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IRS increases audits of small businesses
 Commissioner Mark Everson says the Internal Revenue Service is paying more attention to the filings of small businesses that tend to underreport incomes and to the records of tax-exempt organizations.
 http://accounting.smartpros.com/x55589.xml

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2007 standard mileage rates released
 The IRS has issued the 2007 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
http://www.irs.gov/newsroom/article/0,,id=163828,00.html

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Business wins easing of a Sarbanes-Oxley rule
 Business has won the battle to ease one of the most controversial requirements mandated by the Sarbanes-Oxley corporate-reform law: that companies first review their own systems for ensuring accurate financial reports and then have them tested by outside auditors.
http://accounting.smartpros.com/x55480.xml

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SEC: SOX changes are on the way
In search of a happy medium for the smaller public companies that have loudly complained about the cost of audits of their internal controls, Securities and Exchange Commission Chairman Christopher Cox said a new auditing standard is on the way.
http://www.webcpa.com/article.cfm?articleid=22483

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Largest firms call for new reporting model
 The six largest global accounting networks — PwC, KPMG, Deloitte, E&Y, BDO, and Grant Thornton — have unveiled a new paper on meeting investor needs in an evolving global market.
http://www.pwc.com/extweb/ncpressrelease.nsf/docid/5F8553F9CBE4643C85257222005DE317

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Survey: Past tenure plays role in hiring decisions
 Chronic job hoppers may bounce themselves out of consideration for future opportunities, a new survey of chief financial officers suggests. Eighty-seven percent of CFOs polled said the length of time a candidate has spent with previous employers is an important factor when evaluating that person for a position with their company.
http://www.roberthalffinance.com/PressRoom?LOBName=RH&releaseid=1750

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Guidance offered on per diem expense reimbursements
 The IRS has issued guidance emphasizing the need for employers to track the amount of expense reimbursement allowances paid to employees on a per diem basis.
http://www.irs.gov/newsroom/article/0,,id=164208,00.html

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'07 inflation adjustments widen tax brackets, expand benefits
 Personal exemptions and standard deductions will rise, tax brackets will widen and income limits for IRAs will increase in 2007, thanks to inflation adjustments announced by the IRS.
http://www.irs.gov/newsroom/article/0,,id=164182,00.html

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New campaign urges young adults to 'Feed the Pig'
 The AICPA and the Ad Council are launching a nationwide effort to encourage Americans between the ages of 25 and 34 to “feed the pig” as a key step toward building a solid financial future for themselves and their families.
http://www.feedthepig.org/

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