The House passed the Taxpayer Assistance and Simplification Act of 2008 by a vote of 238 to 179. The bill repeals the IRS Private Debt Collector program and eliminates special requirements for individuals to keep detailed records of calls made on employer-provided cell phones, stops federal contractors from using foreign subsidiaries to evade Social Security and other employment taxes, along with other provisions.
Supreme Court Unanimous in Two Tax Cases
The Supreme Court has issued unanimous decisions in two tax cases:
IRS Issues Draft Instructions for Form 990
The Internal Revenue Service has released draft instructions for the redesigned Form 990 for tax-exempt organizations and is asking for comments by June 1. The draft Form 990 instructions are on the
SEC Bars WorldCom Auditors
Two former Arthur Andersen auditors have settled charges with the Securities and Exchange Commission accusing them of failing to exercise due professional care and skepticism in 2001 audits of WorldCom. Former Andersen audit partners
PCAOB Issues Grant Thornton Report
The Public Company Accounting Oversight Board has issued its annual
Stonefield Appoints Advisory Services Leader
California CPA firm Stonefield Josephson named Sidney P. Blum principal in charge of advisory services. He will head the firm's valuation, litigation, forensic, internal audit, contract compliance and Sarbanes-Oxley 404 services. Blum has more than 20 years of accounting experience, including 12 years at KPMG and Ernst & Young.