The Latest

Sixty-eight of the most consistently profitable Fortune 500 companies paid no state corporate income tax in at least one of the last three years, and 20 of the companies averaged a tax rate of zero or less from 2008-2010.

The Internal Revenue Service did not always follow the strict purchasing regulations required under the American Recovery and Reinvestment Act of 2009 when it spent the funds it received from the economic stimulus law, according to a new government report.

Next year’s report from the Accounting MOVE Project aims to track the effect of community service on women’s career advancements.

The Governmental Accounting Standards Board has proposed that state and local governments should include five-year projections of their cash inflows and outflows, and financial obligations, to supplement their financial statements.

Top 100 accounting firm Eide Bailly has released the free Eide Bailly Mobile App for the Apple iPad, which offers insights, updates, calculators and information on learning events.

Tax products and services provider Drake Software is readying the launch of SecureFilePro, an online document transfer portal that will be available in January.

The Senate and the House’s tax-writing committees held a rare joint hearing on reforming the tax treatment of financial products such as derivatives.

The Financial Accounting Standards Board and the International Accounting Standards Board appear to be growing tired of trying to resolve their many disagreements after 10 years of ups and downs in their relationship, and the main question now seems to be whether it will be an amicable split.

Samuel F. Wren has been made partner-in-charge of Weaver’s tax and strategic business services.

The Public Company Accounting Oversight Board has published a staff alert cautioning auditors to beware of the risks of material misstatements in the financial statements they audit in today’s volatile economic environment.