WebCPA Staff

A trade group representing insurance and reinsurance companies has taken exception to a proposed standard on fair value accounting and said it will make financial statements harder to understand.

Tax rate brackets and various tax benefits will remain unchanged or change only slightly in 2010 due to low inflation, and many pension plan limitations will remain unchanged, according to the IRS.

Current Grant Thornton CEO Ed Nusbaum and incoming CEO Stephen Chipman talked about the Supreme Court’s upcoming hearing of a challenge to the constitutionality of the Public Company Accounting Oversight Board.

The American Institute of CPAs’ CPA2Biz subsidiary has opened a new Web site to help firms grow their client accounting services practice.

The IRS had a successful filing season this year, according to a new report, despite the challenges of dealing with economic stimulus provisions passed in the midst of tax season, such as an expanded First-Time Homebuyer Credit.

Perot Systems said it would acquire BearingPoint Management Consulting (Shanghai) Ltd., also known as BearingPoint China Consulting, for an undisclosed sum.

A pending rule change in the eligibility requirements for a Roth individual retirement account could encourage more people to seek out guidance from their financial advisors, according to a new survey.

Accounting firm Crowe Horwath has created a Web-based system to help state and local agencies that receive federal funding from the economic stimulus package comply with the complex reporting requirements.

An Internal Revenue Service employee was arrested at the IRS offices in Dallas after a grand jury indicted him on a felony bribery charge.

California has joined the states mandating the 150-hourrule, as Gov. Arnold Schwarzenegger has signed into law SB 819 requiring allCalifornia CPAs licensed after 2014 to have 150 hours of college educationprior to licensing.

CCH has introduced Multistate Personal Income TaxResearch and Compliance Manager, a tax research product for professionals whoseclients have personal income tax exposure in more than one state.

Payroll and human resources services provider PaychexInc. has divested Stromberg, its time and attendance company, to workforce andlabor management specialist Kronos Inc.

Nearly 30 of the nation's largest labor unions have comeout in opposition to Wednesday's passage of the $829 billion health care planby the Senate Finance Committee.

The Treasury Inspector General for TaxAdministration found that taxpayers who claimed unsubstantiated motor vehicledonations may have sidestepped paying million in taxes in 2007.

About a quarter of all sole-proprietor businesses report losses on their tax returns, but many are doing so by understating their income or overstating their expenses, leading to billions of dollars in lost tax revenue, according to a new government report.

The Senate Finance Committee has approved its long-awaited version of the health care reform bill by a 14-9 vote.

The American Institute of CPAs’ CPA2Biz subsidiary has introduced a tiered pricing option for Intacct’s Web-based accounting software.

The Internal Revenue Service has created a new Web-based tool to help small-business owners determine which tax-favored pension plan best suits their needs and how to keep their plans in compliance.

Online payroll provider myPay Solutions has sealed a partnership pact with consultancy HR AnswerLink to offer human resources services to myPay users.

The national average salary for finance and accounting professionals is expected to decline slightly next year by 0.85 percent, with CFOs and treasurers taking an even bigger hit of 7.7 percent, according to a survey by staffing company Ajilon Professional Staffing.