The straight line

Audit Quality and Effectiveness

These new standards were undertaken in response to recommendations to the ASB made by the Public Oversight Board’s Panel on Audit Effectiveness. The development of these SAS’s was influenced by the major corporate failures of the past several years which weakened the public’s confidence in the effectiveness of audits and led to an intense scrutiny of the work of auditors.

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Alternative Minimum Tax

The AMT was initiated back in Congress because of the increasing number of high-income individuals that were legally able to avoid paying any income tax. Over the years however, as the rules were not adjusted for inflation, many middle class taxpayers began to fall into the AMT trap.

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2008 Standard Mileage Rates

The new rate for business miles is up 2 cents from 2007 however, medical and moving miles are down 1 cent from last year. The rate for miles driven in the service of a charitable organization has remained the same.

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