From the Dow Jones Newswire via Morningstar.com: “IRS Increasing Audits Of Largest U.S. Pension Plans“:
The agency [IRS] is stepping up a new program of intensive audits it will conduct on 60 or so of the largest pensions each year, from traditional retirement plans to 401(k)s. Designed to probe whether companies and endowments are administering these tax-exempt vehicles properly, the scrutiny is directed at funding levels, vesting, benefit payments and other aspects of plans. Big plans are the focus. The Internal Revenue Service is looking at pensions with 2,500 or more participants, as well as employers with multiple plans that together cover 2,500 or more.
From the Washington Post, “House Opposition To Expensing of Options Increases: Bill Would Block Accounting Oversight Board’s New Rule“:
In recent weeks, a House bill that would block a new rule by the Financial Accounting Standards Board to count options as an expense has picked up key support from the Republican and Democratic leadership. House Speaker J. Dennis Hastert (R-Ill.) and Minority Leader Nancy Pelosi (D-Calif.) have signed on as co-sponsors, according to aides and lobbyists. The FASB is expected to release a draft of the rule for comment tomorrow, giving companies a choice on how to value options.
From the Wall Street Journal (subscription required), “Justices to Hear A Pay Dispute Of Older Workers“:
The Supreme Court, taking up a police pay dispute in Jackson, Miss., will try to resolve whether a class of older workers can use a federal law barring workplace age discrimination to fight job policies favoring younger workers. . . The lawsuit [argues] the 1967 Age Discrimination in Employment Act allowed them to bring a “disparate impact” claim alleging the department’s pay policy discriminated against them as a class. . . The issue has vexed federal appeals courts, which have issued conflicting decisions. The Supreme Court tried to resolve the conflict two years ago, but dismissed the appeal before issuing an opinion.”
(Comment: The Supreme Court will also settle whether attorney contingency fees paid from legal settlements must be counted as taxable income. Roth CPA.com has the issue covered here.)
From blogger Robert Ambrogi, “West, Lexis CEOs square off on the future“:
At ABA TechShow, the keynote had Louis Andreozzi, president and chief executive officer of LexisNexis North American Legal Markets, and Mike Wilens, president of West, square off in a joint presentation in which they were slated to share their visions of the future role of legal technology. . . As to the future, the more compelling comments came from Wilens. He predicted that certain “disruptive technologies” will play ever more central roles in law practice over the next few years. He expressly mentioned blogs and instant messaging as two of the most important.
(Hmm, “disruptive technologies” . . . )
And, by the way, Canada joins the U.S. today in the corporate governance arena with its own version of Sarbanes-Oxley. I suppose Canadians will soon be singing their own rendition of this. (Thanks to Mike O’Sullivan at Corp Law Blog, words to the song can be found here.)