Accounting education

Federal government employees can now receive public sector financial management and strategic leadership training through a dual designation program developed by two international accounting bodies in consultation with the Office of the Comptroller General of Canada.

The Social Security Administration recently announced the highest cost-of-living increase since 1991, setting the adjustment at 4.1 percent for more than 52 million retired and disabled recipients.

The Internal Revenue Service could revoke the tax-exempt status of about 20 credit-counseling firms, just as the country's new bankruptcy laws are set to go into effect on Oct. 17.

A bill creating a new regulator for Fannie Mae and Freddie Mac and setting capital levels for the two home mortgage giants could be ready for a House vote by the end of the month.

SEC HELPING INVESTORS, COMPANIES AFFECTED BY KATRINA: The Securities and Exchange Commission has joined the growing list of companies and agencies mobilizing to provide relief to the victims of Hurricane Katrina.The SEC divisions and offices that oversee publicly traded companies, accountants, mutual funds, brokerage firms and transfer agents, among others, are preparing relief measures, including extensions of filing deadlines and suspension of requirements to deliver documents to hurricane-affected areas.

The CFA Institute, the global concern that administers the Chartered Financial Analyst examination and credential, has elected its new board of governors.John Stannard, of Russell Investment Group, was elected chairman, while Vincent Duhamel, managing director of Goldman Sachs Asia LLC, will serve as vice chair. Both Stannard and Duhamel will serve one-year terms, effective immediately.

An individual taxpayer whose modified adjusted gross income for a year is not more than $100,000 may convert an amount held in a traditional IRA to a Roth IRA. The amount converted is subject to tax to the same extent that it would be if the amount were distributed to the taxpayer from the traditional IRA and not rolled over to another traditional IRA or to a qualified retirement plan.If a conversion involves property, the conversion amount generally is the fair market value of the property on the date of distribution, or deemed distribution, from the traditional IRA. However, because there was no specific rule dealing with converted annuity contracts, some taxpayers claimed that the amount includible in gross income upon the conversion of a traditional IRA to a Roth IRA is the cash surrender value of the annuity contract.

Financial services educator The American College is accepting nominations for induction into its newly created Hall of Fame. The Hall of Fame is designed to recognize graduates of the college's designation or degree programs who have made extraordinary contributions in time, effort and energy to this institution of higher learning.To qualify for induction into The American College Hall of Fame, individuals must have graduated from at least one of the college's designation or degree programs. In addition, they must be long-term volunteers of the college and active participants in its community and learning environment.

Intuit, which is ramping up an aggressive expansion of its product line for small businesses, is also jumping into the financial planning market.

Years of lower equity risk premiums have prompted advisors to begin looking beyond the traditional modern portfolio theory for strategies that can produce heftier returns.Enter the core/satellite design - defined as a commitment to longer-term investing in "core" vehicles, combined with satellites of frequently changed assets that can add to returns.

EARNINGS FOR FINANCIAL PLANNERS RISE IN 2005: Earnings for financial planners have risen 27 percent from their 2004 levels, according to a survey conducted by the College for Financial Planning in conjunction with the Financial Planning Association. Its 2005 Survey of Trends in the Financial Planning Industry showed that the median gross amount of planner earnings climbed to $277,800 in 2005.The majority of CFP professionals surveyed (56 percent) also reported that their income is the result of a combination of fees for service and commissions, while only 34 percent reported that their income is the result of fee-only services. When asked about clients' net worth, planners reported the continuation of a trend from previous years, with a 33 percent increase - to $1 million - over last year's reported amount of $750,000. In other findings regarding the financial planning market, 67.3 percent of planners participating in the survey prepared between one and 19 single-focus plans, while 62.7 percent prepared up to 19 comprehensive plans.

Investment advisors write books for many reasons.Some have practice management techniques that they feel could help others. Some have a particular planning or investment expertise. Others just want to see their name on the dust jacket. Check your cost benefit analysis calculators before starting, say veteran scribes: The task is a monumental one, and the benefits often come quite indirectly.

The recently enacted Energy Tax Incentives Act of 2005 includes new and substantial tax incentives for individuals to make energy-saving (and some energy-creating) improvements to their homes.The incentives come in the form of tax credits, which reduce federal tax bills on a dollar-for-dollar basis. Unlike many other tax credits contained in the Internal Revenue Code, these energy tax credits are not phased out for higher-income individuals. These credits are available for certain energy-saving home improvements made in 2006 and 2007.

For the fourth consecutive year, Plante Moran Financial Advisors placed among the top 10 largest independent financial advisory firms in the nation based on total assets under management, according to Bloomberg Wealth Manager's fifth annual rankings.With more than $3.9 billion in total assets under management, PMFA ranked seventh in terms of overall assets; the firm also is 45th based on average client relationship size. Bloomberg Wealth Manager's annual financial advisor ranking includes 500 firms from across the United States.

The expanding profile of women in the accounting profession will be the focus of the first Women's Summit hosted by the Work/Life & Women's Initiatives Executive Committee of the American Institute of CPAs.

RIA, a part of the Thomson Corp. providing information and software to tax professionals, has computed the changes to next year's tax brackets, standard deductions, personal exemptions and other important tax breaks.

A Minneapolis customizer and reseller of accounting software is among the first to launch a podcast targeting accounting and finance executives.

CCH Tax and Accounting, a provider of industry information and software, said that subscribers to their CCH Tax Research NetWork will soon be able to access tax-related content from BNA through the www.tax.CCHGroup.com portal.

Employer-sponsored retirement plans, including 401(k) programs, will be allowed to make loans and hardship distributions to victims of Hurricane Katrina and members of their families, the Internal Revenue Service said.

Ameriprise Financial, formerly American Express Financial Advisors, launched its first advertising campaign since announcing plans to spin off from its parent company, American Express Co.