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A group of high-ranking officials in accounting and auditing standard-setting organizations discussed the changing standards for mandatory audit firm rotation, private company accounting and other controversial issues at the American Institute of CPAs’ Spring Meeting of Council.

An Essex County, N.J., tax return preparer who allegedly filed hundreds of phony federal income tax returns using the identity of a dead return preparer whose business he bought was arrested by federal agents early Thursday morning.

The Federal Register publishes a quarterly list of persons who have renounced their citizenship. Known as the "name and shame" list, the most recent one, published on April 30, contains the name Eduardo Saverin, co-founder of Facebook. While the move may have nothing to do with Friday's Facebook IPO, it could result in significant tax savings for Eduardo.

KPMG has signed a partnership with cloud-based enterprise IT operations automation service provider ServiceNow to deliver professional services offerings designed specifically to help rapidly transform enterprise IT activities.

Why would you do such a thing?

Long-standing accounting software brand Peachtree is now Sage 50 Accounting, as Sage North America officially released the 2013 product line to the U.S. market, which boasts several new features including mobile payment abilities, integrated business intelligence and enhanced support.

Cloud accounting software provider Wave Accounting has secured $12 million in venture capital financing, with plans to establish a physical U.S. presence and enhance the product for its core market of freelancers, entrepreneurs, sole proprietors and small business owners.

Iowa Governor Terry Branstad told an AICPA audience that he decided to return to the governor’s mansion in order to fix the economy in his home state.

CPA firms are starting to feel more pressure again from the economy as the recovery ever so slowly ramps up, with international problems threatening to throw it off course, and regulatory requirements adding to their workload.

The American Institute of CPAs marked its 125th anniversary during its Spring Meeting of Council, with meetings on Capitol Hill and the White House with lawmakers and policymakers, capped off with a lavish black tie reception.