Audit & Accounting

The Internal Revenue Service has given Section 529 tuition programs the ability to change their investment strategies more frequently in response to the financial crisis.

Cheshire Software has added estate planning features to its wealth management product.

The Internal Revenue Service and the Treasury Department have decided against changing a rule that requires retirees to withdraw a minimum distribution from their retirement savings accounts by the end of 2008.

Accounting firms expect the recession to affect their business over the coming year.

New York Governor David Paterson is trying to close a record deficit of $15.4 billion with 137 new tax and fee increases, including a new tax on sugary sodas.

WebCPA's financial crisis survey is gauging the reactions of accountants and their clients to the financial crisis.

The National Retail Federation has asked President-elect Barack Obama to include a series of sales tax holidays within the economic stimulus legislation he is drafting with Congress.

The Financial Accounting Standards Board has issued the first of two proposed standards intended to simplify the accounting for financial instruments in response to the financial crisis.

The International Accounting Standards Board has proposed requiring companies to provide additional disclosures on all their investments in debt instruments, other than those classified in the fair value through profit or loss category.

David Friehling, the auditor at the tiny accounting firm that handled Bernard Madoff's books, has been subpoenaed by investigators.