Review Comments | 06.22.09

• Court: Parents Who Cash in IRA to Pay for Kid’s College Not Subject to 10% Penalty – They’re going to be working until they’re 90 anyway. [TaxProf Blog]
• 7 Audit Lessons (or How I Learned to Stop Worrying and Love the IRS) – See? It’s possible. [Tax Girl]
• SEC Surpasses $2 Billion in Fair Fund Distributions in 2009 – Just think what they would have paid out if they were doing a good job. [SEC.gov]
• KPMG staff face Thai grilling on Lehman sales – Thailand has laws? [FT]
• Happy Thanksgiving! Please don’t work on Friday. We’ll be back on Monday. Unless of course, the humble servant writes another letter.

• Obama’s Advice to Aspiring Politicians: Be Careful on Facebook – This is what some parents were worried about? [Bloomberg]
• Accounting firms – Have maintained their reputation? [FT]
• Madoff feeder fund settles with Massachusetts – $8 mil from a $7.2 billion fund? [Reuters]
• Danger! Jobs most likely to kill you – Instantly. Not after a grueling, tortuous 30+ years, thus accountants are not on the list. [NYDN]
• PCAOB Backs FASB Codification – But if you’re ignoring it, that’s fine too. [Web CPA]

• Hong Kong Police Raid Ernst & Young Office in Akai Audit Probe – Seems that they were to arrest individuals taking home office supplies for personal use. [Bloomberg]
• SEC told to aggressively assess tips after Madoff – As opposed to passively assessing them, which has been standard operating procedure at the Commission for years. [Reuters]
• Tax Court: CPA’s Google Search Does Not Constitute Reasonable Cause to Avoid Penalty – The Internet does not trump the IRC. [TaxProf Blog]
• Senate Committee Rejects Public Option for Health Overhaul – You’re either thrilled or completely pissed. [WSJ]
• Reznick Group Launches New SAS 70 Website – For you serious types. [Press Release]
• Stanford fails in bid to access insurance – Unfortunately for Stan, there’s no exchange rate for Lucky Strikes. [FT]