News Wrap-Up - Issue 260

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Geac Performance Management

THIS WEEK'S NEWS
  1. Company is Seeking Permission to Sue E&Y over Merger
  2. Court Orders Hearing on IRS Whistle-blower Case
  3. IRS Claims Kansas City CEO Owes $21.7M Tax Bill
  4. Banks Cheer FASB's Delay of Rule on Writing Down Debt
  5. Former CEO Gets 9 Years in Prison, $3.5M Fine
  6. IRS Looking to Hire 500 Agents Nationwide
  7. IRS Puts Charities, Family Foundations under Microscope
  8. SEC Faces Lawsuit over Independent Fund Director Rule
  9. Big Four Lose Campaign to Limit Auditor Liability in UK
  10. Lucent to Receive $816 Million Tax Refund
  11. New IRS e-service Revolutionizes Transcript Delivery

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THIS WEEK'S NEWS
  1. Company is Seeking Permission to Sue E&Y over Merger

Swift Transportation Co. Inc. is seeking court permission to sue its former accounting firm for an "erroneous audit report" of a company it merged with in 2001. Swift said in court documents that it relied on a "fraudulent" audit, resulting in damages of more than $100 million.

  1. Court Orders Hearing on IRS Whistle-blower Case

The Ninth Circuit Court of Appeals has given whistle-blower status to a former IRS chief tax collector who contends that he was demoted for speaking out about wealthy California taxpayers getting preferential treatment.

  1. IRS Claims Kansas City CEO Owes $21.7M Tax Bill

The Internal Revenue Service is seeking $21.7 million from
Waddell & Reed Financial chief executive Keith Tucker, who
allegedly used an abusive tax shelter to claim $39.2 million in deductions. Tucker and his wife are fighting the IRS in U.S. Tax Court in Washington, D.C.

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  1. Banks Cheer FASB's Delay of Rule on Writing Down Debt

The Financial Accounting Standards Board (FASB) on Wednesday delayed a rule that would force companies to reduce the value of debt securities because of rising interest rates.

  1. Former CEO Gets 9 Years in Prison, $3.5M Fine

A federal judge has ordered a former chief executive to pay $3.5 million and serve more than nine years in prison for his part in a scheme that plunged his company into bankruptcy in 2001.

MORE HEADLINES...

  1. IRS Looking to Hire 500 Agents Nationwide
  2. IRS Puts Charities, Family Foundations under Microscope
  3. SEC Faces Lawsuit over Independent Fund Director Rule
  4. Big Four Lose Campaign to Limit Auditor Liability in UK
  5. Lucent to Receive $816 Million Tax Refund
  6. New IRS e-service Revolutionizes Transcript Delivery

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