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IMGCAP(1)] I recently read an article challenging the reader to sum up one’s leadership in six words. I decided to apply this same challenge in describing my experience at the AICPA Leadership Academy. My six words: Amazing professionals. Thought provoking. Life changing.

With trillion-dollar deficits, cap-and-trade and nationalized health care on the horizon, the issues involving the possible registering and licensing of tax preparers seem trivial. Yet the ability to fund the deficits and pay for a nationalized health care system ultimately depends on the ability of the federal government to collect tax.

Dell showed off its latest notebooks and mini-notebook computers at a press event a couple of nights ago and said the mini models, also known as “netbooks,” could be handy for accountants.

The SEC has approved rules requiring public accounting firms registered with the Public Company Accounting Oversight Board to report events such as legal proceedings and changes in a firm’s contact information within 30 days to the PCAOB, as well as file annual reports on disciplinary matters and other issues.

Online personal finance and budgeting site Mint.com has raised $14 million in its third round of venture capital funding, joining Bill.com, which raised $8.5 million earlier this month.

The Government Accounting Standards Board has drafted proposed standards for local government bankruptcies, and is giving interested parties until August 28 to comment.

The Financial Accounting Standards Board may expand the use of mark-to-market accounting to the loans held by banks.

In a decision that could have major implications for accountant work-product privileges, a federal appeals court has reversed a lower court decision and ordered aerospace and defense contractor Textron to hand over tax accrual work papers to the IRS as part of an investigation of tax shelters.

Accounting firm M&A specialist Allan Koltin predicts a “mega-merger” will take place within the profession before the end of the year.

Accounting firm Marcum LLP plans to merge with Margolis & Co., a 70-person CPA firm based in the Philadelphia area, expanding Marcum’s reach across the East Coast.