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Thursday, September 10, 2009

NYT > Internal Revenue Service - Narrowed by 'REGULATION AND DEREGULATION OF INDUSTRY'

S.E.C. Choice Is Sued Over a Merger of RegulatorsMary L. Schapiro, President-elect Barack Obama’s choice to lead the S.E.C., has been accused of making misleading statements to quickly complete a merger of regulatory bodies.Nationwide Inquiry on Bids for Municipal BondsThe authorities have been investigating what appears to be collusion in the multibillion-dollar market.U.S. to Examine Actions Of Washington MutualFederal investigators have organized task force to examine any wrongdoing at Washington Mutual, troubled savings bank that regulators seized and sold to JPMorgan in September; Jeffrey C Sullivan, US attorney in Seattle, says his office is leading team of investigators from six government agencies to examine what had led regulators to close bank Senate Panel Presses I.R.S. for Tighter Offshore RulesA Senate subcommittee pressed the I.R.S. to step up efforts to stop complex offshore arrangements that let foreign citizens avoid taxes on dividends paid by American companies.U.S. Finds Rampant Errors by Commercial Tax ServicesNearly two out of three commercial tax preparers who are not registered with the I.R.S. failed to fill out accurate federal returns for their clients during a small clandestine survey last spring.Delay Denied on Tax Accounting RuleThe rule would have required companies to take a more stringent approach to reporting uncertain tax positions on their financial statements.Dodging Taxes Is a New Stock Options SchemeSome executives may have backdated their stock options to avoid paying hundreds of thousands of dollars in income taxes.After a Spate of Scandals, a Debate on New RulesPrompted by tales of fund-raising fraud, a number of state and federal legislators are working to create new rules for nonprofit groups.Questions About Some Charities' Activities Lead to a Push for Tighter RegulationState and federal officials are promoting legislation to enhance accountability at charitable organizations, limit executive compensation and place greater responsibility on nonprofit boards; charities and foundations have been bracing for stronger regulatory action from Congress, but state moves surprised them; Senate Finance Committee chmn Charles E Grassley is seeking to coordinate activities of state attorneys general and Internal Revenue Service Senate Plans Inquiry On Credit ServicesSenate Permanent Subcommittee on Investigations will hold hearings to examine activities of nonprofit credit counseling agencies, which assist millions of people with their debt; subcommittee chairman Sen Norm Coleman says panel wants to address whether their charity status is being abused; Internal Revenue Service, Federal Trade Commission and state regulators also issue statement urging consumers to be cautious when choosing credit counseling organization; warns that some counselors are using...Not-for-Profit Credit Counselors Are Targets of an I.R.S. InquiryInternal Revenue Service, Federal Trade Comm and state regulators will issue unusual joint advisory warning consumers to be wary about total costs when seeking help from tax-exempt credit counseling organizations; IRS is investigating business practices of such nonprofit credit counseling services, which advise millions of people in debt; probe could jeopardize agencies' nonprofit status and upend industry just as proposed change in federal bankruptcy law stands to steer many thousands more peo...Business and the Law; Who Gets Utility Tax-Loss Benefit?Utility companies and state regulators are squaring off in Washington for a complex battle over who should benefit from tax losses incurred by utility subsidiaries -- shareholders or ratepayers. The issue, which is being fought in Congress and with the Internal Revenue Service, is of growing financial importance because many holding companies that own electric, gas and telephone utilities have subsidiaries in unregulated businesses that generate substantial tax losses.Bureaucratic Snags Blocked B.C.C.I. Inquiry in '88After a money-laundering indictment here against the Bank of Credit and Commerce International nearly three years ago, Federal agents wanted to go further to determine whether B.C.C.I. secretly controlled some American banks. But they got nowhere because of a series of missteps by Government regulators. What transpired was a three-way bureaucratic paralysis involving the Customs Service, the Internal Revenue Service and the Federal Reserve Board. Customs and the I.R.S. had preliminary evidence ...[$] A.T.&T. Holders' Added TaxIn the latest move in a long battle between the Government and the American Telephone and Telegraph Company, the Internal Revenue Service has sent a warning letter to A.T.&T. stockholders informing them that shares received from last year's breakup of the Bell System are not fully tax free. A.T.&T. has already informed its three million shareholders that it considers the breakup to be a tax-free event. It continues to maintain this.

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