News Wrap-Up - Issue 249

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THIS WEEK'S NEWS
  1. Congress, IRS Cracking Down on Charities
  2. Whistleblowers Can Cash in for Identifying Tax Cheats
  3. SEC Approves Auditing Standard No. 2; Offers Answers to FAQ’s
  4. IRS Takes a Hard Look at Executive Bonuses, Deductions
  5. House Passes Bill Allowing More Child Care Savings
  6. FASB Issues Proposal on Fair Value Measurements
  7. SEC Says Mutual Funds Must Have Independent Chairmen
  8. Accenture Contract Moves Forward; Third Time's a Charm!
  9. Fund Co. Agrees to Pay $100M to Settle Improper Trade Practices
  10. Angry Investors Sue Deutsche Bank over Tax Shelter Advice
  11. Jury Awards $6.4M in Damages against Payroll Service Provider
  12. FASB Offers Guidance for Conditional Asset Retirement Obligations
  13. IRS Announces New Procedure for U.S. Tax Certification
  14. Embattled HealthSouth Names New Chief Operating Officer

SPECIAL REPORT: IRS Commissioner Mark Everson’s Testimony on Charitable Giving Problems and Best Practices

Check out the News Page for this week's news and more.

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THIS WEEK'S NEWS
  1. Congress, IRS Cracking Down on Charities

Heading up a charity can be lucrative for executives, but should it be? That is the question Congress will take up after a string of scandals and controversies have rocked the nonprofit sector.

  1. Whistleblowers Can Cash in for Identifying Tax Cheats

The IRS is counting on the fact that if companies are hiding money in tax shelters, surely there are some employees who know about it. Under new whistleblower legislation, informants could reap up to 30 percent of the taxes and penalties recovered.

  1. SEC Approves Auditing Standard No. 2; Offers Answers to FAQ’s

The PCAOB announced that its Auditing Standard No. 2, "An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements," has been approved by the Securities and Exchange Commission (SEC). A full Frequently Asked Questions (FAQ’s) is covered by the staff of the PCAOB and SEC.

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  1. IRS Takes a Hard Look at Executive Bonuses, Deductions

The Internal Revenue Service is scrutinizing companies that give bonuses to top executives when they haven’t met previously agreed-upon performance goals.

  1. House Passes Bill Allowing More Child Care Savings

The House on Tuesday passed a bill that would allow families to keep unspent money they saved that year in tax-free child care accounts. Earlier this year, the House passed a similar bill allowing employees to roll over to the next year up to $500 in unused money set aside in flexible spending accounts for health care.

  1. FASB Issues Proposal on Fair Value Measurements

In response to requests from constituents to improve the current guidance for measuring fair value, the Financial Accounting Standards Board (FASB) has published an Exposure Draft, Fair Value Measurements.

MORE HEADLINES...

  1. SEC Says Mutual Funds Must Have Independent Chairmen
  2. Accenture Contract Moves Forward; Third Time's a Charm!
  3. Fund Co. Agrees to Pay $100M to Settle Improper Trade Practices
  4. Angry Investors Sue Deutsche Bank over Tax Shelter Advice
  5. Jury Awards $6.4M in Damages against Payroll Service Provider
  6. FASB Offers Guidance for Conditional Asset Retirement Obligations
  7. IRS Announces New Procedure for U.S. Tax Certification
  8. Embattled HealthSouth Names New Chief Operating Officer

SPECIAL REPORT: IRS Commissioner Mark Everson’s Testimony

IRS Commissioner’s Testimony on Charitable Giving Problems and Best Practices. Written Statement of Mark W. Everson, Commissioner of Internal Revenue, before the Committee on Finance, U.S. Senate: Hearing on Charitable Giving Problems and Best Practices.

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  1. IRS Confirms it is Unlawful for Same-Sex Married Couples to File Jointly
  2. IRS Taking Hard Look at Executive Bonuses, Deductions
  3. Survey Shows 87 Percent of CEOs Fail Candor Test
  4. Vegas Firm Permanently Barred from Tax Returns
  5. KPMG Tax Shelter Helped Companies Cut Tax Liability by $1.7 Billion

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