Supreme Court asked to consider tax accrual work papers confidentiality case
Financial Executives International (FEI) filed an amicus curiae “friend of the court” brief with the United States Supreme Court in support of a petition for review of the U.S. vs. Textron case. The case concerns whether a public company can withhold from disclosure to the IRS tax accrual work papers that reflect the company's candid self-assessment of litigation hazards.
FEI's Committee on Taxation and Committee on Corporate Reporting maintain that a 2007 lower court decision in favor of Textron appropriately balances the competing interests of the IRS, the investing public, and the fairness considerations that protect attorney work product. This balancing should permit companies to share candid assessments of potential litigation claims with their outside auditors, for example, without fear that such information would be accessible by competitors or adversaries.
The lower court decision was reversed by the en banc court of appeals and, accordingly, the Supreme Court is now being asked to weigh in on the issue.
The Supreme Court is expected to deliver an opinion early this spring.
More tax news
- Proposed AMT fix, tax extenders could cost $3 trillion
- The President’s proposals to index the Alternative Minimum Tax (AMT) for inflation and to extend expiring tax provisions could add another $3 trillion to the national debt by 2020. The Congressional Budget Office (CBO) is warning that the AMT fix...
- IRS extends moratorium on tax shelter penalties
- The IRS extended its moratorium on collecting penalties on listed tax shelter transactions from small businesses until June 1, 2010. Congress again pressured the IRS to temporarily suspend its efforts to collect penalties on some listed tax...
- IRS temporarily suspends FBAR filing for non-citizens
- The IRS has temporarily suspended the June 30, 2010, requirement to file a Report of Foreign Bank and Financial Accounts for the 2009 and earlier calendar years for people who are not U.S. citizens, U.S. residents or domestic entities. Following...
- Taxpayers favor regulation of tax preparers
- A majority of taxpayers support regulating tax preparers, according to the IRS Oversight Board’s annual Taxpayer Attitude Survey . Since 2007, the annual survey has shown overwhelming support for requiring tax preparers to meet competency and...
- Recovery Act highlighted IRS reporting and enforcement problems
- Significant reporting and enforcement concerns emerged as the IRS made tradeoffs in implementing more than 50 provisions contained in the American Recovery and Reinvestment Act in 2009, according to a report from the GAO . The GAO report...
- IRS seeks new Electronic Tax Administration Advisory Committee members
- The IRS is accepting applications to fill vacancies for its Electronic Tax Administration Advisory Committee (ETAAC). The committee provides a public forum for electronic tax administration issues. It supports the overriding goal that paperless...
- New Q&A released on proposed tax preparer regulations
- A new Q&A on the IRS Web site addresses concerns that tax practitioners have regarding the proposed tax preparer regulations, including the new fee structure. Will the new IRS registration fee be applicable to all enrolled agents, attorneys, and...
- IRS proposal for uncertain tax positions could have far-reaching effects
- The IRS proposed regulations that would require companies to disclose their uncertain tax positions is causing concern among many in the profession. The AICPA’s Tax Division has formed a new task force to respond to the IRS proposal saying they...
- Supreme Court asked to consider tax accrual work papers confidentiality case
- Financial Executives International (FEI) filed an amicus curiae “friend of the court” brief with the United States Supreme Court in support of a petition for review of the U.S. vs. Textron case. The case concerns whether a public company can...
- OSCPA begins tax season image campaign
- OSCPA is using tax season to drive its ongoing CPA image campaign. The campaign emphasizes the value CPAs provide to taxpayers faced with the daunting task of completing their 2009 returns. On the flip side, Ohio Attorney General Richard Cordray...
Back to Tax home pageLAST UPDATED 2/4/2010