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Tax Strategy Patent Bill
Introduced
The AICPA applauded the introduction by Rep.
Rick Boucher (D-VA) of H.R. 2365, legislation that would limit damages and
other legal remedies available to holders of
patents for tax
planning methods. “Tax strategy patents may make it impossible for the
U.S. Tax Code to be applied equally to all taxpayers,” said Barry C.
Melancon, AICPA president and CEO. “With 60 tax strategy patents already
granted and 86 applications pending, this is a growing problem,” Melancon
said. Learn more about tax strategy patents in three articles appearing in
the May/June Leaders’ Edge:
Forces Shaping the Profession: The Four Ps; State’s Woes,
Interstate Practice Dominate Members Advisory Forum and the
Chair’s Message.
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Take AICPA Survey on
Interstate Practice Privileges
As part of an ongoing effort to communicate and educate members on the
complexities associated with obtaining practice privileges (mobility), the
AICPA is conducting a web-based survey. Go to
http://vovici.com/wsb.dll/s/4e5ag27cbb to access the online survey. The
survey will be available for about 30 days. Learn more about interstate
practice privileges (mobility) in these articles appearing in the May/June
Leaders’ Edge:
State’s Woes, Interstate Practice Dominate Members Advisory Forum, the
Chair’s Message, and
Mobility – the Drive for Easier Interstate Practice (March/April issue).
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Board to Vote on New
Standard for Audits of Internal Control
On May 24, 2007, the Public Company Accounting Oversight Board (PCAOB) will
vote on a final standard on
auditing internal control over financial reporting, as well as a related
independence rule and conforming amendments to the Board’s auditing
standards. If adopted, the new standard would supersede the Board’s existing
auditing standard, 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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Paulson Announces
First Stage of Capital Markets Action Plan
U.S. Treasury Secretary Henry M. Paulson, Jr. announced
initiatives to enhance U.S. capital markets competitiveness, focused on
strengthened financial reporting and a more sustainable and transparent
auditing profession. The initiatives are part of an ongoing effort to
address the issues affecting U.S. capital markets competitiveness.
Initiatives announced include:
- Provide investors with a transparent
and sustainable auditing system;
- Gain better understanding of reasons
for increasing financial restatements;
- Enhance financial reporting;
- Streamline accounting requirements to
encourage international companies to list on U.S. exchanges and increase
investor opportunities.
Interest Tracks.
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2007 Tax Season Sets
Records for E-file, Direct Deposit
The recently completed
2007 tax filing season set a number of electronic records, highlighted
by over 76 million electronically-filed individual tax returns and more than
140 million visits to IRS.gov, the IRS announced. This year’s tax season saw
a surge in electronic filing among last-minute filers, a group that has
traditionally sent in paper returns. During the week that included this
year’s tax-filing deadline (April 14 to 20) alone, the number of
electronically filed returns received by the IRS jumped 35 percent over the
same week last year, even though the overall number of returns (paper and
electronic) received during the same week only rose 12 percent. More than 59
million refunds, a new record, were deposited directly into savings,
checking and brokerage accounts, representing more than 61 percent of all
refunds issued.
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Will Outsourcing Your IT
Save Time and Money?
BizTechReports recently polled senior managers
at 164 companies that outsource one or more technology components, as well
as senior managers at 162 firms that manage technology in-house. According
to the study, small companies that outsource technology spend less money on
tech and are more likely to embrace software-as-a-service solutions. To read
this article in its entirety and learn much more about developments in
technology, access
Technology and
Productivity Weekly, the MACPA's electronic technology newsletter for
industry professionals, sponsored by Information, Inc.
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