News Wrap-Up - Issue 271

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THIS WEEK'S NEWS
  1. PCAOB Releases Addtl. Guidance for Audits of Internal Control
  2. IRS Receives Approval to Hire Private Debt Collectors
  3. OSHA Orders Whistleblower Reinstated
  4. IRS Implements Program to Ensure High-Income Tax Compliance
  5. Treasury, IRS Clarify Employment Tax Treatments
  6. Measure Allowing Examination of Tax Returns Halts Spending Bill
  7. House Votes for Three-year Ban on Internet Access Taxes
  8. Indexed Amounts for Health Savings Accounts Issued
  9. Report: IRS' Tax Processing Performance has Improved
  10. Accounting Grads Face Best Job Prospects in Years

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THIS WEEK'S NEWS
  1. PCAOB Releases Addtl. Guidance for Audits of Internal Control

The Public Company Accounting Oversight Board this week released the third in a series of staff questions and answers to assist in the implementation of PCAOB Auditing Standard No. 2, regarding audits of public companies' internal control over financial reporting.

  1. IRS Receives Approval to Hire Private Debt Collectors

House and Senate negotiators last week gave the IRS the OK to hire private debt collectors, an aide was reported as saying. A measure that would block the private debt collection project was dropped from a year-end spending bill.

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  1. OSHA Orders Whistleblower Reinstated

Whistleblower David Windhauser, a controller for the Trane Corporation, must be reinstated and paid more than $105,000 in back wages, ruled the Department of Labor's Occupational Safety and Health Administration.

  1. IRS Implements Program to Ensure High-Income Tax Compliance

The nation's highest income earners beware-the Internal Revenue Service has implemented a new program to assess whether high-income taxpayers are complying with federal income tax laws.

  1. Treasury, IRS Clarify Employment Tax Treatments

On Tuesday, the Treasury Department and the Internal Revenue Service published two revenue rulings clarifying that payments by employers to employees made in connection with employment contracts are to be treated as wages for purposes of FICA, FUTA and Federal income tax withholding.

MORE HEADLINES...

  1. Measure Allowing Examination of Tax Returns Halts Spending Bill
  2. House Votes for Three-year Ban on Internet Access Taxes
  3. Indexed Amounts for Health Savings Accounts Issued
  4. Report: IRS' Tax Processing Performance has Improved
  5. Accounting Grads Face Best Job Prospects in Years

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  2. What's YOUR Weakest Link? Building a Strong Job Search Chain
  3. How Third-Tier CPA Firms can Deliver Technology Services
  4. Nurturing Your Own "Green Grass", Ways to Reinvest in Your Current Clients

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  1. IRS Releases 2005 Standard Mileage Rates
  2. SEC Postpones Final Phase-In Period for Acceleration of Periodic Report Filing Dates
  3. Former KPMG Consultant Pleads in Conspiracy Case
  4. Deloitte Faces $2B Claim over Audits of Insurance Company

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