WebCPA - Tools and Resources for the Electronic Accountant

• Login
• Not a registered member yet?   Register Now

• Senators Propose Tax on Wall Street Bonuses

  February 5, 2010

  Sen. Barbara Boxer, D-Calif., and Jim Webb, D-Va., have introduced legislation that would impose a tax on large bonuses paid by Wall Street banks and other firms that received more than $5 billion from the Troubled Asset Relief Program in 2009.

• Obama’s Budget Plan Is More Like a Wish List

  February 5, 2010

  Despite its massive tax increases, the President’s 2011 Budget Plan contains a number of revenue provisions calculated to encourage business expansion and move the economy upward.

• U.S. Inks Tax Treaty with Chile

  February 4, 2010

  Treasury Secretary Tim Geithner and Chilean Finance Minister Andrés Velasco signed a new income tax treaty between the United States and Chile to provide certainty and stability of tax treatment for U.S. and Chilean cross-border investors.

• U.S. Signs Income Tax Treaty with Hungary

  February 4, 2010

  The United States and Hungary have signed a new income tax treaty that brings an existing agreement signed by the two countries in 1979 into closer conformity with current U.S. international tax policy.

• Lukewarm Vote Earns Bernanke Second Term as Fed Chair

  January 29, 2010

  Endorsement weakest in nearly a century

• Economy Notches Biggest Growth in Six Years

  January 29, 2010

  GDP Helped by inventory liquidation slowdown

• What Obama Didn’t Mention in the State of the Union

  January 29, 2010

  While there were no real surprises in the State of the Union speech, it did flesh out some tax proposals that will be acted on in the days ahead, according to observers.

• Spending Freezes and Deficit Reductions

  January 27, 2010

  President Obama is widely expected to call for a three-year spending freeze on key areas of his discretionary budget during the State of the Union address on Wednesday evening, but critics are already warning that now is not the time to cut spending just as the country is emerging from a recession.

• Obama Calls for Expanding Middle-Class Tax Benefits

  January 26, 2010

  President Barack Obama and Vice President Joe Biden previewed some of the major themes in the president’s upcoming State of the Union address, including a proposal to increase some tax credits for middle-class families.

• IRS Spells Out Haiti Tax Deduction Rules

  January 26, 2010

  The Internal Revenue Service listed the guidelines for the tax deductions that taxpayers can take for the contributions they make toward Haiti earthquake relief this year.

• COBRA Subsidy Eligibility Period Extended

  January 25, 2010

  The eligibility period for COBRA subsidies for laid-off workers has been extended through February, with 15 months of subsidy available now to those who qualify.

• Senate Unanimously Approves Bill To Speed Haiti Tax Deductions

  January 21, 2010

  The Senate has unanimously passed legislation that allows taxpayers to deduct charitable contributions to aid victims of the devastating earthquake in Haiti.

• Obama Wants to Restrict Bank Size and Scope

  January 21, 2010

  President Barack Obama proposed new restrictions Thursday on the size and scope of financial institutions to limit their ability to engage in risky trading practices.

• House Unanimously Passes Haiti Tax Deduction Bill

  January 20, 2010

  The House of Representatives unanimously passed legislation Wednesday that would allow individuals who make charitable contributions to victims of the earthquake in Haiti to claim an itemized charitable deduction on their 2009 tax return instead of having to wait until next year to claim the deductions on their 2010 tax return.

• Haiti Donations Could Be Deductible This Tax Season

  January 20, 2010

  The devastating earthquake in Haiti last week is spurring relief efforts from countries around the world, but the U.S. is playing a key role in providing both help and security, along with much-needed funds.

• Lawmakers Propose Bill to Speed Haiti Tax Deductions

  January 17, 2010

  A bipartisan group of lawmakers in Congress plan to introduce legislation that would allow individuals who make charitable contributions to help victims of the earthquake in Haiti to claim an itemized charitable deduction on their tax return this year instead of waiting until next year.

• Lawmakers Call for Wall Street Bonus Tax

  January 15, 2010

  As Wall Street firms prepare to hand out record levels of bonuses, a group of lawmakers on Capitol Hill have co-sponsored a bill that would slap a 50 percent tax on many of the bonuses.

