Practice Management

Senate Finance Committee Chairman Max Baucus, D-Mont., has announced legislation that would make existing tax breaks permanent for working families and individuals.

Executives from the nation’s largest banks pledged their cooperation and commitment to President Obama and his administration in order to begin the recovery process.

President Obama and his top economic advisors have determined that neither General Motors nor Chrysler have put forth acceptable plans to receive more bailout funds, which could effectively shut down the two auto giants.

Frank Brosens, a founding partner at hedge fund concern Taconic Capital Advisors, has withdrawn his nomination as overseer of the $700 billion bank bailout program.

Both the House and Senate Budget Committees have finalized the markup of budget proposals that are similar to the administration budget proposal.

A searing report from the Government Accountability Office has charged the Small Business Administration with poor controls and oversight that resulted in a number of companies receiving undeserved funds from a program designed to boost small businesses in underserved communities.

As part of its previously announced Power to Get More Done Initiative, which aims to help firms deal with the shaky economy by giving them money to hire extra staff and invest in their business, financial and tax software provider Intuit has announced the co-sponsors and judges for the effort.

Consulting giant BearingPoint, which filed for Chapter 11 last month, agreed to divest several of its units to Big Four firms Deloitte and PricewaterhouseCoopers.

The Obama administration will ask the Economic Recovery Advisory Board, led by former Federal Reserve Chairman Paul Volcker, to form a task force to recommend an overhaul of the tax code.

Treasury Secretary Timothy Geithner proposed a sweeping revamp of government regulatory powers over the nation’s financial system highlighted by establishing a single agency “with responsibility for systemic stability over the major institutions and critical payment and settlement systems and activities.”