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SmartPros Accounting News & Insights May 14, 2013   Home | Member Services | News | Resource Library | Career Center | Professional Education | Marketplace | Investor Relations

IN THIS ISSUE   Newsline: Justice Dept. to Investigate IRS Targeting of Tea Party Editorials: IRS Picked Wrong Tests to Ferret Out Abuses & IRS's Power Requires Great Responsibility CPE: The Nature of Risk: What Keeps You Awake at Night? Book Pick: The Failure of Risk Management: Why It's Broken and How to Fix It Web version | Archive & subscriptions | Email us  NEWSLINE Justice Dept. to Investigate IRS Targeting of Tea Party The Justice Department is opening a criminal investigation into the Internal Revenue Service's targeting of tea party groups for extra scrutiny over whether they qualified for tax exempt status, Attorney General Eric Holder announced. Also in the News: IRS Chief: Agency Lacked Sensitivity in Screenings Report: 4 IRS Offices Targeted Conservatives Presidents, IRS: A Dicey Relationship IRS: Top Official First Told of Targeting in 2012   EDITORIALS: IRS Picked Wrong Tests to Ferret Out Abuses IRS employees in Cinncinati offices struggled to devise a test to flag blatantly political organizations. Unfortunately, their methods were spectacularly wrong.  IRS's Power Requires Great Responsibility Internal Revenue Service has found itself at the other end of an audit, and rightly so. The recent revelation that the agency targeted conservative groups for heightened scrutiny raises the specter of misuse of one of government's greatest powers -- taxation -- for political purposes.   ONLINE CPE NEW ONLINE CPE FROM FMN ONLINE: The Nature of Risk: What Keeps You Awake at Night? The economic turmoil of the past few years has brought the importance of risk - and, specifically, its management – into even sharper focus. According to David X. Martin, author of "The Nature of Risk," financial executives have a natural insight into managing the risks confronting their organization in today's complex and ever-changing environment.  BOOK PICK The Failure of Risk Management: Why It's Broken and How to Fix It The Failure of Risk Management takes a close look at misused and misapplied basic analysis methods and shows how some of the most popular "risk management" methods are no better than astrology! Using examples from the 2008 credit crisis, natural disasters, outsourcing to China, engineering disasters, and more, Hubbard reveals critical flaws in risk management methods–and shows how all of these problems can be fixed. Buy this book

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