Below please find daily updates pertaining to the latest in financial, business, and tax news:
FICPA: Top StoriesFeds 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.
Treasury Dept. Sets Record Straight on EESA Implementation
Treasury worked with Congress to put strong oversight and transparency provisions in the bill and every reporting requirement in the statute has been fully met on time. All reports have been published on the Treasury's website.
Incoming Florida Senate President Names Top Lieutenants
Ahead of next week's organizational session of the Florida Legislature, incoming Senate President Jeff Atwater has named his top lieutenants.
Sink Urges Special Session for Florida Budget Deficit
TALLAHASSEE - Chief Financial Officer Alex Sink renewed her call for a special legislative session on Florida's finances Wednesday but the new House speaker said he's not "hitting the panic button."
FASB Orders New QSPE Disclosures
Companies that transfer assets off their balance sheets will be subject to increased disclosure requirements in time for year-end financial statements.
FICPA: IRS Tax News
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.
Tax Credit to Aid First-Time Homebuyers; Must Be Repaid Over 15 Years
WASHINGTON — First-time homebuyers should begin planning now to take advantage of a new tax credit included in the recently enacted Housing and Economic Recovery Act of 2008.
Victims of Tropical Storm Fay May Qualify for IRS Disaster Relief
WASHINGTON — Victims of Tropical Storm Fay in Florida may qualify for tax relief from the Internal Revenue Service.
Tax Scams - The Last Thing You Need
IRS Summertime Tax Tip 2008-22 During summer months, many people sell their home and move to a new location. Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS.
IRS Hiring of Military Veterans Surpasses Goal
WASHINGTON — The Internal Revenue Service today announced that it has met its goal of hiring at least 1,000 military veterans this fiscal year, and the agency will continue to focus its recruitment efforts toward this important group.
Independent Contractor vs. Employee
IRS Summertime Tax Tip 2008-24 Are your workers independent contractors or employees? The answer can have a profound impact on how much tax you pay as a small business owner.
Disaster Assistance and Emergency Relief for Individuals and Businesses
Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the president declares their location to be a major disaster area.
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
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