Audit regulator offers carrot to cooperators
(Reuters) – Auditors and audit firms that offer “extraordinary” cooperation to their primary U.S. regulator will be in line for special accommodations under a policy announced on Wednesday.
The enforcement division of the Public Company Accounting Oversight Board, which regulates U.S. auditors, has been criticized at times as slow moving. Under the provisions of the Sarbanes-Oxley Act, the regulator must keep all enforcement matters private until they reach a final review.
U.S. audit regulator offers carrot to cooperators
April 24 (Reuters) – Auditors and audit firms that offer
“extraordinary” cooperation to their primary U.S. regulator will
be in line for special accommodations under a policy announced
on Wednesday.
The enforcement division of the Public Company Accounting
Oversight Board, which regulates U.S. auditors, has been
criticized at times as slow moving. Under the provisions of the
Sarbanes-Oxley Act, the regulator must keep all enforcement
matters private until they reach a final review.
State tax reform efforts snarled by politics but backers persist
(Reuters) – From Louisiana to Ohio, Massachusetts and Nebraska, bold proposals to upend state tax laws are losing momentum in the face of political squabbles and special interest opposition.
Just a short time ago, it looked as if several state leaders would show gridlocked Washington, D.C., how to do tax reform. Then some harsh realities set in.
Internet sales tax faces Senate vote, Obama backs
WASHINGTON (Reuters) – A measure that would empower states to require out-of-state retailers to collect online sales tax won backing from President Barack Obama on Monday and is expected to pass a legislative test vote in the Senate later this evening.
Fiercely opposed by most online merchants, including eBay Inc, the bill will be the subject of a procedural motion that, if approved, will clear the way for a final vote in the Democratic-controlled Senate later this week.
Calendar
Some important events in the week ahead:
Monday, April 22
* New York University program on the future of pass-through entity taxation. 12:30 – 1:30 p.m. ET, Furman Hall, NYU. New York.
Tuesday, April 23
* Internal Revenue Service hearing on proposed regulations providing guidance on large employers’ health insurance coverage responsibilities. 10 a.m. ET, IRS Auditorium. Washington.
IRS rejects reward claim by tax whistleblower
(Reuters) – The Internal Revenue Service has rejected a reward claim made by a whistleblower, former banker Joseph Insinga, who had sued the agency in a closely watched case.
In a letter dated April 15, the IRS told Insinga that he was not entitled to a reward. A copy of the letter was provided to Reuters by his attorney Andrew Carr.
Essential reading: Derivatives tax plan concerns industry, and more
Welcome to the top tax and accounting headlines from Reuters and other sources.
*Derivatives-tax plan concerns industry. John D. McKinnon and Siobhan Hughes – The Wall Street Journal. The Obama administration’s proposal this week to change the way some derivatives are taxed signals common ground with Republicans on a potentially difficult and divisive tax issue that could have far-reaching implications for investors. Link
* Ex-KPMG auditor freed on $150,000 bond in tips-for-cash scheme. Emily Flitter – Reuters. U.S. authorities filed criminal and civil charges on Thursday against Scott London, who is accused of passing non-public information about five of KPMG’s clients to a friend. Link
Accounting class-action lawsuits down in 2012: report
(Reuters) – Fewer class-action lawsuits alleging accounting improprieties were filed last year in the United States, but those that were settled in 2012 carried a higher price tag, according to a study from Cornerstone Research.
As two major trends driving accounting class actions faded – the credit crisis and Chinese issuers listing on U.S. exchanges – new filings dropped to 45 in 2012 from 78 in 2011, said Cornerstone, which provides economic and financial consulting and expert testimony to attorneys.
U.S. accounting class-action lawsuits down in 2012 -report
April 11 (Reuters) – Fewer class-action lawsuits alleging
accounting improprieties were filed last year in the United
States, but those that were settled in 2012 carried a higher
price tag, according to a study from Cornerstone Research.
As two major trends driving accounting class actions faded -
the credit crisis and Chinese issuers listing on U.S. exchanges
- new filings dropped to 45 in 2012 from 78 in 2011, said
Cornerstone, which provides economic and financial consulting
and expert testimony to attorneys.
Analysis: Insider trading probe impact on KPMG expected to be short-lived
(Reuters) – KPMG will suffer some financial and reputational damage from insider trading charges filed against a former senior audit partner, but significant legal liability for the firm was unlikely, said audit industry experts on Thursday.
The global accounting giant fired Scott London, a long-time Los Angeles audit partner, after learning he shared privileged information on audit clients with a golf partner, Bryan Shaw.
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