Financial reporting

Accounting firm WithumSmith+Brown has introduced a new consulting service to help businesses deal with the troubled economy.

As President-elect Barack Obama continues to name members of his cabinet who will have to quickly deal with pressing national and economic security issues, people are beginning to wonder if he will be able to fulfill the promises he made in his campaign.

The Treasury Department's Troubled Asset Relief Program needs to do a better job of ensuring integrity, accountability and transparency, according to a report from the Government Accountability Office.

A group that maintains the beginning and ending dates of U.S. recessions announced that the economy officially entered a recession a year ago.

Treasury Secretary Henry Paulson announced a program to allocate $20 billion to back a $200 billion Federal Reserve facility for consumer lending.

Lately we’ve been hearing so many contradictory statements from Treasury Secretary Henry Paulson in such a short period of time that I’m beginning to wonder if we have two look-alikes running around Washington testifying on Capitol Hill and giving impromptu news conferences where they say exactly the opposite.

President-elect Barack Obama announced the key members of his economic team on Monday, including his pick for Treasury Secretary, New York Federal Reserve president Timothy Geithner.

Pessimism about the U.S. economy among CFOs and senior-level executive CPAs hit an all-time high this quarter, according to a new survey, with most of them not expecting a turnaround for at least another year.

Reality TV addicts, here’s an interesting nugget for you. Rockville, Md.–based Aronson & Company sponsored one of their clients, Dan Ryan Builders, in a project with ABC’s Extreme Makeover: Rockville, Md.–based Aronson & Company sponsored one of their clients, Dan Ryan Builders, in a project with ABC’s Extreme Makeover: Home Edition television show, which remodels homes of struggling families.

For those who couldn’t find the proposed roadmap released by the SEC when they went to the Commission’s site last week, don’t blame yourself. You need an actual roadmap to find it.

The Internal Revenue Service is auditing the Mozilla Foundation, the nonprofit arm of the organization that develops the Firefox Web browser and Thunderbird e-mail software.

The American Institute of CPAs is launching a new series of ads for its "Feed the Pig" financial literacy campaign targeted at adults in the 25-to-34 age group.

A new report on President-elect Barack Obama's tax policies sees his mantle of change perhaps leading him to change some of his tax proposals as he works with Congress next year.

Business consulting and internal audit firm Protiviti has updated its Global Financial Crisis Bulletin with answers to the latest questions about the financial meltdown.

I’ve known David Steinberg for some 20 years now. He was introduced to me by one of the major CPA firms in New York City as knowledgeable and honest mortgage broker. I’ve used him many times and have found him quite effective. So, when we hit this financial morass, I thought it might be interesting to see what he had to say while we are in this epic meltdown. “There is no telling where things are going,” says David. But I’d like to share some observations that I believe will withstand scrutiny regardless of where markets are by the time you read this.” The following is from David’s mouth: Cash is King. You’d be amazed how much easier you can sleep if you have that emergency fund to (at least) six months of living expenses. Cash is King II: That emergency fund must be liquid. Having a HELOC (Home Equity Line of Credit) doesn’t count because many banks are getting cold feet and cutting the lines back or eliminating them. So, even if you have perfect credit, there is no guarantee that your HELOC will be there when you need it. Cash is King III: Gains (or losses) are not real until you realize them, when you sell. For years Americans have been feeling rich because their houses and portfolios were appreciating. That wasn’t real. The losses we have experienced in recent weeks as our portfolios have fallen are no more real (unless you sold). If your initial choices were solid, your portfolio should come back when the market comes back. Buy Low and Sell High: I said, “If your initial choices were solid.” All too often people buy speculatively. How do you buy well? Watch Warren Buffett. He won’t buy unless he perceives value. Learn to sit on cash waiting for opportunities. Gotta Know When to Hold’em and Know When to Fold’em: These have been tough times for investors—tough figuring out whether to hold or sell. Stick to stock in good companies that have good management (Warren Buffett) and sell the rest. ‘When’ is the challenge! Sell on your terms—don’t get stampeded into selling at the wrong time. Volatility is a Fact of Life: Hold on! Volatility, which has been at record levels throughout 2008, is not going away any time soon. Get used to it. Strategize for it. Can’t Take the Heat: Get out of the market for the next six months or so if you can’t tolerate the swings. Be prepared to miss some of the glory if the market roars back. Gotta Know When to Buy: Me? I’m buying. Why? Because Warren Buffett is buying. Due to some luck 40 percent of my retirement funds were in cash as of October 10. I told my stock broker to start buying cautiously. (And, remember, it’s not polite to laugh at people.) There’s Gold in Them Thar Hills: Fortunes will be made by those with vision and courage to take advantage of the opportunities that will surely be present in the coming months. For more information, contact him at Dave@SummitFunding.com.

Rand & Associates has launched a program aimed at helping small businesses weather the financial crisis.

Baby Boomers planning for retirement need to stick to a budget, according to one tax expert.

With tax season coming up, the IRS is reaching out to tax-exempt organizations and preparers to spread the word about the revised Form 990 and the extra information it will require.

SEC Chairman Christopher Cox acknowledged that the mortgage meltdown may have started in the United States, but he pointed the finger at other countries for helping create a global economic crisis.

A large majority of CPA firms reported continuing strong growth during the past two years, according to a new survey by the American Institute of CPAs and the Texas Society of Certified Public Accountants, but the survey was taken before the financial crisis hit home in recent quarters.