Steinway Replaces Deloitte with UHY
Accounting firm UHY LLP said it has been selected by Steinway Musical Instruments to serve as the company's independent registered public accounting firm for the fiscal year ending Dec. 31, 2008. UHY LLP replaces Deloitte & Touche LLP, the company’s previous independent registered accountants. In a change recommended by Steinway’s Audit Committee, CEO Dennis Hanson said the decision did not involve accounting practices, financial statement disclosure or auditing procedures, but was one of price.
IRS Oversight Board Releases Report
The IRS Oversight Board has released its 2007 annual report, stressing that the Internal Revenue Service should not settle for “good” performance but must strive for “great” performance. The report spells out the need for “breakthrough” performance in four areas: taxpayer service, enforcement, human capital and information technology.
AICPA Picks Buss for Benefit Plan Audit Task Force
The American Institute of CPAs has selected McConnell & Jones LLP principal, Rance Buss, to join a special task force dedicated to understanding the new 403(b) audit requirements as part of the Employee Benefit Plan Quality Audit Center. Starting in 2009, organizations with 403(b) plans may face additional filing requirements by the Internal Revenue Service and the Department of Labor. As a member of the AICPA’s Employee Benefit Plan Quality Center special task force, Buss will work with other task force members to communicate regulatory developments and share best practices with those organizations impacted by the new reporting obligations.
MJLM Announces Two Promotions
McConnell Jones Lanier & Murphy, LLP has promoted Joyce Barrett to director of human resources and Godwin Okoye to director of assurance services. Barrett is a human resource professional with more than 15 years experience. Okoye is a CPA with more than 20 years experience in auditing, accounting and banking services both domestically and abroad.
IRS Revenue Ruling Addresses Truck Leasing
The IRS has released Revenue Ruling 2008-23, which addresses which party is subject to the Section 274(n) limitation when a trucking company leases truck drivers from a leasing company and the leasing company reimburses the drivers for meal and incidental expenses they incur in the course of performing services.
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