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• 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.

• 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

• New Oversight Board Proposed

  March 31, 2009

• Firms Take Action on the Crisis

  March 31, 2009

  Many firms have found the financial crisis fertile ground for new client services.

• AICPA Launches Economic Crisis Resource Center

  March 31, 2009

• Seniors Lack Economic Security

  March 31, 2009

• Saving More, Cutting Debt

  March 31, 2009

• CCH Helps with Crisis, IRS

  March 31, 2009

• Recovery Act Moves

  March 31, 2009

• Intuit Offers Cash, Services to Firms

  March 31, 2009

  Intuit has launched a program offering $10,000 cash grants and up to $10,000 in products and services to 10 accounting firms.

• Report Recommends More Fair Value Disclosures

  April 1, 2009

  A new report suggests that companies adopting the Financial Accounting Standards Board's recent proposals on modifying mark-to-market and fair value accounting standards should provide more extensive disclosures to help investors make sense of the impaired assets.

• IRS Announces Tax Break on New Car Purchases

  April 1, 2009

  The Internal Revenue Service has begun spreading the word about a special incentive for taxpayers to buy a new car this year: a hefty deduction next year.

• HHS Nominee Pays $7,040 in Back Taxes

  April 1, 2009

  Secretary of Health and Human Services nominee Kathleen Sebelius became the latest prospective Cabinet member to run afoul of the Tax Code after she admitted to recently paying $7,040 in back taxes and $878 in interest.

• Treasury Launches Financial Stability Site

  April 1, 2009

  The Treasury Department has opened its ballyhooed Web site that will allow ordinary citizens to keep an eye on efforts to stabilize the financial system.

• FASB Caves on Mark-to-Market

  April 1, 2009

  The Financial Accounting Standards Board has bowed to pressure from lawmakers and banking interests and put forward a proposal to relax fair value standards.

• Private Sector Lost 742,000 Jobs in March

  April 1, 2009

  Private sector employment declined by 742,000 jobs last month, according to the latest monthly report by payroll giant ADP.

• Bonus Tax Bills May Be Unconstitutional

  March 31, 2009

  The Congressional Research Service has found that both the Senate and House bills that seek to tax bonuses paid to employees of entities receiving assistance from the federal government under the Economic Stabilization Act of 2008 may have constitutional problems.

• Obama Nominates Tax Policy Head

  March 31, 2009

  President Barack Obama has nominated a California professor, Helen Elizabeth Garrett, as his Assistant Treasury Secretary for Tax Policy.

• Baucus Introduces Middle-Income Relief Legislation

  March 30, 2009

  Senate Finance Committee Chairman Max Baucus, D-Mont., has announced legislation that would make existing tax breaks permanent for working families and individuals.

• Top Managers Can Last Nine Months Unemployed

  March 30, 2009

  In the current recession, an extended period of unemployment for top managers no longer carries the stigma it previously did, as a recent survey of executives said that on average, a senior manager could be jobless for as long as nine months before their careers became adversely affected.

• Institute Guide Offers Disaster Recovery Tips

  March 30, 2009

  The American Institute of CPAs has published Disaster Recovery: A Guide to Financial Issues, in cooperation with the American Red Cross and the National Endowment for Financial Education.

• Top Bankers Pledge Cooperation to Solve Crisis

  March 30, 2009

  Executives from the nation's largest banks pledged their cooperation and commitment to President Obama and his administration in order to begin the recovery process.

• Obama on Automakers' Bailout Plans: Unacceptable!

  March 30, 2009

  President Obama and his top economic advisors have determined that neither General Motors nor Chrysler have put forth acceptable plans to receive more bailout funds, which could effectively shut down the two auto giants.

• TARP Nominee Drops Out

  March 27, 2009

  Frank Brosens, a founding partner at hedge fund concern Taconic Capital Advisors, has withdrawn his nomination as overseer of the $700 billion bank bailout program.

• House, Senate Budget Committees Finalize Markup

  March 27, 2009

  Both the House and Senate Budget Committees have finalized the markup of budget proposals that are similar to the administration budget proposal.

• Volcker to Lead Tax Reform Effort

  March 26, 2009

  The Obama administration will ask the Economic Recovery Advisory Board, led by former Federal Reserve Chairman Paul Volcker, to form a task force to recommend an overhaul of the tax code, according to reports.