• Democrats Reach Deal with Labor on Health Taxes

  January 15, 2010

  The White House has reportedly cemented a deal with labor union leaders scaling back the tax on so-called “Cadillac” health insurance plans.

• Obama Proposes Financial Crisis Responsibility Fee

  January 14, 2010

  President Barack Obama has proposed levying a fee on large financial firms and banks to pay for the costs of the financial bailout.

• Bankers Grilled over Role in Financial Crisis

  January 13, 2010

  The leaders of a group of Wall Street banks admitted to mistakes by the financial industry before a commission charged with uncovering the reasons behind the financial meltdown.

• Attorney General Targets Financial Fraud

  January 8, 2010

  Attorney General Eric Holder said a newly established government task force would crack down on the kinds of financial fraud that led to the Madoff Ponzi scheme and other losses.

• Obama Awards $2.3B in Tax Credits to Spur Jobs

  January 8, 2010

  The Obama administration is handing out $2.3 billion in Recovery Act Advanced Energy Manufacturing Tax Credits for clean energy projects to provide jobs across the U.S. after announcing a disappointing employment report for December.

• FTC Looks to Improve Anti-Fraud Efforts

  December 29, 2009

  The Federal Trade Commission has issued a report that examines more effective ways to protect consumers from fraudulent financial schemes.

• Bill Would Require Comptroller General to be a CPA

  December 28, 2009

  The American Institute of CPAs said it strongly supports recently introduced legislation requiring the comptroller general, who leads the Government Accountability Office, to be a CPA.

• IRS Extends Moratorium on Small Business Penalties

  December 24, 2009

  The Internal Revenue Service has extended its moratorium on collecting penalties on listed tax shelter transactions from small businesses after an influential senator threatened to block the nominations of key Treasury Department nominees.

• Grassley Pressures IRS on Small-Biz Tax Penalties

  December 23, 2009

  Senate Finance Committee ranking member Charles Grassley, R-Iowa, threatened to hold up the confirmation of all nominees to Treasury Department posts unless the Treasury and the IRS do more to ease tax penalties on small businesses.

• Obama Encourages Small Banks to Lend to Small Biz

  December 23, 2009

  President Obama urged a group of leaders of community banks to increase their lending to small businesses.

• Senate Plans Action on Tax Extenders

  December 23, 2009

  Leaders of the Senate Finance Committee said they intend to work on passing legislation to extend expiring tax breaks early next year.

• IRS Can’t Verify Eligibility for Stimulus Tax Breaks

  December 23, 2009

  The Internal Revenue Service is unable to verify taxpayer eligibility for the majority of the tax benefits and credits provided by the Recovery Act, according to a new report.

• Estate Tax Dilemma Looms in 2010

  December 22, 2009

  For at least the first few days of 2010, and probably longer, executors of the estates of people dying after Dec. 31, 2009, will be operating in a difficult environment after the Senate’s failure to extend the estate tax at its current rates, according to a new report.

• Health Care Bill Taxes Tanning Salons

  December 21, 2009

  The Senate overcame a key procedural hurdle early Monday morning on the arduous journey to approving health care reform legislation with a 1:00 am vote approving an amendment by Senate Majority Leader Harry Reid, D-Nev., that made changes to secure the 60 votes needed to end a filibuster.

• House Passes XBRL Legislation

  December 18, 2009

  The House passed two bills earlier this month with provisions related to the use of Extensible Business Reporting Language, or XBRL, the interactive data-tagging technology that the SEC has begun requiring large public companies to use when filing their financial statements.

• Senators Want to Extend SBA Lending Programs

  December 18, 2009

  A group of 13 senators has written to the Appropriations Committee requesting funds to extend Small Business Administration Recovery Act lending programs.

• House Approves Jobs Bill

  December 18, 2009

  The House narrowly passed a jobs bill aimed at reducing unemployment, but the legislation’s prospects are uncertain in the Senate.

• SEC Votes for Greater Pay Disclosure at Companies

  December 16, 2009

  The Securities and Exchange Commission has voted to require companies to disclose more information about their compensation practices and the background of their board members.

