Tax Guru – Ker$tetter Letter

Helping real people win the tax game.

Archive for December 20th, 2005

Posted by taxguru on December 20, 2005

The Good, the Bad and the Ugly Of Pay-Option ARM Loans


San Leandro tax preparer pleads guilty to bogus write-offs


Taxing battle over Botox – A tax on vanity would hit people like John sKerry right smack in their faces.


IRS Warns of Questionable Deductions for Donated Vehicles – Need to work with the new Form 1098–C for proper value to deduct.



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Dirty SOX

Posted by taxguru on December 20, 2005

From Ohio CPA Dana Stahl a few weeks ago:

Subject: NYSlimes article on SOX
Mr Guru – thought you’d like this article in the Slimes on SOX.  I haven’t really followed SOX, since it doesn’t really impact my firm.  Regardless, this article lauds SOX, as you’ll read.  However, when I see the media praising something, I’m already suspicious.  What do you think of SOX and of this article.  In your prospective, is the author getting it right?  Has SOX been beneficial or a bust?  Perhaps you can address this in the blog.
My Reply:

For the same reasons as you have, I haven’t been following the details on SOX as closely as I would have been a few decades back, when I was an internal auditor for a publicly traded corporation, where I helped prepare the 10Q and 10K reports.

However, the cursory mentions I have seen over the past several months gave me the impression that it was the same as other attempts by our rulers to legislate ethical behavior; a lot of window dressing with no real tangible effects other than to increase the paperwork.  Plenty of loopholes still allow enough opportunity for creative book cooking to continue.

I share your skepticism of trusting anything the DemonRats’ official news organ says.  If the NY Slimes claims something is good, the best interpretation is that it is counter to basic principles of capitalism.

I saw another good look at this by Joe Kristan, Jack Ciesielski and Dan Meyer on their blogs:

They seem to share our doubts that SOX has accomplished anything more than adding additional complexity to the accounting game.


Interesting article from the WSJ on how people are making money on the complexity of complying with SOX:

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