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Footnotes: PwC’s ‘Extraordinary’ Tax Avoidance Structure; Tiptoeing Around the Mortgage Interest Deduction; What a CPA Does, in Pictures | 04.25.13

Europe imposes mandatory rotation on audits Under reforms drafted by British MEP Sajjad Karim, companies will be obliged to change their auditor every 14 years – although this may be extended to 25 years by member states if they fulfil certain criteria. [Accountancy Age]

PwC created 'extraordinary' structure 'to avoid tax on UK properties', say MPs [Guardian]

Instagram user @alipaul asked her students to draw a picture of what a CPA does… and this is the result. Seems legit. [Instagram]

Tax writers tread cautiously around mortgage interest break [The Hill]

Will the Retirement of Max Baucus Open the Door to Tax Reform? [TaxVox]

Maybe Ernst & Young should consider moving out of Times Square. [Bloomberg

House Appropriations Committee Chairman Hal Rogers (R-Ky.) expects "heads to roll" at the Internal Revenue Service (IRS) over billions of dollars in improper refunds.
Rogers told Treasury Secretary Jack Lew on Thursday that he was appalled at an IRS inspector general report that found the agency had overpaid up to $13.6 billion in low-income tax credits. The overpayments accounted for nearly one-quarter of the tax credits issued under the Earned Income Tax Credit (EITC), according to the IRS.
"Twenty-one percent is unacceptable," he said. "That's one out of every five dollars is faulty. I expect heads to roll on this one. This is too big to fail, if you will." [The Hill]

10 Big States Taxing Internet Sales [Forbes]

Is it a loophole if it increases taxes? [Tax Update]
Posted in ANR