• CCH Offers Analysis of House Tax Extenders Bill

  December 15, 2009

  CCH has issued a Special Tax Briefing on the Tax Extenders Act of 2009 that was approved this month by the House.

• Critics assail small co. 404 exemption

  December 14, 2009

  A measure by the House Financial Services Committee that would exempt small and midsized companies from Sarbanes-Oxley audit requirements has drawn fire from a number of organizations, including the American Institute of CPAs, the Center for Audit Quality and the Association of Certified Fraud Examiners.

• House Passes Financial Regulatory Reform Bill

  December 11, 2009

  The House has approved a comprehensive financial reform bill, albeit with a number of key provisions weakened in recent days.

• House Passes Tax Extenders Bill

  December 10, 2009

  The House approved the Tax Extenders Act of 2009, with extensions of a number of tax breaks that are scheduled to expire at the end of the year, including the R&D credit.

• Obama Proposes Tax Cuts to Spur Hiring

  December 8, 2009

  President Obama described a series of proposals aimed at encouraging companies to add more jobs, including tax cuts for small businesses.

• Research Tax Credit Skewed Toward Big Companies

  December 8, 2009

  Large corporations have dominated the use of the research tax credit, with 549 corporations with receipts of $1 billion or more claiming over half of the $6 billion of net credits in 2005, the most recent year available, according to a new study by the Government Accountability Office.

• White House Mulls Tax Credits for Jobs

  December 3, 2009

  The White House convened a jobs summit in which President Obama heard from business and union leaders about various proposals for reducing unemployment, including tax incentives for job creation.

• House Approves 45 Percent Estate Tax Extension

  December 3, 2009

  The House voted to set the inheritance tax at 45 percent permanently for estates larger than $3.5 million.

• House Panel Passes Financial Stability Bill

  December 2, 2009

  The House Financial Services Committee has approved legislation aimed at preventing the failure of large financial institutions from turning into a systemwide crisis.

• Volcker Delays Tax Reform Task Force Report

  November 30, 2009

  The tax subcommittee of the President’s Economic Recovery Advisory Board has decided to postpone its report outlining tax reform plans for the White House after being inundated with suggestions.

• Do We Need an Afghanistan War Tax?

  November 25, 2009

  A group of Democratic lawmakers has introduced a bill that would impose a temporary war surtax beginning in 2011 to pay for the war in Afghanistan.

• Paper Addresses Sustainability of Public Finances

  November 24, 2009

  The International Public Sector Accounting Standards Board has published a paper questioning how financial statements can provide more information about the long-term sustainability of current government programs.

• AICPA Objects to ‘Reckless’ Behavior Bill

  November 23, 2009

  The American Institute of CPAs has written to the leaders of the Senate Banking, Housing and Urban Affairs Committee opposing language in a proposed law that could expose more accountants to fraud lawsuits.

• Senate Health Bill Contains Tax on Cosmetic Surgery

  November 19, 2009

  Senate Majority Leader Harry Reid, D-Nev., introduced the Senate’s version of the health care reform bill, which includes a new 5 percent tax on elective cosmetic surgery.

• Obama Sets Up Financial Fraud Task Force

  November 17, 2009

  President Obama has established an interagency Financial Fraud Enforcement Task Force that will work with state and local authorities to investigate and prosecute significant financial crimes.

• Congress Introduces Bill to Curb Tax Shelter Penalties on Small Business

  November 16, 2009

  A bipartisan bill introduced in the Senate and House would reduce the penalties assessed by the IRS on tax shelter investments by small businesses to put them in proportion with the tax benefits received.

• Obama Proposes Jobs Summit

  November 13, 2009

  President Barack Obama said Thursday he plans to hold a forum in December at the White House on jobs and economic growth.

• ACFE Warns Not to Change SOX Rules

  November 11, 2009

  A measure approved last week by the House Financial Services Committee to change Sarbanes-Oxley audit rules would lead to a higher incidence of fraud and an increase in the amount of fraud losses, said the Association of Certified Fraud Examiners.

