Magazine article Strategic Finance

Late Flurry of Congressional Criticism over Payment of Corporate Taxes. (Government)

Magazine article Strategic Finance

Late Flurry of Congressional Criticism over Payment of Corporate Taxes. (Government)

Article excerpt

CONGRESS LEFT TOWN MUTTERING loudly about the difference between the amount of profit corporations book on their financial statements and the amount of profit they report to the IRS. That glaring gap makes corporate tax payments a prime subject of congressional correctives when the House and Senate return for the 108th Congress this January. Representative Lloyd Doggett (D.-Texas), a member of the House Ways & Means Committee who did much during the last session to popularize the evils of corporate inversion (on which Congress ultimately failed to act, by the way), was already passing around a draft bill in October 2002. That legislation would force companies to disclose and explain the gap between booked and taxable income. It wasn't just liberal Democrats like Doggett who had steam coming out of their ears, however. Senator Charles Grassley (R.-Iowa), the conservative ranking Republican on the Senate Finance Committee, vented his frustration with the different numbers contained in annual reports and annual taxes. Even the Bush Treasury Department began to consider requiring companies to release their now-private annual tax forms to the public.

Senate Committee Criticizes SEC on Enron

Life After Andersen

Talking about annual reports, wouldn't it be nice if the Securities & Exchange Commission (SEC) read them? That was the message in an October report from the Senate Governmental Affairs Committee that noted, hard as it is to believe, that no one at the SEC reviewed any of Enron's post-1997 annual reports. …

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