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 New
Rules Prevent Duplicated Losses
The
U.S. Department of the Treasury has often promulgated regulations
on consolidated returns to combat perceived abuses or attempts
by taxpayers to circumvent tax legislation. Occasionally,
the conflicting interests of taxpayers and the Treasury
lead to litigation, and in Rite Aid Corporation (CA-FC,
2001-2 USTC 50,516, 255 F3d 1357, rev’g, FedCl, 2000-1
USTC 50,429, 46 FedCl 500), not only did the taxpayer achieve
a decisive victory, but the regulation in question was held
by the court to be invalid.
Full
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Reconciling
Image with Reality
In
our October 2004 issue, an excellent article by Robert L.
Bunting (“Transparency: The New Peer Review Watchword,”)
presented a refreshing policy position. Bunting, elected
last month as AICPA chairman, is firmly committed to reforming
the peer review and quality assurance systems and views
this as a critical step toward greater transparency throughout
the profession. Full
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Tallying
the Cost of the Sarbanes-Oxley Act
Although
the Sarbanes-Oxley Act (SOA) was enacted two years ago,
some of its provisions are still being implemented. One
such provision is SOA section 404, which requires companies
to file a management assertion and auditor attestation on
the effectiveness of internal controls over financial reporting,
starting with fiscal years ending on or after November 15,
2004. Full
Story
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