• Rangel Bill Clamps Down on Unreported Foreign Income

  November 9, 2009

  Tax accountants who help U.S. taxpayers hide their income in foreign banks are in the crosshairs of a new push by Congress and the Obama administration to crack down on offshore tax haven cheats.

• House Passes Health Care Reform

  November 9, 2009

  The House voted to approve health care reform, moving the legislation now to an uncertain outcome in the Senate.

• Obama Signs Homebuyer Tax Credit Extension

  November 9, 2009

  President Barack Obama has signed the extension of the First-Time Homebuyer Tax Credit, along with an extension of unemployment benefits.

• AICPA, FEI Object to Federal Accounting Oversight Board

  November 6, 2009

  The American Institute of CPAs and Financial Executives International have written to Congress to express their objections to proposed legislation that would displace the SEC from its role of overseeing the Financial Accounting Standards Board.

• Congress Mandates Electronic Filing

  November 5, 2009

  Congress has passed a bill on unemployment that would require electronic filing by all return preparers “except those who neither prepare nor reasonably expect to prepare ten or more individual income tax returns in a calendar year.”

• Senate Extends Homebuyer Tax Credit

  November 4, 2009

  The Senate voted by a 98-0 margin to extend the First-Time Homebuyer Tax Credit while also expanding the credit to existing homeowners who want to move to another residence.

• House Panel Exempts Small Companies from SOX Audits

  November 4, 2009

  The House Financial Services Committee voted to exempt small and midsized public companies from Sarbanes-Oxley audit requirements.

• Financial Planners Oppose FINRA Oversight

  November 3, 2009

  Financial planning trade groups have written a letter to congressional leaders protesting an amendment that would extend the regulatory authority of the Financial Industry Regulatory Authority to cover investment advisers who are associated with broker-dealers under FINRA authority.

• Can Uncle Sam go on?

  November 2, 2009

  Americans may be in for shocking news soon. Under a new standard issued by the Federal Accounting Standards Advisory Board, the federal government is going to have to issue annual reports on its fiscal sustainability.

• House Assembles $894 Billion Health Care Bill

  October 30, 2009

  House Democrats unveiled their health care reform package after assembling the various components passed this summer by three separate committees.

• House Passes Small Business Financing Act

  October 30, 2009

  The House overwhelmingly approved legislation to reform small business lending and spur job creation.

• Congress Clamps Down on Foreign Tax Evasion

  October 27, 2009

  Democratic leaders of key House and Senate committees have introduced legislation to force foreign financial institutions, trusts and corporations to provide information about their U.S. account holders, grantors and owners.

• House Committee OKs Consumer Protection Agency

  October 22, 2009

  The House Financial Services Committee has approved the creation of a Consumer Financial Protection Agency by a vote of 39 to 29 to safeguard consumers against excessive credit card rate hikes, overdraft fees and predatory lending practices.

• Audit Finds $636M in Bogus Homebuyer Credits

  October 22, 2009

  The First-Time Homebuyer Credit program that kept the housing industry afloat this year also led to hundreds of millions of dollars in fraudulent or erroneous claims.

• Homebuyer Tax Credit Claims Lead to Fraud Probe

  October 21, 2009

  The First-Time Homebuyer Tax Credit program may have helped boost the sagging housing market this year, but it also seems to have encouraged a lot of fraudulent activity.

• House Panel Approves Derivatives Regulation Bill

  October 16, 2009

  The House Financial Services Committee has approved legislation that would require regulation of the over-the-counter derivatives market.

• Crowe Horwath Offers Stimulus Spending Tracker

  October 15, 2009

  Accounting firm Crowe Horwath has created a Web-based system to help state and local agencies that receive federal funding from the economic stimulus package comply with the complex reporting requirements.

• Senate Finance Committee Passes Health Reform Bill

  October 13, 2009

  The Senate Finance Committee has approved its long-awaited version of the health care reform bill by a 14-9 vote.

• Rangel Keeps Job Running Tax Committee

  October 7, 2009

  Democratic lawmakers turned back efforts by House Republicans to depose Charles Rangel, D-N.Y., as chairman of the House Ways and Means Committee after revelations of his tax and financial disclosure lapses led to an expanding ethics investigation.

