Can anything good come out of a $65 billion Ponzi scheme?

The economic downturn, coupled with proposals to make the Research and Development Credit permanent, the potential repeal of LIFO, and higher individual tax rates under the Obama administration, could significantly reshape the landscape of S corps over the next several years."For planning purposes, the proposal to make the R&D Credit permanent has significance because it will affect what types of investments companies will make," explained Rick Klahsen, managing director at RSM McGladrey's national tax department. "However, the proposed repeal of the LIFO inventory method would have a tremendous negative impact on S corporations. Many S corporations are manufacturers, and the loss of the LIFO method will cost them in terms of additional taxable income. It will cause them to take a look at the types of inventory investments they might make."

Washington, D.C.-In the wake of several high-profile Ponzi schemes - most notably, the $65 billion fraud perpetrated by the now-jailed Bernard Madoff - the Internal Revenue Service has issued new guidance for victims of these types of schemes and their tax preparers.

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

About a year ago, we began hearing a clamor that accountants exacerbated the financial debacle by reporting market values in financial statements. In turn, accountants ducked the blame by arguing strongly that the Financial Accounting Standards Board was at fault for requiring investment market values to be reported. These complaints have continued to this day.

The Public Company Accounting Oversight Board isconsidering making changes in the standards for audit confirmations after arecent wave of auditing scandals.

Seventy-five percent of finance professionals support the movement toward a single set of high-quality global accounting standards, according to a new survey by Deloitte.