit sampling). We have audited an expenses through performing a test of details on the sample selected by MUS method. After identifying the errors we have a problem of how to treat the "errors" that relates to inadequately classified expenses.
2. What kind of account is: Excess of replacement cost over historical cost of LIFO liquidation?
3. I have a client who has commercial real estate in the Bronx. She has just sold a portion of the air rights on one of her properties. I need to understand how to account for these monies. Any help would be appreciated. Thank you.
4. Owners Equity- change in ownership. I am the manager of a government services contractor that is an S Corporation with 2 owners. The president is buying out the vice president who is now planning to retire. How do I record this transaction in the owners' equity section of the balance sheet?
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"To inform, to enrich, to enlighten, to entertain."
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.