• It’s Finally Time to Buy Some Toxic Assets

  October 7, 2009

  The wheels can sometimes grind slowly at the Treasury Department, and never more so than in getting the program up and running for relieving banks’ balance sheets of mortgage-backed securities and other undesirables.

• Senate Finance Panel Finishes Work on Health Bill

  October 2, 2009

  The Senate Finance Committee wrapped up its grueling work on the health care reform bill late Thursday evening after turning back a tax-related amendment.

• AICPA Objects to ‘Burdensome’ Budget Requirements

  September 25, 2009

  Among the revenue proposals detailed in the administration’s fiscal 2010 budget are some provisions that might negatively affect small businesses and tax preparers.

• Baucus Introduces $856 Billion Health Care Reform Bill

  September 16, 2009

  Senate Finance Committee Chairman Max Baucus, D-Mont., has introduced his own version of long-awaited health care reform legislation, without a public option for health insurance.

• SBA Offers Online Federal Contract Course

  September 15, 2009

  E-learning Curriculum Designed to Garner Fed Biz

• Governor Proclaims Virginia CPA Week

  September 15, 2009

  Virginia Governor Tim Kaine has declared Sept. 13 to 19 to be Virginia Certified Public Accountants Week.

• SEC Admits Missed Opportunities in Madoff Case

  September 2, 2009

  The Securities and Exchange Commission has released the executive summary of a report from its inspector general detailing the agency’s failures to stop Bernard Madoff from carrying out his Ponzi scheme.

• SEC Distributes $35M to Cardinal Health Investors

  September 1, 2009

  The Securities and Exchange Commission is distributing more than $35 million to over 98,000 investors who were harmed by accounting fraud at Cardinal Health.

• CPA Execs Oppose Government Health Reform

  August 26, 2009

  Most CPA executives do not support a major government role in health care reform, according to a new survey.

• GASB to Decide on Municipal Bankruptcy Standards

  August 14, 2009

  The Government Accounting Standards Board has drafted proposed standards for local government bankruptcies, and is giving interested parties until August 28 to comment.

• Treasury to Award Tax Credits for Clean Energy

  August 13, 2009

  The Treasury and Energy Departments plan to give $2.3 billion in tax credits from the Recovery Act to manufacturers of clean energy equipment.

• Treasury Clamps Down on Derivatives Trading

  August 12, 2009

  For its final pièce-de-résistance, the Treasury Department has sent the last component of its financial regulatory reform legislative onslaught to Capitol Hill, even though lawmakers have supposedly gone home for recess.

• Can You Imagine the Health Care Clunker?

  August 10, 2009

  Underfunded and Overwhelmed

• House Gauges Small Businesses’ Access to Capital

  August 7, 2009

  The House Small Business Committee heard testimony from small business owners about their ability to obtain SBA-backed financing.

• Witness Tells Senate to Crack Down on Accountant Fraud

  July 31, 2009

  The push for a “lowest common denominator” set of international accounting standards, along with the failure of Sarbanes-Oxley reforms to curb last year’s financial meltdown, are among the factors contributing to the ongoing global recession, experts in corporate governance told Congress.

• Cash Offered in Lieu of Tax Credits for Clean Energy

  July 31, 2009

  The Treasury and Energy Departments plan to distribute at least $3 billion for renewable energy projects to companies that agree to forgo future tax credits.

• Surtax Unlikely to Have Big Impact on Small Biz

  July 22, 2009

  House Democrats’ proposal for a surtax on upper-income taxpayers to help pay for health insurance reform would not have a noticeable impact on small businesses, according to a new report from the advocacy group Citizens for Tax Justice.

• Having a Say on Executive Pay

  July 22, 2009

  Many shareholders would love to get a chance to vote on whether the CEO of a company whose stock price is going down the tubes deserves a raise next year.

• State Tax Revenues Plunge to Record Lows

  July 20, 2009

  States across the country saw their tax revenues for the first quarter of 2009 drop by a record percentage, according to a new report.

