The Latest

Senate Finance Committee ranking member Charles Grassley, R-Iowa, has introduced a bill that would make permanent a number of education-related tax relief measures dating back to 2001, when he was committee chairman, and increase others.

The number of Securities and Exchange Commission settlements declined for the second consecutive fiscal year in 2009, with 626 defendants, compared to 673 in fiscal year 2008, according to a new report.

Large corporations have dominated the use of the research tax credit, with 549 corporations with receipts of $1 billion or more claiming over half of the $6 billion of net credits in 2005, the most recent year available, according to a new study by the Government Accountability Office.

FASB Chairman Robert Herz and AICPA Accounting Standards Executive Committee Chairman Jay Hanson separately acknowledged that many assets and financial instruments do not need to be measured at fair value on the balance sheet.

Securities and Exchange Commission Chief Accountant James L. Kroeker told leaders of the accounting profession that independent auditors will be expected to consider the interests of the “investing public” — not just their audit clients — when performing their duties.

Twenty accountants from Newport News, Va.-based Witt Mares have been named to Virginia Business Magazine’s Super CPA list.

IMGCAP(1)]A lot of the lessons learned from the past year’s credit crisis are pretty basic. Don’t spend more than you earn. Don’t invest in risky opportunities. Don’t inflate your balance sheet.

Audit committee members are more likely to support the auditor over management in an accounting disagreement when the compensation of members of the board audit committee includes long-term stock options, according to a new study.

The IRS has sold off a 7,100-acre parcel of land on Native American tribal land to pay off over $3 million in delinquent employment taxes, even though the federal government had earlier said the tribe did not owe taxes on the ranch land.

The U.S. Supreme Court heard oral arguments in a lawsuit challenging the constitutionality of the Public Company Accounting Oversight Board, with several justices appearing to take the plaintiffs’ side in the case.