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White House Targets Institutions Receiving TARP Funds
(BNA) – Obama is expected to include in his budget request to Congress a penalty aimed at the banking industry that could recoup as much as $120 billion of the $700 billion in federal bailout money received by banks. It is unclear whether the penalty will be a tax or a fee.
 
GAO: 68% of S Corp Tax Returns Have Errors
(TaxProf Blog) – According to IRS data, about 68% of S corporation returns filed for tax years 2003 and 2004 (the years data were available) misreported at least one item. About 80% of the time, misreporting provided a tax advantage to the corporation and/or shareholder. The most frequent errors involved deducting ineligible expenses, which could decrease S corporation shareholder tax liabilities.
 
Most Companies Actively Preparing for XBRL, Survey Shows
(Journal of Accountancy) – The “XBRL Preparedness Survey,” conducted online in November found that 93% of the 215 respondents (90% of whom work for U.S. public companies), had at least a basic knowledge and 73% have begun preparation.
 
Bernanke Makes Case for Fed Keeping Banking Powers
(USA Today) – Bernanke, in a paper to Congress released Thursday, argued that stripping the Fed of such power would deprive the central bank of information that factors into the setting of interest rates to influence overall economic activity.
 
White House Backs Google on China Issue
(PC Magazine) – The White House said on Thursday it backed Google’s decision to no longer support China’s censoring of searches and U.S. diplomats sought an explanation from China on cyber attacks that prompted Google to threaten to quit the Chinese market.

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