• House Democrats Introduce Health Insurance Bill

  July 15, 2009

  House Democrats have introduced health care legislation that would impose a surtax on upper-income taxpayers, and penalties on many small businesses that don’t provide health insurance coverage to employees.

• Grassley Introduces Small Business Tax Relief Act

  July 16, 2009

  Small Biz May Get Tax Respite

• Treasury Proposes New Law for Investment Advisors

  July 10, 2009

  The Obama administration has proposed legislation to Congress that would establish consistent standards for anybody who provides investment advice.

• IRS Suspends Some Small Biz Tax Shelter Penalties

  July 7, 2009

  Under pressure from Congress, the Internal Revenue Service has agreed to temporarily suspend until Sept. 30 its efforts to collect penalties for some listed tax shelter transactions.

• Tax Amnesties Rake in Money, Sometimes

  July 1, 2009

  New Jersey Governor John Corzine must be breathing a sigh of relief now that his state has recovered over $625 million from a tax amnesty program.

• Lawmakers Ask IRS for Chinese Drywall Deduction

  June 22, 2009

  Four Southern congressmen have written to the IRS asking for casualty loss deductions for homeowners whose property has been damaged by installations of defective Chinese drywall.

• U.S., Swiss to Share More Taxpayer Information

  June 19, 2009

  The U.S. and Swiss governments have concluded their negotiations over expanding the sharing of tax information to root out tax dodgers, and now plan to sign a protocol in the next few months.

• Obama Plan for Regulatory Reform Includes Accounting Convergence

  June 17, 2009

  A white paper released by the White House outlining the administration’s plan for financial regulatory reform recommends that accounting standard-setters make more progress in agreeing on a single set of accounting standards by the end of the year and iron out differences over fair value accounting.

• Small Business Contracting Bill Introduced

  June 4, 2009

  Giving SMBs a Fair Shot

• The Dog That Didn't Bark

  June 2, 2009

  There is quite a bit of material in the Treasury Department's 'Greenbook,' so I want to focus on the proposals that didn't happen that are of concern to accountants and clients.

• Minorities Fared Worse with New Markets Tax Credits

  June 1, 2009

  Minority-owned businesses were less successful in obtaining awards from the Treasury Department’s New Markets Tax Credits program than non-minority entities in recent years, according to a new government report.

• Meet the Newest Resident of Deadbeat Nation

  June 1, 2009

  At last, no more mortgage or credit card worries!

• IRS Provides Guidance on Tax Credits for New Hires

  May 28, 2009

  The IRS offered guidance to businesses that plan to claim a newly expanded work opportunity tax credit for eligible unemployed veterans and unskilled younger workers.

• Bill Introduced to Restrict Small Business Contracting

  May 26, 2009

  Rep. Hank Johnson, D-Ga., has introduced a bill that would ensure that small business government contracts go only to small businesses instead of the subsidiaries of large companies.

• Congressional Bill Would Require XBRL for Tracking TARP

  May 20, 2009

  A California congressman has introduced legislation that would require federal agencies to use interactive data-tagging technology to track the use of government bailout funds by companies.

• Plan to Close Corporate Loopholes

  May 20, 2009

• State Taxes Headed Up: Survey

  May 20, 2009

• Monster Pays $2.5 Million to Settle Backdating Charges

  May 19, 2009

  Employment search provider Monster Worldwide agreed to pay the SEC $2.5 million in penalties to settle stock option backdating charges.

• Editor's Desk: Fee parties

  May 18, 2009

  Although I reside in one of the most overtaxed and inarguably free-spending states in the union, I did not attend any of the many 'Tea Parties' held last month, fittingly, on April 15.

• Groups Push for Further Loosening of Mark-to-Market

  May 15, 2009

  Five trade groups representing banks, financial service firms and insurance companies sent a joint letter to Congress registering continued displeasure with fair value and mark-to-market accounting and impairment rules, despite recent changes.

• Treasury Wants Audit Trail for Derivatives

  May 14, 2009

  The Obama administration and the Treasury Department are calling for greater regulatory control of the over-the-counter derivatives market.

• Fuzzy Accounting on Financial Stress Tests

  May 13, 2009

  Most of the major banks passed the financial stress tests with flying colors last week, in no small part thanks to some key concessions by the Federal Reserve.

