Accounting News Roundup: Post-Election Deals on Tax Cuts in the Works; Is IFRS in Our Best Interest?; IRS Commish Predicts Relaxed Testing, Education for Nonsigning CPAs | 10.28.10

Foes Plan Post-Vote Deals [WSJ]
Democrats are engaged in a sharp internal debate over how—or whether—the president and congressional leaders should work with the GOP, which is favored to take control of the House of Representatives and maybe the Senate. White House officials, who declined to comment, haven’t given allies clear signals about their approach, partly because their calculation depends on Tuesday’s outcome.

Strategists in both parties see two options for President Barack Obama. He could seek deals on issues including trade, taxes and spending, following the model of President Bill Clinton, who after losing Coromised with the GOP to overhaul welfare.

Morningstar Selects KPMG as Independent Registered Public Accounting Firm [PR Newswire]
Auditor Swap: E&Y for KPMG.

Preventing Election-Season Clashes in the Workplace [Bloomberg BusinessWeek]
With less than a week to go, some of you may have already broken the “don’t send racist/sexist email” rule but at least you’ll be ready for 2012.

Jailed Stanford accuses ex-lawyer of incompetence [AP]
Stan is on his 5th round of attorneys after accusing Bob Bennett of “incompetence, unethical behavior, deceit and only caring ‘about dipping his fingers in the money pot.’ ”

Billionaire Julian Robertson Notches Tax Win For New York City Non-Residents [Janet Novack/Forbes]
And saves $27 million. Hoo-rah!

IFRS Adoption by the US: Definitely Not in the “Public Interest” [Accounting Onion]
Besides the many accounting related objections to IFRS, there are two broadly “legal” objections. These involve the role and authority of the SEC as determined by Congress. The concern is that IFRS adoption would involve a “loss of sovereignty” for the SEC and a departure from its mission of acting “in the public interest.”


IRS Commissioner Predicts Relief From Testing and Continuing Education for CPA-Supervised Nonsigning Preparers [JofA]
In his keynote speech at the AICPA’s National Tax Conference in Washington, Shulman acknowledged the Institute’s concerns about the IRS’ new regulatory regime for all paid tax return preparers.

“I am very sympathetic to the argument that the rules should be flexible for people who have met a higher professional standard,” Shulman said. “Therefore it is highly likely that as we implement the new rules and procedures there will be some relief for testing and continuing education requirements” for such nonsigning preparers supervised by a CPA, enrolled agent or attorney.

Smith & Wesson Holding Corporation CFO Resigns to Pursue Business Opportunity [PR Newswire]
William F. Spengler is over guns and is moving on to the…phytochemical and natural products industry.

IRS Auditors Begin Accepting QuickBooks and Peachtree Records [WebCPA]
Business owners and tax professionals have been advocating that the IRS begin accepting taxpayer records in electronic format instead of continuing to use traditional paper books and records for audits, the IRS noted. The IRS Small Business/Self-Employed Examination Division is responding to those wishes expressed in tax practitioner focus group interviews conducted at the 2008 Nationwide Tax Forums and from other stakeholders

Foes Plan Post-Vote Deals [WSJ]
Democrats are engaged in a sharp internal debate over how—or whether—the president and congressional leaders should work with the GOP, which is favored to take control of the House of Representatives and maybe the Senate. White House officials, who declined to comment, haven’t given allies clear signals about their approach, partly because their calculation depends on Tuesday’s outcome.

Strategists in both parties see two options for President Barack Obama. He could seek deals on issues including trade, taxes and spending, following the model of President Bill Clinton, who after losing Congress in 1994, compromised with the GOP to overhaul welfare.

Morningstar Selects KPMG as Independent Registered Public Accounting Firm [PR Newswire]
Auditor Swap: E&Y for KPMG.

Preventing Election-Season Clashes in the Workplace [Bloomberg BusinessWeek]
With less than a week to go, some of you may have already broken the “don’t send racist/sexist email” rule but at least you’ll be ready for 2012.

Jailed Stanford accuses ex-lawyer of incompetence [AP]
Stan is on his 5th round of attorneys after accusing Bob Bennett of “incompetence, unethical behavior, deceit and only caring ‘about dipping his fingers in the money pot.’ ”

Billionaire Julian Robertson Notches Tax Win For New York City Non-Residents [Janet Novack/Forbes]
And saves $27 million. Hoo-rah!

IFRS Adoption by the US: Definitely Not in the “Public Interest” [Accounting Onion]
Besides the many accounting related objections to IFRS, there are two broadly “legal” objections. These involve the role and authority of the SEC as determined by Congress. The concern is that IFRS adoption would involve a “loss of sovereignty” for the SEC and a departure from its mission of acting “in the public interest.”


IRS Commissioner Predicts Relief From Testing and Continuing Education for CPA-Supervised Nonsigning Preparers [JofA]
In his keynote speech at the AICPA’s National Tax Conference in Washington, Shulman acknowledged the Institute’s concerns about the IRS’ new regulatory regime for all paid tax return preparers.

“I am very sympathetic to the argument that the rules should be flexible for people who have met a higher professional standard,” Shulman said. “Therefore it is highly likely that as we implement the new rules and procedures there will be some relief for testing and continuing education requirements” for such nonsigning preparers supervised by a CPA, enrolled agent or attorney.

Smith & Wesson Holding Corporation CFO Resigns to Pursue Business Opportunity [PR Newswire]
William F. Spengler is over guns and is moving on to the…phytochemical and natural products industry.

IRS Auditors Begin Accepting QuickBooks and Peachtree Records [WebCPA]
Business owners and tax professionals have been advocating that the IRS begin accepting taxpayer records in electronic format instead of continuing to use traditional paper books and records for audits, the IRS noted. The IRS Small Business/Self-Employed Examination Division is responding to those wishes expressed in tax practitioner focus group interviews conducted at the 2008 Nationwide Tax Forums and from other stakeholders

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