Microsoft Unit Faces Accounting Probe

According to this accounting and finance article, Microsoft Corp.'s search-technology unit Fast Search & Transfer is facing a police investigation in Norway concerning possible financial-accounting irregularities.

Norway's financial supervisory organization, Kredittilsynet, said Fast Search's accounting may have broken the law in addition to violating accounting standards. It reported the matter April 24, 2008, to the Norwegian National Police's financial unit, according to a statement issued by Kredittilsynet.

That unit referred the matter last week to the Oslo District Police. It further described the matter as "grave" because of the way the accounting had been handled, and the size and impact of the figures involved. The National Police said it decided not to pursue the matter itself due to lack of capacity.

The investigation was reported on Portfolio magazine's Web site.

Microsoft said in a statement it takes "any matter of this nature very seriously, and we are fully committed to taking all appropriate actions to ensure consistency with the company's core values."

Microsoft acquired Fast Search in late April for $1.2 billion as part of its effort to gain momentum against Web-search leader Google Inc.

IRS says up to 350,000 tax rebate checks wrong

According to this article on tax rebate checks:

Up to 350,000 households aren't getting the $300 per child owed them as part of their economic stimulus rebate payments, the Internal Revenue Service said Thursday.

The tax agency says taxpayer human error and computer glitches were responsible for the problem affecting a tiny percentage of the 130 million taxpayers expected to benefit from the refunds the government began sending out last month.

IRS spokesman Terry Lemons said the agency was confident it had identified all the people affected by the mistake. He said the IRS will send letters to those who missed out on the refund and that checks for the child credit will be mailed out in July. People need not contact the IRS or file additional paperwork, he said.

Practice makes perfect: day trading simulator

Here's a free tool that day traders (or day trading wannabe's) might find useful. It's a day trading simulator. Says the creator: It's free for 30 days - and after 30 days, it's free too :). It will allow you to day trade foreign currencies online. You can day trade currencies with less than $25,000 (unlike stocks).

###

Traders Accounting provides tax consulting, entity formation, tax preparation and 401(k) services that help you efficiently establish and maintain your trading business. Lower your taxes, save time, and maximize the benefits of your trading business. Visit our site for a FREE trader tax action plan.

Stock Market Seminar Helps Educate Traders

Traders Accounting will be hosting a three day stock market seminar on November 27-29, helping to educate traders will all their financial needs including advice on tax planning. Each attendee will have access to personal book keepers, professional tax departments and business consultants.

Registration has already begun as seats are filling up fast.