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SEC Seeks Investor Input on
Proposal to Improve Mutual Fund Disclosure
The Securities and Exchange Commission published a
prototype "summary prospectus" for mutual funds, and asked for public
comment from investors. The proposed streamlined prospectus would let
investors quickly learn key information about a mutual fund. The Commission
is proposing that the following information be included in a mutual fund
summary prospectus: investment objectives; costs; principal investment
strategies, risks and performance; top 10 portfolio holdings; identity of
investment advisers and portfolio managers; brief purchase, sale and tax
information; and information about broker compensation and conflicts.
Comments should be received no later than February 28, 2008.
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2008 Standard Mileage
Rate for Business Set at 50.5˘
Beginning Jan. 1, 2008, the
standard mileage rates set by the IRS for the use of a car (including
vans, pickups or panel trucks) will be 50.5 cents per mile for business
miles driven; 19 cents per mile driven for medical or moving purposes; and
14 cents per mile driven in service of charitable organizations. The new
rate for business miles compares to a rate of 48.5 cents per mile for 2007.
Revenue Procedure 2007-70 contains additional information on these
standard mileage rates.
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Treasury, IRS Issue
Model Provisions for Section 403(b) Plans
The Treasury Department and IRS issued
Revenue Procedure 2007-71, which includes model plan provisions for use
by public school employers to comply with regulations under section 403(b)
that were issued in July (72 FR 41128). In addition, Rev. Proc. 2007-71
provides relief from certain requirements of the regulations with respect to
contracts issued before January 1, 2009.
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FASB Issues Preliminary
Views on Financial Instruments with Characteristics of Equity
The Financial Accounting Standards Board (FASB) issued its Preliminary
Views,
Financial Instruments with Characteristics of Equity, to obtain feedback
on the Board's proposal to simplify and improve financial reporting for
financial instruments with characteristics of equity. The proposal
represents a major step in the development of a single standard that would
replace the complex, 60-plus piece patchwork of existing guidance that
continuously raises application questions and has been a source of many
restatements. Constituents have until May 30, 2008, to comment on the
Board's proposal.
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MBT Frequently Asked
Questions Added
Several more Frequently Asked Questions have
been posted to the Michigan Treasury
MBT site, the
sixth addition to FAQ list since the site was activated in August. The
Department continues to receive new questions from the business community
and will continue to issue responses and other guidance. The MBT site also
provides an overview of the tax, as well as details on different elements of
the MBT such as Nexus, Unitary Filing, and Apportionment. Recent MBT
presentations, including two webinars, can be downloaded from the site. An
MBT Estimator is available for businesses to estimate their future MBT
liability.
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Users Tap RSS Tools to
Ease Info Overload: Companies Hope to Boost Productivity by Reducing the
Flow of Internal Emails
In an effort to help cull the barrage of emails workers face everyday, many
IT departments are instituting RSS newsfeeds. By using this technology,
workers are able to customize the information they receive, greatly
decreaseing the irrelevant information flooding corporate inboxes.
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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