Below please find daily updates pertaining to the latest in financial, business, and tax news:
FICPA: Top StoriesWASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2008 and the years ahead, according to the Internal Revenue Service.
Accounting Wins Kudo at USF Business School
“By the numbers” carries new meaning with the accounting program at the University of South Florida earning its first ranking and some national prominence in Public Accounting Report’s annual assessment of the country’s top accounting education programs. Making its debut at number 25, USF’s doctoral program was one of five doctoral programs to make the leap from unranked to ranked in the roster published by the independent newsletter of the accounting profession.
Paulson: Crisis of the Century
WASHINGTON (AP) -- Treasury Secretary Henry Paulson called the financial crisis now plaguing the world economy a "once or twice" in a 100 years event, even as he warned Thursday against imposing too-strict regulations to prevent a repeat calamity.
Obama Picks New York Fed Chief to Lead Treasury
President-elect Barack Obama has selected New York Federal Reserve Bank President Timothy F. Geithner as Treasury secretary, handing the post to a primary architect of the Bush administration's response to the financial crisis, according to Democratic and industry officials yesterday. At 47, he is the same age as Obama and would represent a generational change in the highest levels of Washington economic policymaking, heading a remarkably young team of White House economic advisers tasked with sorting out one of the worst financial messes since the Great Depression.
Feds Accuse 6 of $40 Million Class-Action Scheme
An elaborate scheme to create fictitious victims of class-action lawsuits yielded more than $40 million in bogus claims for six people now facing fraud charges, federal authorities announced Thursday. The six went to great lengths to create bogus companies purportedly entitled to shares of three class-action settlements that totaled about $4.5 billion, prosecutors said. The suspects opened bank accounts and established shell offices for fake corporations, in one case traveling to Singapore to mail documents to make one bogus company and its records appear legitimate, investigators said. That claim netted more than $940,000, authorities said.
Congress Extends Jobless Benefits, Stocks Sink
Jarred by new jobless alarms, Congress raced to approve legislation Thursday to keep unemployment checks flowing through the December holidays and into the new year for a million or more laid-off Americans whose benefits are running out. The economic picture was only getting worse, if Wall Street was any indication. The Dow Jones industrials dropped more than 400 points for a second straight day, reaching the lowest level in more than five years, and the Standard & Poor's 500 index fell below lows established six years ago. The Senate's vote followed Thursday's government report that laid-off workers' new claims for jobless aid had reached a 16-year high and the number of Americans searching for work had surged past 10 million.
2008 IRSAC Report Made Available at Public Meeting
The Internal Revenue Service Advisory Council (IRSAC) today released its recommendations on a wide range of tax administration issues at the 2008 public meeting in Washington, DC. IRSAC was established in 1953 as the Commissioner’s Advisory Group (CAG), a national policy and issue advisory committee. Renamed in 1998 to reflect the agency-wide scope of its focus as an advisory body, the primary purpose of IRSAC is to provide an organized public forum for representatives of the public and senior IRS executives to discuss relevant tax administration issues.
CPA Firms See Continuted Growth: AICPA/TSCPA Biannual Management of Accounting Practice Survey
CPA Firms See Continuted Growth: AICPA/TSCPA Biannual Management of Accounting Practice Survey A large majority of CPA firms reported continuing strong growth during the past two years according to the 2008 National Management of Accounting Practice survey by the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants. “CPA firms continue to do well,” said James C. Metzler, CPA, AICPA vice president - small firm interests. “Clients go to CPAs to help them weather a troubled economy, and banks may seek greater assurance from practitioners about the companies with which they do business.”
UPDATE 2-Bush, G20 Asked to Support Accounting Independence
NEW YORK, Nov 14 (Reuters) - The chairman of the body that oversees U.S. accounting rulemakers has asked U.S. President George W. Bush and the Group of 20 summit to support the independence of global accounting standard-setters.
UPDATE 2: Bush, G20 Asked to Support Accounting Independence
The chairman of the body that oversees U.S. accounting rulemakers has asked U.S. President George W. Bush and the Group of 20 summit to support the independence of global accounting standard-setters. In a letter dated Nov. 13, Financial Accounting Foundation Chairman Robert Denham said he was "very concerned" about "political solutions to perceived flaws in certain accounting standards." He charged that political pressures had been "brought to bear" on the London-based International Accounting Standards Board to alter its standards on mark-to-market, or fair value accounting.
FICPA: IRS Tax News
Top Errors for Taxpayers and Paid Preparers on Return Submissions
Cumulative through November 7, 2008
Advance Notice for Tax Professionals
WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2008 and the years ahead, according to the Internal Revenue Service.
IRS Announces Two New Appeals Programs
WASHINGTON – The Internal Revenue Service today announced a two-year test of two programs: the post-Appeals mediation and arbitration procedures for Offer in Compromise (OIC) and Trust Fund Recovery Penalty (TFRP).
Forms 5471 - Automatic Assessment of Penalties under IRC Section 6038(b)(1)
In August, 2008, the Internal Revenue Service began issuing letters to some taxpayers to alert them to an upcoming procedural change relative to the automatic assessment of penalties. These letters were issued to taxpayers who may not have timely filed their corporate return and/or not timely filed their Forms 5471.
