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Accounting News Roundup: SEC Accused of Pulling an Arthur Andersen; The Bathroom Is NOT a Home Office; Canadians Want a Simpler Tax Code Too | 08.18.11

SEC Accused of Destroying Files [WSJ]
An employee at the Securities and Exchange Commission has accused the regulatory agency of destroying at least 9,000 documents relating to inquiries of Wall Street banks and hedge funds. Documents that were destroyed related to corporate giants including Goldman Sachs Group, Deutsche Bank, Lehman Brothers, Citigroup, Morgan Stanley, Wells Fargo, Bank of America, convicted fraud operator Bernard Madoff and hedge fund SAC Capital Advisors, according to a letter from the employee’s attorney released Wednesday by Sen. Charles E. Grassley (R., Iowa).

Obama to issue new proposals on job creation, debt reduction [WaPo]
President Obama has decided to press Congress for a new round of stimulus spending and tax cuts as he seeks to address the great domestic policy quandary of his tenure: how to spur job growth in an age of austerity. Obama will lay out a series of ideas in a major address right after Labor Day, when he and a largely antagonistic Congress will return from vacation, the White House said Wednesday.

Accounting Chinese Audit Regulators Plan Washington Visit [WSJ]
A delegation of Chinese regulators will visit Washington in October as the U.S. and China continue talks on allowing American inspectors to scrutinize Chinese audit firms, the U.S.’s top auditing regulator said Wednesday.

Mandatory Auditor Rotation — The PCAOB Sails Off the Charts [Re:Balance]
In case you thought Jim Peterson was too heady for your liking, he opens this post with an exchange between Otter and Bluto.

Tax Court: Accountant Cannot Deduct Bathroom as Home Office [TaxProf]
What?!? Lots of business gets done in there!

Tracking time [ABD]
Again, we’ll refer you here if you have further questions.

Canadian Accountants Call for Simplification of Canada’s Tax Code [Tax Foundation]
Is there a trend yet?

PCAOB: Chinese regulators can no longer shut the door [Accountancy Age]
Chairman James R Doty […] said an arbitrary position of refusing cross-border collaboration “will no longer fly”, claiming market pressures make capitulation inevitable.

US appeals court backs government in tax shelter case [Reuters]
A federal appeals court has upheld a ruling against a former senior tax lawyer at Grant Thornton LLP and Coopers & Lybrand that banned him from selling bogus tax shelters costing the United States government up to $800 million in unpaid taxes. A three-judge panel for the 8th U.S. Circuit Court of Appeals on Tuesday rejected an appeal filed by A. Blair Stover Jr., who had sought to overturn a Missouri federal court decision in August 2010 barring him from promoting three tax schemes deemed abusive by the Internal Revenue Service.

Posted in ANR