IRS ANNOUNCES MILEAGE RATES FOR '07WASHINGTON - The Internal Revenue Service has issued the 2007 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning Jan. 1, 2007, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be:
* 48.5 cents per mile for business miles driven (compared to 44.5 cents in 2006);
* 20 cents per mile driven for medical or moving purposes (compared to 18 cents in 2006); and,
* 14 cents per mile driven in service to a charitable organization (the same as in 2006).
The primary reasons for the higher rates were higher prices for vehicles and fuel during the year ending in October.
GRASSLEY WANTS REVIEW OF SEC OPS
WASHINGTON - In response to a senator's inquiry, the Government Accountability Office will review the operations of the Securities and Exchange Commission's enforcement division and compliance department.
Sen. Chuck Grassley, R-Iowa, the chairman of the Senate Finance Committee, requested a review of the SEC's management and methods for policing the financial markets, in a Sept. 19 letter to GAO Comptroller General David Walker.
"Based upon allegations I have received over the past few months, I have become increasingly concerned regarding the operations of the SEC, and whether the SEC is faithfully adhering to its mission to protect investors," Grassley wrote.
Grassley's request also questioned whether the SEC had given special treatment to Morgan Stanley chief executive John Mack in a trading probe, and whether the SEC was doing enough to regulate the New York Stock Exchange and NASD.
In April, the GAO offered 14 recommendations to improve the internal controls of the commission, specifically addressing weaknesses within the SEC's accounting and financial reporting procedures. And earlier this year, a GAO report suggested that the commission could do a better job of recruiting and retaining staff for its dozen offices.
INTUIT OPTION INQUIRY ENDS
MOUNTAIN VIEW, CALIF. - Intuit Inc. announced that the Securities and Exchange Commission has closed its investigation into the software maker's stock-option accounting practices without taking any punitive action.
The SEC began its Intuit inquiry in June, and in August, Intuit announced that, based on its internal investigation of the handling of its stock options dating back to 1997, it wouldn't need to restate past profits.
The U.S. Attorney's Office subpoenaed Intuit for information relating to its stock options around the time that the SEC began its investigation, but Intuit said in a statement that the office hasn't sought additional information since the company passed along the findings of its internal review.
In public statements, SEC enforcement division director Linda Thomsen said that the agency has more than 120 options-related probes under way.
PA. FIRM ACQUIRES NEIGHBOR
Lancaster, Pa. - Lancaster, Pa.-based Reinsel Kuntz Lesher LLP announced that it will acquire Miller & Miller CPAs, an accounting firm based in Lititz, Pa. Financial terms of the merger, which was completed Nov. 1, were not disclosed.
With the merger, Reinsel Kuntz Lesher will have a team of approximately 200 employees, including 30 partners. The firm will maintain all staff from both firms, with employees from Miller & Miller moving into the Lancaster office.
Ronald L. Miller will join the firm as a partner in RKL's Business Services Group. Jared E. Miller will join the firm as a partner in RKL's Tax Services Group.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access