Accountants Lose Tax Work-Product Privilege

Article Abstract:

Mortimer Caplin argues that the decision on March 21, 1984, of the Supreme Court in United States v. Arthur Young & Co. greatly weakened the power of the accounting profession in the area of federal tax matters. The Supreme Court ordered Arthur Young to deliver confidential tax accrual workpapers to the Internal Revenue Service (IRS). The IRS's Code Section 7602 has broad scope. It deals specifically with summons authority. Topics covered in the analysis include: 1) tax accrual workpapers, 2) disadvantage of accountants v. lawyers in the tax field, 3) relevance, 4) Code Section 7602 and 5) safeguards in Internal Revenue Manual Section 4024.4. The IRS contends it will continue to request tax accrual workpapers only in 'unusual circumstances.' Caplin argues for corrective legislation to remedy the problem.

Analysis, Taxation, Accounting, Accrual basis accounting

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Time to end market mediation; Tung Chee Hwa appears more interventionist than his predecessors

Article Abstract:

The Hong Kong government's intervention in the financial markets in 1998 was a high-risk counter-assault against the hedge funds that had been setting off market declines in virtually every Asian market. While the gambit succeeded, leading to a recovery in Hong Kong shares and stability for its currency, the intervention cast a shadow on Hong Kong's proud claim to being Asia's foremost market. Since then, observers have been saying that Singapore might be the biggest beneficiary of the fallout from the Tung Chee Hwa's interventionist policy.

Economic aspects, Speculation, Economic policy, Singapore, Political aspects, Hong Kong, Monetary policy, Intervention (Federal government), Federal intervention, Tung Chee-hwa

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Article Abstract:

A buyers guide for notebook computers is presented. The availability and price of the products is discussed.

Buyers Guide, Hardware buyers' guide, Laptop computers, Laptop/portable computer, Notebook computers

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