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Accounting News Roundup: Audit Fees Whimper; Nonprofits No Longer; California Tax Plan Whiffs with Voters | 06.09.11

Corporate Audit Fees Barely Budged Last Year [CFO Journal]
Public companies paid $3.3 million on average for their audit in 2010, up just 2% from 2009, according to an annual survey from Financial Executives Research Foundation on Thursday. Private companies paid their auditors an average of $222,300, which was in line with 2009 figures. Public company audit fees had actually fallen about 2.4% in 2009, according to FERF’s survey last year, so this puts them back near their 2008 levels.

I.R.S. Ends Exemptions For 275,000 Nonprofits [NYT]
The I.R.S. announced on Wednesday that it had revoked the tax exemptions of 275,000 nonprofit organizations after they did not meet legal requirements to file annual tax forms. The action shrinks the nation’s growing nonprofit sector by roughly 17 percent, to about 1.3 million charities, trade associations, membership groups and labor unions.

Dallas’s Secret Weapon: High Fives [WSJ]
Yeah, that’s what it is.

California Voters Balk at Tax Plan [WSJ]
A deadline next week is raising the pressure on talks between Gov. Jerry Brown and lawmakers over his plan to close the state’s $9.6 billion budget gap, but the proposal isn’t gaining traction with voters. The Democratic governor pushed lawmakers for months to approve his plan to ask voters to extend some tax increases in a June special election, in line with his campaign promise to seek voter approval of any tax measure. But they didn’t strike a deal in time, so he now wants them to approve the taxes and later ask voters to ratify them.

That Look, That Weiner-Spitzer-Clinton Look [City Room/NYT]
If caught in a sex scandal, this is the face you’ll make.

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