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The gallery of faces listed as “people you may know” paraded a number of accountants and software resellers, along with a picture of my 18-year-old daughter sticking her tongue out.

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.

While confidence both in the U.S. economy and national leadership remains at low levels, many CFOs are taking action to protect their businesses, as 70 percent of financial executives surveyed revealed they are exploring strategies such as salary and benefits freezes and layoffs, while 58 percent have reported less confidence in President Barack Obama’s ability to deal with the financial crisis since he took office.

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

It was a nailbiter until the end at the C.W. Post campus of Long Island University during Margolin, Winer & Evens LLP's first annual College Accounting Challenge, but it’s the students from the College at Old Westbury who will be bringing home a glass award to display in their accounting department. Read more on the Accounting Tomorrow blog.

Reasons vary why professional Gen Y or new-to-the-firm Gen X staff might leave a firm, but that some reasons stand out, according to firms recently surveyed. Read more on the Accounting Tomorrow blog.

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.”

It was a nailbiter until the end at the C.W. Post campus of Long Island University during Margolin, Winer & Evens LLP's first annual College Accounting Challenge, but it's the students from the College at Old Westbury who will be bringing home a glass award to display in their accounting department.