The Tax Policy Center has released a series of data tables taking a look at the effect of the major tax changes enacted since 2001.For each table, the center compares the amount of tax owed under current law with the amount that would have been paid if the law had stayed the same as it was in 2000. Estimates are computed both for dollar-income classes (for example, $40,000 to $50,000) and for percentiles of income distribution (for example, middle quintile, which includes households in the middle 20 percent of the income distribution).

In a long-awaited move, the Financial Accounting Standards Board has proposed new accounting for mergers and acquisitions by not-for-profit organizations.Reflecting a proposed standard on for-profit business combinations, Not-for-Profit Organizations: Mergers and Acquisitions proposes the elimination of the pooling-of-interests method, the measurement of assets and liabilities at fair value, and the recognition of goodwill upon initial recognition of another entity, be it for-profit or not-for-profit.

Senators Chuck Grassley, R-Iowa, and Max Baucus, D-Mont., struck an agreement with House lawmakers on bipartisan, bicameral legislation to extend expired and expiring tax, health, trade, and other provisions.

New York — A majority of companies have instituted formal anti-fraud programs and controls as a response to the heightened regulatory environment, according to an online poll recently released by Deloitte Financial Advisory Services.

The Financial Accounting Standards Board appointed Judith H. O’Dell, CPA, as chair of the standard-setter’s newly formed Private Company Financial Reporting Committee.

In an effort to foster dialogue between auditors and those who govern non-public companies - including not-for-profits and governmental entities - the Auditing Standards Board has issued a standard requiring auditors to communicate certain issues with whomever is charged with corporate governance.The board has also established a formal attestation hierarchy and fine-tuned a few existing standards.

In search of a happy medium for the smaller public companies that have loudly complained about the cost of audits of their internal controls, Securities and Exchange Commission Chairman Christopher Cox said a new auditing standard is on the way.According to published reports, Cox said that he has been in regular contact with the chairman of the Public Company Accounting Oversight Board to develop and propose the auditing standard. Right now, Cox said that the timetable would be for the SEC to hopefully approve the standard by the spring.

The 2006 elections saw the Democrats taking control of both the House and the Senate for the first time in 12 years. The shift in the House is probably the most significant.In the House, the majority party controls the agenda: what hearings are held, what legislation gets taken up by committees. The Democratic majority is a narrow one, just as the Republican majority had been a narrow one. Many of the newly elected Democrats were chosen to appeal to moderate voters, so it is far from clear that there has been a major shift in the view of House members on tax issues. Still, control of the agenda will tend to mean that Democratic proposals, rather than Republican proposals, will emerge from the House Ways and Means Committee.

I noted a few weeks ago that the "Joy of Cooking" celebrated its 75th anniversary with the publication of its ninth edition.

Home mortgage giant Fannie Mae announced that it will reduce its earnings by $6.3 billion to correct accounting problems dating back to 2001.

A new federal reports says that the National Strategy for Financial Literacy needs to contain some measures of accountability.The strategy belongs to the Financial Literacy and Education Commission, which was created by December 2003 legislation. The Government Accountability Office says that while the strategy is comprehensive in identifying the breadth of issues involved, the plan does not serve as a plan of action designed to achieve specific goals.

The Public Company Accounting Oversight Board will meet on Dec. 19 to consider exactly what changes to Sarbanes-Oxley’s internal control measures it will issue for public comment.

Robert N. Anthony, an honored member of the Harvard Business School faculty for more than 40 years and a prolific scholar, author and innovator in the field of management accounting and control, died Dec. 1 in New Hampshire.

Deloitte & Touche is the first of the Big Four to have its annual inspection posted by the Public Company Accounting Oversight Board this year.The PCAOB’s Nov. 30 report was posted to the board’s Web site late last week and cites Deloitte for failing to obtain sufficient evidence to back up decisions in a number of audits of public companies. The firm disagreed with the board's conclusions in nearly two-thirds of the audits cited, offering a rebuttal of many of the board's criticisms as part of a response letter included with the PCAOB's report

San Diego’s City Council has approved paying another $2.2 million to KPMG for the Big Four firm’s long overdue 2003 audit. The additional spending approval brings the city’s total KPMG tab to $6.6. million.

I am working on an article for the January issue of Practical Accountant on the risk assessment standards that apply to all non-public company audits. They are effective for audits of financial statements for periods beginning on or after Dec. 15, 2006.

The former chairman and chief executive of CNA Insurance Cos. has been named chairman of the Financial Accounting Standards Advisory Council.

Just a few days after receiving the Public Company Accounting Oversight Board’s proposed budget for 2007, the Securities and Exchange Commission unanimously approved the document, which includes a 4.2 percent increase in funds, setting next year’s outlays at $136.4 million.The board’s budget, less registration fees collected from accounting firms throughout 2006, form the basis for assessment of accounting support fees in 2007. The budget also includes a provision that the board will tap into an excess of its working capital reserve fund to reduce the overall accounting support fee by $10 million next year.

Recently, I was asked by my town officials to become a member of the fire sprinkler inspection team, whose purpose as explained to me, is to ensure that all emergency sprinkler systems within our area’s municipal buildings are up to code and functional.

The Internal Revenue Service announced new guidelines for taxpayers to follow in order to substantiate donations to charities that were made via payroll deduction.