Accounting News Roundup: Corporate Tax Studies Take Sides; The Tax Lady’s Tax Lien; This Is Your Brain on Cellphones | 06.01.11

Studies Fuel Dueling Views on U.S. Corporate Taxes [WSJ]
While Congress duels over whether U.S. companies should pay more in taxes, a pair of reports provided fodder for each side of the debate this week.

Sherron Watkins and Harvey Pitt on SEC’s Whistleblower Rules [CFO Journal]
Pitt said that paying up to 20% of penalties collected for a securities-law violation to the person who provided the information that led to the case would “undermine corporate governance.” Employees seeking “lottery-like” returns will inundate the SEC with marginal claims, he warned. “There will be two gems within those 10,000 or 20,000 complaints but whether the SEC will be able to pick those two out is a different question.”

Satyam case: HC rejects auditors plea on disciplinary action [Business Standard]
PricewaterhouseCoopers auditors, Subramani Gopalakrishnan and Srinivas Talluri, accused in the Rs 14,000-crore Satyam accounting fraud, today received a jolt as the Delhi High Court today rejected their pleas against the disciplinary proceedings initiated by the Institute of Chartered Accountants of India (ICAI). A Bench of Chief Justice Dipak Misra and Justice Sanjiv Khanna dismissed the petitions filed by the two auditors, who had sought a stay on disciplinary proceedings initiated by the ICAI for their alleged involvement in the Satyam accounting fraud.

Navistar Sues Deloitte Proving No Statute of Limitations On Idiocy [Forbes]
Nearly one hundred years together. Down the drain.

‘Tax Lady’ Roni Deutch faces tax lien of nearly $183,000 [Modesto Bee]
Tax attorney Roni Lynn Deutch has been slapped with a nearly $183,000 federal tax lien, according to Internal Revenue Service filings, another sign of the Tax Lady’s financial woes. Deutch, who built a $25-million-a-year tax resolution law firm promising clients relief from the IRS, was hit with a lien of $182,722, filed May 9 in Placer County Superior Court.


KPMG Executive Poll: 39% Say Anti-Corruption Laws Disadvantage Them [WSJ]
A KPMG LLP poll of 214 executives in the U.S. and the U.K. showed that only 39% believed anti-corruption laws had hurt them competitively, and fewer than 20% though enforcement of such laws was “excessive.” The survey offered a glimpse into the C-Suite as the U.S. Chamber of Commerce intensifies efforts to amend the FCPA on the grounds that aggressive enforcement has held back U.S. business.

Cellphone Cancer Warning [WSJ]
Using a cellphone may increase the risk of a certain type of brain cancer, an international panel of experts said Tuesday, adding to a growing debate about whether a now nearly ubiquitous form of communication poses health risks. The experts said cellphone radio waves are “possibly carcinogenic,” classifying them in the same risk category as lead, chloroform and coffee. The classification from the World Health Organization’s International Agency for Research on Cancer could lead the United Nations health body to look again at its mobile-phone guidelines, the scientists said.

Studies Fuel Dueling Views on U.S. Corporate Taxes [WSJ]
While Congress duels over whether U.S. companies should pay more in taxes, a pair of reports provided fodder for each side of the debate this week.

Sherron Watkins and Harvey Pitt on SEC’s Whistleblower Rules [CFO Journal]
Pitt said that paying up to 20% of penalties collected for a securities-law violation to the person who provided the information that led to the case would “undermine corporate governance.” Employees seeking “lottery-like” returns will inundate the SEC with marginal claims, he warned. “There will be two gems within those 10,000 or 20,000 complaints but whether the SEC will be able to pick those two out is a different question.”

Satyam case: HC rejects auditors plea on disciplinary action [Business Standard]
PricewaterhouseCoopers auditors, Subramani Gopalakrishnan and Srinivas Talluri, accused in the Rs 14,000-crore Satyam accounting fraud, today received a jolt as the Delhi High Court today rejected their pleas against the disciplinary proceedings initiated by the Institute of Chartered Accountants of India (ICAI). A Bench of Chief Justice Dipak Misra and Justice Sanjiv Khanna dismissed the petitions filed by the two auditors, who had sought a stay on disciplinary proceedings initiated by the ICAI for their alleged involvement in the Satyam accounting fraud.

Navistar Sues Deloitte Proving No Statute of Limitations On Idiocy [Forbes]
Nearly one hundred years together. Down the drain.

‘Tax Lady’ Roni Deutch faces tax lien of nearly $183,000 [Modesto Bee]
Tax attorney Roni Lynn Deutch has been slapped with a nearly $183,000 federal tax lien, according to Internal Revenue Service filings, another sign of the Tax Lady’s financial woes. Deutch, who built a $25-million-a-year tax resolution law firm promising clients relief from the IRS, was hit with a lien of $182,722, filed May 9 in Placer County Superior Court.


KPMG Executive Poll: 39% Say Anti-Corruption Laws Disadvantage Them [WSJ]
A KPMG LLP poll of 214 executives in the U.S. and the U.K. showed that only 39% believed anti-corruption laws had hurt them competitively, and fewer than 20% though enforcement of such laws was “excessive.” The survey offered a glimpse into the C-Suite as the U.S. Chamber of Commerce intensifies efforts to amend the FCPA on the grounds that aggressive enforcement has held back U.S. business.

Cellphone Cancer Warning [WSJ]
Using a cellphone may increase the risk of a certain type of brain cancer, an international panel of experts said Tuesday, adding to a growing debate about whether a now nearly ubiquitous form of communication poses health risks. The experts said cellphone radio waves are “possibly carcinogenic,” classifying them in the same risk category as lead, chloroform and coffee. The classification from the World Health Organization’s International Agency for Research on Cancer could lead the United Nations health body to look again at its mobile-phone guidelines, the scientists said.

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