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Accounting News Roundup: The Next Battle Over Tax Cuts; Audit Fees Up in 2011; An IRS Agent That Should’ve Known Better | 07.09.12

Obama to Push Extension of Middle-Class Tax Cuts [WSJ]
President Barack Obama will propose a one-year extension of the Bush-era tax cuts for families earning less than $250,000 today, an effort to shift the conversation away from the sagging economy and onto ground of tax fairness, which Mr. Obama prefers. His campaign will amplify the message with a series of battleground state events this week. On Monday, Mr. Obama will appear in the East Room, surrounded by people who would benefit from the extension, an administration official said. It's another display of the power of incumbency, whereby a president can command attention for his ideas in grand surroundings not available to his challenger.

Supreme Court’s decision renews questions about IRS capability to enforce health care mandate [AP]

Nearly 2½ years before taxpayers will have to start providing proof on their tax returns that they have health insurance, key Republicans suspect the agency already is diverting resources from collecting taxes to gear up for becoming the government’s health care cop. “Knowing the complexity of the health law, there’s no question that the IRS is going to struggle with this,” said Rep. Charles Boustany Jr., R-La., chairman of the House Ways and Means oversight subcommittee. “The IRS wants more resources. Well, we need to start digging down into what are they doing with the resources and personnel.”
Dems blast Maine governor for “Gestapo’’ comment [AP]
Paul LePage managed to get people's attention.
Come On, Mitt Romney, Even The Mormon Church Thinks You Should Release Your Tax Returns… [BI]
Henry Blodget is still asking nicely.
Banks Are Losing One More Source Of Fake Income [DB]
FASB is moving DVA to OCI, ya dig?

Private and public companies report rise in audit fees in 2011 [JofA]
Private companies reported a 7% increase, and publicly held companies reported a 5% increase in external audit fees paid, according to the 2012 Audit Fee Survey, which was conducted by the research arm of Financial Executives International (FEI).

Tax Court: IRS Agent Could Substantiate Only $215 of $95,000 of Claimed Charitable & Medical Deductions [TaxProf]
That doesn't fly.

Accountant, 80, puts railway through back garden [Telegraph]
Bill Barritt, 80, spent three years building his own private train and 1.2 miles of track, which takes him around his 13 acres of land at his country home. The 25ft (7.5m) long eight-passenger train imported from America. The grandfather uses the train to ferry his 12 grandchildren around his sprawling back garden in Bridgnorth, Shrops. Yesterday Bill revealed it was his wife Patricia, 81, who persuaded him to fulfil his dream of owning his own train line. Bill, said: "Patricia told me I should build a railway because she knew it was something I'd always said I'd do. "I did it because she told me too really. Now I can get around the garden at any time, and my train always runs on time."

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