• Senate Mulls Health Insurance Taxes

  May 13, 2009

  The Senate Finance Committee held hearings to determine how to pay for health insurance reform, including through new taxes and tax credits.

• Tax Preparer Proposals in Budget Greenbook

  May 11, 2009

  The “greenbook” released by the Obama administration on Monday includes a number of proposals of special interest to tax preparers.

• Obama Proposes Billions in Tax Cuts and Tax Hikes

  May 11, 2009

  The Obama administration released detailed plans to cut $800 billion in taxes on small businesses and middle-class families over the next 10 years, while raising $122.5 billion in corporate taxes.

• Banks Survive Financial Stress Tests

  May 7, 2009

  U.S. banks need about $74.6 billion in extra capital after undergoing a series of financial stress tests by the Federal Reserve.

• Obama Working for the Clampdown

  May 6, 2009

  Some of the president’s staunchest supporters in Congress and the tech business seemed taken aback by his plans to crack down on offshore corporate tax havens, but they shouldn’t have been surprised.

• Editor's Desk: If at first ...

  May 4, 2009

  There are certain things in life that are inevitable.

• CFOs See State Tax Rates Increasing

  May 1, 2009

  Sixty-one percent of senior financial executives believe their companies’ total effective state tax rate will increase, according to a survey by Grant Thornton.

• AICPA Gives Tips on Congressional Lobbying

  April 28, 2009

  Every other spring, members of the Council of the American Institute of CPAs gather by state delegation in the nation’s capital to talk with legislators about pertinent issues within the accounting profession. This year it’s no different.

• CFOs Plan to Use Bonus Depreciation

  April 28, 2009

  A large majority of CFOs and senior controllers intend to take advantage of the bonus depreciation provision included in the economic stimulus bill, according to a survey by Grant Thornton.

• AICPA Copes with Changing Economy, Demographics

  April 27, 2009

  Barry Melancon, president and chief executive of the American Institute of CPAs, welcomed more than 350 AICPA Council members to the nation’s capital and told the state delegations to get ready to meet with legislators on pressing issues in the profession.

• AICPA Preps for Congressional Meetings

  April 26, 2009

  The American Institute of CPAs kicked off its three-day Spring Meeting of Council with a series of briefings and updates to prepare for Capitol Hill visits in which legislative aides will learn about the issues most important to the accounting community.

• Senate Mulls Tech-Neutral Energy Taxes

  April 24, 2009

  The Senate Finance Committee heard from a panel of experts about the pros and cons of skewing energy tax benefits toward one technology, such as wind power, at the expense of another.

• Schumer Spearheads Mortgage Policing Legislation

  April 20, 2009

  Sen. Charles Schumer, D-N.Y., along with the five New York City District Attorneys, has unveiled The Fighting Real Estate Fraud Act of 2009, a measure to help fight mortgage fraud scams across the country. The measure earmarks some $100 million in grants for local DA offices nationwide to hire specialized staff, such as forensic accountants, investigators and attorneys.

• Economy, legislation threaten to impact S corps

  April 19, 2009

• They need help!

  April 19, 2009

  It's safe to say there hasn't been a time in recent history when small-business owners needed guidance from their accountants as much as they do now. It's becoming clear that for all their knowledge and energy, most entrepreneurs can't go it alone in these difficult times

• Tax strategy: Ponzi scheme guidance: More details

  April 19, 2009

  The Bernard Madoff situation is just the most notorious of dozens of Ponzi schemes that have surfaced since the current recession made it more difficult for the operators of those schemes to keep covering payouts and redemptions with money from new investors.

• Economy causes internal audit upheaval

  April 19, 2009

  Among the many changes born of the financial crisis that's sweeping the globe are changes in internal auditing departments

• Treasury Encourages Direct Deposit, Not Checks

  April 13, 2009

  Social Security recipients will get their money faster.

• Compliance with Fuel Excise Tax in Doubt

  April 9, 2009

  The government doesn't even know how much is collected.

