News Wrap-Up - Issue 239

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THIS WEEK'S NEWS
  1. IRS, States Going after Tax Shelter Client Lists
  2. Spitzer’s Office Adds $250 Million to State Coffers
  3. Big Corporations Escape IRS Scrutiny; Executives in Spotlight
  4. IRS Issues New Pension Interest Rate for Defined Benefit Plans
  5. Tough Rules for Private Entities Could Burden Small CPA Firms
  6. Increases in Audit Fees Not as Sharp as Expected
  7. SEC Adopts Fund Disclosure Rules
  8. Eight Indicted on Tax Avoidance Scheme for Wealthy Clients
  9. Group Calls for IRS Action Against Gay Marriage Tax Filers
  10. Yale Dean Suggests New Debate on How to Fix Corporate Boards
  11. April 15 - A Lighthearted Look at an Infamous Date

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THIS WEEK'S NEWS
  1. IRS, States Going after Tax Shelter Client Lists

Wealthy investors who bought questionable tax shelters to lower their tax bills are finding that they can’t hide from state and federal regulators. The IRS and California tax regulators are going to court to obtain client lists from accounting firms or insurers to identify investors who bought the shelters. The strategy appears to be working.

  1. Spitzer’s Office Adds $250 Million to State Coffers

The New York State Attorney General’s office has doubled the amount of money it won in fines and restitution last year, thanks to a number of multimillion-dollar settlements with firms on Wall Street.

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  1. Big Corporations Escape IRS Scrutiny, ; Executives in Spotlight

Audits of corporations continue to drop, despite the Bush administration’s hard line on tax cheats, a study released this week shows. IRS officials don’t dispute the findings, but said the report didn’t tell the whole story.

  1. IRS Issues New Pension Interest Rate for Defined Benefit Plans

On Monday, the Treasury Department and the IRS issued a new interest rate for pension plan funding. The new rate implements the Pension Funding Equity Act of 2004, which President Bush signed into law on April 10, 2004.

  1. Tough Rules for Private Entities Could Burden Small CPA Firms

CPAs at small firms are worried about proposals to extend the tough rules of the Sarbanes-Oxley Act to private and nonprofit entities. A task force of the AICPA is studying the matter, and more than 20 states are considering more stringent requirements.

MORE HEADLINES...

  1. Increases in Audit Fees Not as Sharp as Expected
  2. SEC Adopts Fund Disclosure Rules
  3. Eight Indicted on Tax Avoidance Scheme for Wealthy Clients
  4. Group Calls for IRS Action Against Gay Marriage Tax Filers
  5. Yale Dean Suggests New Debate On How to Fix Corporate Boards
  6. April 15 - A Lighthearted Look at an Infamous Date

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  1. Ways to Get the Most from Negotiating via Email
  2. How do we Spread Flexibility in the Workplace?
  3. Coping with Time Pressure in an "I Want It Now" World

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  1. The "Top Ten Most Unusual Sales Tax Laws For 2004"
  2. Believe It or Not: Texas CPAs Share Their Funniest Tax Tales
  3. IRS Warns Businesses, Individuals to Watch for Questionable Employment Tax Practices
  4. Merger Brings Enormous Headaches for Sidley
  5. SEC Publishes Notice of PCAOB Standard on Wording in Audit Reports

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