News Wrap-Up - Issue 272

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THIS WEEK'S NEWS
  1. Rudy Giuliani Creates New Firm, Buys Arm of E&Y
  2. PCAOB Adopts Temp Rule Relating to Auditing Standard No. 2
  3. IRS Enforcing IRA Required Minimum Withdrawals
  4. Jeopardy Champ Stumped by H&R Block Question; Block Jumps In
  5. FASB Issues Rule to Conform to International Standard
  6. SEC Grants Extension on Internal Controls Reporting
  7. Treasury, IRS Clarify Employment Tax Treatments
  8. IRS Issues Proposed Regulations on Partnership Transfers
  9. Tax Deposit Rules Simplified for Small Businesses
  10. Judge Upholds Sarbanes-Oxley in Scrushy Fraud Case
  11. Car Donations; New Law Changes Rules at End of the Year
  12. Report: Few Audit Committees are Implementing Key Practices
  13. City Sues IRS Over "Discriminatory" Fraud Program

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

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THIS WEEK'S NEWS
  1. Rudy Giuliani Creates New Firm, Buys Arm of E&Y

When he was a prosecutor in the 1980s, Rudy Giuliani was criticized as a publicity hound when he took on insider trading and securities fraud as key issues during his tenure as Manhattan's U.S. Attorney. Now Giuliani is getting into the investment banking business.

  1. PCAOB Adopts Temp Rule Relating to Auditing Standard No. 2

The Public Company Accounting Oversight Board on Tuesday adopted a temporary transitional rule relating to PCAOB Auditing Standard No. 2, "An Audit of Internal Control over Financial Reporting Performed in Conjunction with an Audit of Financial Statements."

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  1. IRS Enforcing IRA Required Minimum Withdrawals

If you've hit your 70th birthday - or know someone who has - make sure you're taking the proper amount from your IRAs or risk a potential 50 percent tax on money that should have been withdrawn.

  1. Jeopardy Champ Stumped by H&R Block Question; Block Jumps In

Jeopardy! champion Ken Jennings' $2.5 million winning streak came to an ironic end this week when he failed to answer his final question, but a quick marketing opportunity surfaced for tax preparation firm H&R Block.

  1. FASB Issues Rule to Conform To International Standard

The Financial Accounting Standards Board has issued Statement No. 151, Inventory Costs, an amendment of ARB No. 43, Chapter 4. The amendments made will improve financial reporting by clarifying that abnormal amounts of idle facility expense, freight, handling costs, and wasted materials (spoilage)should be recognized as current-period charges and by requiring the allocation of fixed production overheads to inventory based on the normal capacity of the production facilities.

MORE HEADLINES...

  1. SEC Grants Extension on Internal Controls Reporting
  2. Treasury, IRS Clarify Employment Tax Treatments
  3. IRS Issues Proposed Regulations on Partnership Transfers
  4. Tax Deposit Rules Simplified for Small Businesses
  5. Judge Upholds Sarbanes-Oxley in Scrushy Fraud Case
  6. Car Donations; New Law Changes Rules at End of the Year
  7. Report: Few Audit Committees are Implementing Key Practices
  8. City Sues IRS Over "Discriminatory" Fraud Program

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  2. The Power of Clarity on Expectations
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  4. Pre-Tax Season Media Tip for Tax Practitioners

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  1. IRS Releases 2005 Standard Mileage Rates
  2. Accounting Grads Face Best Job Prospects in Years
  3. IRS Receives Approval to Hire Private Debt Collectors
  4. More Executives Saying 'No Thanks' to CFO Job
  5. PCAOB Releases Addtl. Guidance for Audits of Internal Control

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