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SEC REMOVES RECONCILIATION REQUIREMENTWashington, D.C. - The Securities and Exchange Commission voted in mid-November to remove the requirement for non-U.S. companies to reconcile their financial statements to U.S. generally accepted accounting principles.

'Subtle" has never been an adjective used to describe Charles Rangel. The outspoken Democrat from New York has historically expressed his rather candid opinions on a number of issues - usually at several decibels higher than everyone else.When the Democrats assumed control of the Congress and Rangel assumed the chair of the House Ways and Means Committee, he immediately began throwing out a series of sound bites about the need for Tax Code reform and the repeal of the alternative minimum tax.

MARVIN L. STONEThe only word to describe Marvin Stone is "unique." He is six-foot-three, handsome, smart and witty - that's all. When one meets Marvin, one smiles expectantly; in return, Marvin smiles because he is about to deliver a Marvin Stone funny.

IRS EXTENDS DEFERRED-COMP DEADLINEAfter repeated pleas from tax practitioners, lawyers and others, the Treasury Department and the Internal Revenue Service announced that they would extend the final deadline for compliance with new rules on nonqualified deferred-compensation plans for a year, until Dec. 31, 2008.

Shortly after Sept. 11, 2001, America's financial institution auditors - internal and external - were called to the trenches of the war against terrorism.Under Section 352 of the USA Patriot Act, they have been required to verify that their institutions have adequate risk assessment and prevention systems in place.

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While friends and family are more concerned with the holidays at hand, tax practitioners are taking last-minute steps to ensure that they and their clients have a successful tax season.Training people to be able to staff the offices properly is key for Peoples Income Tax Inc., said chief executive Charles McCabe. "There just isn't a supply of qualified preparers out there who are willing to work for three months. And if someone is available, you have to ask why they are available - you don't want to hire someone else's problem."

FASB DELAYS FIN 48 FOR PRIVATE COS.Norwalk, Conn. - The Financial Accounting Standards Board has decided to defer the effective date for FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes, for nonpublic entities.

The House has voted to approve a $78 billion bill that would provide a temporary fix to prevent the alternative minimum tax from spreading to about 23 million more taxpayers this coming tax season.Congress was under pressure to pass an AMT fix in time to allow the Internal Revenue Service to produce the necessary tax forms without delaying processing and refunds. However, in a sign of the controversy over provisions to raise taxes on some high-income taxpayers and close loopholes, no Republicans voted for the bill and eight Democrats voted against it.

Creating opportunities for mid-tier audit firms to enter the international market could include relaxing ownership rules to permit investment from outsiders - non-accounting professionals - according to an independent study prepared for the European Commission.The report suggested that such a revision would result in opportunities for the mid-level firms to cope with the needs of larger clients, most of whom are currently served by the Big Four.