• GAO: SBA Program Fraught with Poor Controls, Abuse

  March 26, 2009

  A searing report from the Government Accountability Office has charged the Small Business Administration with poor controls and oversight that resulted in a number of companies receiving undeserved funds from a program designed to boost

• Intuit Unveils Co-Sponsors, Judges for Grant Competition

  March 26, 2009

  As part of its previously announced Power to Get More Done Initiative, which aims to help firms deal with the shaky economy by giving them money to hire extra staff and invest in their business, financial and tax software provider Intuit has announced the co-sponsors and judges for the effort.

• CFOs Optimism Wanes, Finance Execs Demand More from Boards

  March 26, 2009

  While confidence both in the U.S. economy and national leadership remains at low levels, many CFOs are taking action to protect their businesses, as 70 percent of financial executives surveyed revealed they are exploring strategies such as salary and benefits freezes and layoffs, while 58 percent have reported less confidence in President Barack Obama's ability to deal with the financial crisis since he took office.

• Geithner Proposes Sweeping Overhaul of Financial Regulation

  March 26, 2009

  Treasury Secretary Timothy Geithner proposed a sweeping revamp of government regulatory powers over the nation's financial system highlighted by establishing a single agency "with responsibility for systemic stability over the major institutions and critical payment and settlement systems and activities."

• Toxic Asset Superfund

  March 25, 2009

  Treasury Secretary Timothy Geithner did his best at filling in the blanks on the Obama administration's plan for cleaning up the so-called 'toxic assets' clogging the balance sheets of banks.

• Geithner Petitions Lawmakers for Broader Takeover Powers

  March 25, 2009

  In a hearing before the House Financial Services Committee, Treasury Secretary Tim Geithner asked lawmakers to grant the Treasury Department more power to seize failing financial firms.

• Survey: Recession Not Stopping Divestitures

  March 25, 2009

  Despite the economic slump, a high number of executives are continuing to pursue divestitures or carve-outs, according to a survey conducted by Deloitte Corporate Finance.

• Internal Auditors Weigh In on Financial Crisis

  March 25, 2009

  -- More than 40 percent of internal auditors within the financial services sector felt that better risk management practices could have helped prevent their organization's current financial situation, according to a just-released study from the Institute of Internal Auditors.

• Triumph and Disaster

  March 24, 2009

  Politics seemed to be more about ideals before I was born, but more about expenditures after.

• Audit Committees Change Oversight

  March 24, 2009

  About 89 percent of the 150 audit committee members at a recent KPMG conference said that the financial crisis had caused their company's board or audit committee to change the nature and scope of its oversight.

• Grassley Calls on Fannie and Freddie to Justify Bonuses

  March 23, 2009

  Sen. Chuck Grassley, R-Iowa, has asked Fannie Mae and Freddie Mac to account for their retention bonus programs while the entities were losing money and even after they accepted taxpayer-funded bailouts.

• CBO Revises 2009 Budget Projections

  March 23, 2009

  The Congressional Budget Office has revised its projection of the 2009 deficit, adding another $400 million and bringing the total to a numbing $1.7 trillion.

• Administration Unveils Toxic Asset Plan

  March 23, 2009

  The Obama administration has revealed the latest measure in its colossal financial rescue plan, enticing private investors to buy up to $1 trillion in troubled assets carried by banks.

• Ernst & Young, UBS Sued over Madoff Feeder Fund

  March 20, 2009

  Ernst & Young and Swiss bank UBS have been sued by a group of investors in Luxembourg who put money in a fund that directed 95 percent of their assets to Bernard Madoff's firm.

• Small Businesses in Crisis Turn to Accountants

  March 19, 2009

  The economic crisis is prompting more and more small-business owners to turn to their accountants for advice, according to a new survey.

• IRS Wants Stanford to Pay Back Taxes

  March 19, 2009

  A federal court in Texas has ruled in favor of the Internal Revenue Service as it seeks $226.6 million worth of back taxes from Sir Allen Stanford, the banker who has been accused of defrauding investors of $8 billion.

• House Votes to Tax AIG Bonuses

  March 19, 2009

  In response to public outrage over the $165 million in bonuses awarded to AIG executives, the House voted 328 to 93 to levy a 90 percent tax on the money.