IRS Issues Fall 2008 Statistics Of Income Bulletin
WASHINGTON — The Internal Revenue Service today released the fall 2008 issue of the Statistics of Income Bulletin, which features information on 138.4 million individual income tax returns filed for tax year 2006.
IRS Announces 2009 Standard Mileage Rates
WASHINGTON — The Internal Revenue Service today issued the 2009 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Tax Strategy: Preparing Tax-Exempt Clients for Filing Season
The Internal Revenue Service has been working for a couple of years on revisions to Form 990 (Return of Organization Exempt From Tax), which has not had a major update in 30 years. With the recent release of revised draft instructions, the IRS is close to finalizing the process. The new Form 990 will generally be required for 2008 returns.
The IRS Will Address Technical Terminations of Certain Publicly Traded Partnerships
WASHINGTON — The Internal Revenue Service announced today that it plans to issue guidance regarding technical terminations of a publicly traded partnership (PTP) resulting in multiple short tax years within one calendar year.
Tax Relief in Disaster Situations
The IRS is postponing until Jan. 5, 2009, filing and payment deadlines for Louisiana and Texas taxpayers affected by Hurricane Ike. The agency is continuing to monitor the impact of Ike. Watch this page for updates.
FICPA: AICPA News
CPA Firms See Continued Growth
New York, NY (November 17, 2008) — A large majority of CPA firms reported continuing strong growth during the past two years according to the 2008 National Management of Accounting Practice survey by the American Institute of Certified Public Accountants and the Texas Society of Certified Public Accountants.
AICPA Provides Information, Resources on Financial Crisis and Rescue Plan
As this issue of The CPA Letter was finalized, the U.S. Congress was voting on a rescue plan that intended to stabilize the financial services industry and capital markets for the benefit of both Wall Street and Main Street. The AICPA urged Congress and regulators to craft a bipartisan rescue package that will restore liquidity to the market, increase economic growth and create jobs. The Institute also has been working with the media to inform the public and investors about the current economic situation so Americans can gain a greater understanding of the issues involved.
AICPA Offers Americans Financial Advice on Job Loss
New York (October 27, 2008) – CPAs serving on the National CPA Financial Literacy Commission of the American Institute of Certified Public Accountants are offering tips on managing personal finances in the event of a job loss.
Ernest Almonte, Rhode Island Auditor General, Elected Chairman of the AICPA
TUCSON, Ariz., Oct. 21 /PRNewswire/ -- Ernest Almonte, auditor general of the State of Rhode Island, today became chairman of the American Institute of Certified Public Accountants. He is the first government official to serve in this volunteer position since the organization's founding in 1887. His term is one year.
AICPA Addresses Economic Crisis
Barry Melancon, president and chief executive of the American Institute of CPAs, opened his annual remarks regarding the state of the profession at the Fall Meeting of Council and Members by addressing the current economic crisis and the controversy around fair value accounting.
2007-2008 AICPA Annual Report
Ernest Almonte, Rhode Island Auditor General, Elected Chairman of the AICPA
TUCSON, Ariz. (October 21, 2008) – Ernest Almonte, auditor general of the State of Rhode Island, today became chairman of the American Institute of Certified Public Accountants. He is the first government official to serve in this volunteer position since the organization’s founding in 1887. His term is one year.
Mark-To-Market Accounting and Financial Stability Bill Experts and Resources Available From AICPA
The American Institute of Certified Public Accountants has two experts available to explain and comment on issues surrounding mark-to-market, or fair-value accounting issues in the Financial Stability Bill signed by President Bush, Oct. 3
IASB and FASB Create Advisory Group to Review Reporting Issues Related to Credit Crisis
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today announced that they will create a global advisory group comprising regulators, preparers, auditors, investors and other users of financial statements. The advisory group will help to ensure that reporting issues arising from the global economic crisis are considered in an internationally co-ordinated manner.
AICPA Applauds House Passage of Financial Stability Bill
Bankrate.com: Today's new stories
6 tips for savvy holiday shipping
Here's how to determine what shipping options will get your gifts to their destination safely, on time and without busting your budget.
Video: An energy audit could save you money
When it comes to your energy bills, an audit is actually good.
Lower 'scorching' winter heat bills
Despite the recent drop in crude oil prices, keeping warm this winter is likely to have a chilling effect on your household budget.
Using a power of attorney, a couple can file a joint tax return if one spouse has dementia, says CPA George Saenz.
Many ways to check bank's FDIC status
It should be easy to determine if a bank is a member of the Federal Deposit Insurance Corp.
'Awesome' husband awful with money
Author Brad Klontz offers suggestions for how a couple can keep their marriage insulated from money woes.
Warning: MagpieRSS: Failed to parse RSS file. (> required at line 5, column 16) in /usr/local/www/apache22/data/magpierss/magpierss/rss_fetch.inc on line 238
Warning: array_slice() [function.array-slice]: The first argument should be an array in /usr/local/www/apache22/data/magpierss/rss.php on line 14
Warning: Invalid argument supplied for foreach() in /usr/local/www/apache22/data/magpierss/rss.php on line 19
