Four months after opening its review of Apple’s finances, the Securities and Exchange Commission has closed it, having found nothing untoward about the company’s handling of its overseas cash and related tax policies. In a September letter to Apple, released late last week, the SEC said it had completed its review of the company’s fiscal 2012 annual report, and would take no action against it at this time. Evidently, there’s no need to, as the agency has found Apple’s disclosures to be sufficient, particularly now that it has agreed to provide investors with more information about its foreign cash, tax policies, and plans for reinvestment of foreign earnings. In the SEC’s eyes, Apple accounts for taxes in accordance with generally accepted accounting principles. [AllThingsD]
Related Posts
Deloitte Tax Expert Makes Statement That He’s Likely to Regret
“If there are Republicans who break with Grover Norquist’s position, I think that’s an important thing,” said Clint Stretch, managing principal of tax policy at Deloitte Tax LLP in Washington.
“I think it signals a willingness on their part to have the fight with him over whether every tax expenditure is a legitimate reduction in effective tax rate, or whether there are some that should be regarded the way they regard spending programs.” [Bloomberg, Earlier, Earlier]
Exposure Drafts: According to Circular 230 You Do Not Have to Disclose When You Outsource Tax Work to Your Cat
Exposure Drafts holiday cards are now available for purchase through Rubook Creative.
Deadline Watch ’10: Happy September 15th!
Whether this marks the end of your tax season for 2010 or is just a pit stop on the way to October 15th, it’s certainly a day that gets marked on the calendar of many a tax sage.
In case you’re completely oblivious to the significance of this day, it marks the extended filing deadline for corporations, partnerships and trusts. That amounts to metric asston of returns and there’s probably more than a few people that suffer nervous breakdowns on the road to this annual deadline.
Whether or not you’ll be drinking your lunch today, it’s a nice reminder (or an excruciating one) that all things – including CFOs and Lindsay Lohan (what’s taking so long?) – eventually pass.
You can express joy or resentment about your successful completion of tax season 2010. It was your last, right? Sure. We’ve heard that before. Anyway, if this marks end, go enjoy yourself this evening.
But of course, we haven’t forgotten that there are plenty of you that have 30 days to go. Feel free to bitch and moan and then get back to work.