The types of activities that allow a state, under its own rules, to tax a business entity vary widely. In fact, the same company with relatively light activity within one state might be subject to tax in that state, yet not be taxed in a state where its activity is greater.

The Securities and Exchange Commission named Linda C. Thomsen to head the agency's enforcement division succeeding Stephen Cutler, who is leaving the regulator this month for a post in the private sector.

In the midst of a massive restatement, troubled mortgage-finance concern Fannie Mae said it won't file its first-quarter financial report with the Securities and Exchange Commission on time.

The NASD has censured and fined Raymond James & Associates Inc. and Raymond James Financial Services Inc. $750,000 for violations relating to the firms' fee-based brokerage business.

The number of internal controls weaknesses related to lease accounting issues jumped more than 10 percent in April, according to a report released this week.

Saks Inc. asked three of its top executives, including its chief accounting officer, to resign, following an investigation by its audit committee related to the improper collection of vendor markdown allowances in one of its merchandising divisions.

A newly issued revenue procedure, Rev. Proc. 2005-28, makes it easier for some taxpayers to adopt a simpler method of allocating and apportioning interest expenses in determining their net U.S. and foreign-source income for foreign tax credit purposes.