• States Hike Sales Tax Rates to New Records

  April 9, 2009

  The economic crisis is forcing many states and cities to increase their sales tax rates to the highest average level ever, according to a new report.

• IFAC Backs G-20 Financial Reforms

  April 8, 2009

  The International Federation of Accountants has endorsed a set of proposals made at last week's G-20 Summit of world leaders that aim to reform the global financial regulatory system.

• Grassley Praises IRS for Hiring Veterans

  April 8, 2009

  Sen. Charles Grassley, R-Iowa, has commended the Internal Revenue Service for hiring more than 1,000 veterans last year.

• Estate Tax Planning for 2009 and Beyond

  April 7, 2009

  With the repeal of the federal estate tax set for 2010 and its reinstatement scheduled just one year later, estate tax planning has become more complicated than ever.

• Lawmakers petition IRS for greater leniency

  April 5, 2009

  Washington, D.C.-With millions of Americans needing help to survive the recession, job losses and home foreclosure, Congress is urging the Internal Revenue Service to cut some slack for taxpayers who are "struggling to stay afloat while their debts increase."

• Protecting businesses from fraud

  April 5, 2009

  As the economy continues its downturn and the financial pressure on business increases, the risk of fraud becomes higher than ever.

• In brief

  April 5, 2009

• Madoff investors: Tax victims, too?

  April 5, 2009

  Many are surprised to learn that while it sometimes appears that the Internal Revenue Code reaches into every aspect of our lives, it lacks focus in addressing the complex tax consequences that face the unfortunate victims of Ponzi schemes.

• International Accounting Monitors Choose Leader

  April 6, 2009

  The Monitoring Board that was recently established to add more public accountability to the International Accounting Standards Board has held its inaugural meeting and picked its first leader.

• FASB Explains Fair Value Changes

  April 6, 2009

  The Financial Accounting Standards Board has issued a "plain English" summary of the board's actions when it modified the standards for fair value and mark-to-market accounting in response to congressional demands.

• Companies Foresee More Tax Audits

  April 6, 2009

  As governments desperately seek all kinds of additional revenue, senior business professionals see the increased possibility of an audit by taxing authorities as the most significant tax risk facing their organizations today, according to a new survey.

• Congress Passes Budget Plan

  April 3, 2009

  Both the House and Senate approved the Democrats' version of a $3.5 trillion budget plan for fiscal year 2010, but without a single Republican vote.

• Reactions Mixed to FASB Fair Value Compromises

  April 3, 2009

  Accounting experts and industry organizations alternately praised and panned the Financial Accounting Standards Board's decision to loosen the standards for fair value and mark-to-market accounting.

• Congress to IRS: Go Easy on Small Biz

  April 2, 2009

  Lawmakers at a congressional hearing Wednesday pressed Internal Revenue Service Commissioner Douglas Shulman to ease up on audits of small businesses.

• IRS Provides COBRA Guidance

  April 2, 2009

  The Internal Revenue Service has issued guidance to clarify the COBRA benefits offered under the recently passed stimulus bill.

• FASB Compromises on Fair Value

  April 2, 2009

  Under pressure from Congress to act quickly, the Financial Accounting Standards Board voted to approve substantial changes to fair value accounting.

• Stimulus Law

  March 31, 2009

• Outlook Dims for Recovery This Year

  March 31, 2009

Related Articles

• FASAB faces independence challenge

• Obama’s Budget Plan Is More Like a Wish List

• Senators Propose Tax on Wall Street Bonuses

• U.S. Signs Income Tax Treaty with Hungary

• U.S. Inks Tax Treaty with Chile

Special Offers

Editors' Picks

• 

  Better ways to get paid

  Start with being clear about what you're charging

• 

  IRS Overdue on Paying Hazardous Waste Fee

  An IRS processing center in Kansas City, Mo., is overdue on paying a $172.50 fee for a hazardous waste removal permit dating back to 2006.

• 

  Should 401(k) plans be scrapped?

  Some have bemoaned the failure of 401(k) plans to provide for our retirement.

• 

  WebCPA Twitter Page

  Check out WebCPA's Twitter page, WebCPAtweets

Quick Poll

See Recent Polls