• PCAOB Ups Accounting Support Fee $5.6M

  March 18, 2009

  The Public Company Accounting Oversight Board has raised the aggregate 2009 fee it assesses to public companies and other issuers to $157.4 million from $151.8 million.

• Lawmakers Rally to Restore Uptick Rule

  March 18, 2009

  Lawmakers continue to apply pressure to the Securities and Exchange Commission to reinstate a Depression-era rule that prevents traders from short-selling stocks whose share prices are falling.

• Taxing Health Care Benefits Won't Be Easy

  March 18, 2009

  The question of how to pay for universal health care could lead to a troubling answer: taxing health benefits.

• FASB Issues Fair Value Proposals

  March 18, 2009

  The Financial Accounting Standards Board has issued a pair of proposed fair value staff positions written to provide additional guidance regarding measurements and impairments of securities, after coming under pressure at a congressional hearing to ease mark-to-market accounting standards.

• Madoff's Auditor Arrested

  March 18, 2009

  David Friehling, the accountant who ran the tiny auditing firm that serviced Bernard Madoff's broker/dealer firm, has been arrested and charged with securities and investment advisor fraud.

• Putting the 'OT' in SWOTs

  March 17, 2009

  "A threat and an opportunity!" is how most firms in Practical Accountant's upcoming survey of regional firms termed this recession.

• Stimulus may stimulate accountants

  March 15, 2009

  Provisions in the recently signed $787 billion economic stimulus package - the American Recovery and Reinvestment Act of 2009 - will have a ripple effect across all industries, according to experts.

• Small business to face closer audit scrutiny

  March 15, 2009

  The nation's small businesses are squarely in Washington's crosshairs - targeted for more rigorous, more painful scrutiny by both federal tax enforcement officials and the nation's auditing standard-setters.

• Government may be the answer!

  March 15, 2009

  Is your firm interested in entering the federal government market? In an uncertain economy, the federal government can be a reliable source of revenues, often with good margins. A terrible economy, ironically, might be about the best time to try, due to a confluence of events - an unending spate of bailout and stimulus initiatives, coupled with the new administration's strong demands for transparency and accountability.

• In brief

  March 15, 2009

• Clients, Advisors Urgently Seek Answers

  March 15, 2009

  As the economy worsens and unemployment continues to rise, many people who have stayed invested may be asking themselves if they made a mistake by not selling out and remaining in cash.

• Treasury Tries to Jumpstart Small-Business Lending

  March 16, 2009

  President Barack Obama and Treasury Secretary Timothy Geithner unveiled a new effort aimed at unlocking the tight credit market for small businesses.

• CFOs Try to Boost Company Morale

  March 13, 2009

  Sixty-eight percent of CFOs have taken steps to boost employee morale in the midst of the economic crisis, according to a new survey, but 26 percent haven't done anything.

• XBRL May Help Monitor TARP Spending

  March 13, 2009

  Interactive data-tagging technology could assist government auditors in monitoring the spending done under the $700-billion-plus financial bailout plan.

• Spending Bill Boosts IRS Funding

  March 12, 2009

  The $410 billion spending bill approved Tuesday evening by the Senate to help fund the federal government for the rest of the year includes funding for some nine federal agencies, including the Internal Revenue Service.

• Melancon Speaks out on Top Accounting Issues

  March 12, 2009

  American Institute of CPAs' president and chief executive Barry Melancon reiterated his organization's stance that fair value accounting was not a primary cause of the current economic distress and that the private sector -- rather than Congress -- should continue to set accounting standards.

Related Articles

• AICPA, FEI Object to Federal Accounting Oversight Board

• Congress Mandates Electronic Filing

• House Panel Exempts Small Companies from SOX Audits

• Senate Extends Homebuyer Tax Credit

• Financial Planners Oppose FINRA Oversight

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  How to Be a Hero to Clients

  Barry Schimel, CPA, gave some thought-provoking tips on how to stay in clients’ good graces during a keynote address this morning at Thomson Reuters Tax & Accounting’s user conference in Orlando.

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  LAUNCHING A PRACTICE: Removing the Barriers to Entry

  CPAs are brilliantly positioned to become successful and profitable wealth managers, yet they often face barriers that, without proper planning, can keep them from taking the necessary steps to create an additional profit center.

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  WebCPA Twitter Page

  Check out WebCPA's Twitter page, WebCPAtweets

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