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A Tax Court judge has ruled that taxes on elderly gamblers' casino winnings are not discriminatory.

It looks as though many Americans are cashing in their 401(k)s prematurely. So says Take Charge America, one of the nation’s largest non-profit financial education, credit counseling, and debt management companies-- based upon a recent survey. According to Take Charge America, more than one-third of the individuals polled said they would consider meeting current financial obligations through their 401(k) and retirement savings. Of course, add to this that pursuant to a recent AARP study, more than 10 percent of people 50-70 years of age had already retired and are going back to work because of the economy. “The age at which Americans can retire will continue to increase as many individuals look for quick fix solutions for current financial woes,” says Mike Sullivan, director of education for Take Charge America. The company offers certified credit counselors to provide financial advice for those dealing with the financial crisis and Sullivan has some good advice to navigate retirement planning: 1) Don’t Consider Cashing Out a 401(k) Early. He says this is almost always a bad idea because the individual is slapped with large penalties and taxes. He notes that if the person is under 59 ½, there is likely to be a 10 percent penalty plus taxes owed on the funds. “The government requires that 20 percent of the amount payable is automatically withheld on the taxable portion of the withdrawal and that could mean a total of 30 percent of the investment paid in taxes and penalties.” 2) Don’t Retire, Hold onto the Paycheck. Sullivan adds that postponing retirement can provide larger benefits. In fact, he notes that the government is now looking at age 67 as the new retirement age although many people are targeting 69 or 70. 3) Take Care of Health. Sullivan points out that staying healthy helps avoid medical costs and though its sounds simple, he says that keeping weight in check by eating less and avoiding fats and sweets can pay dividends in the future. Plus, exercise regularly and vigorously, and avoid alcohol and tobacco. 4) Change the Lifestyle. Although he admits it may seem drastic, Sullivan says that the best response to credit issues is to stop charging, put away credit cards, and get on a budget. He concludes that it is tempting to look at the 401(k) as a resource to alleviate current financial burdens but that changes in lifestyle, including spending habits, taking care of health, and eliminating excess expenditures can help secure financial independence “without jeopardizing” the future. Take Charge America can be reached at (888) 822-9193. Their Web site is www.takechargeamerica.org.

The Financial Accounting Standards Board has released a staff position officially deferring the effective date of FASB Interpretation 48, "Accounting for Uncertainty in Income Taxes," for nonpublic pass-through entities and nonprofit organizations, and released guidance on accounting for the assets in postretirement plans.

Susan G. Markel, chief accountant of the Securities and Exchange Commission's Division of Enforcement, is stepping down after 14 years at the agency.

The Center for Audit Quality has released a paper to provide guidance on applying accounting standards to residential mortgage modifications.

Financial statement services, especially those involving audits, third-party creditors, and fraud, produce the largest claims in terms of total dollar amounts incurred (severity), according to a new report from insurer Camico. Tax claims are the most frequent, but audit claims are typically the most severe. When review and compilation claims are added to the mix, it becomes evident that financial statement services have had the largest magnitude in claims dollars.Tax issues involving income tax, estate tax, and entity selection (Sub-C or S) are frequently prone to claims. Tax engagements represent 56 percent of all CAMICO claims when measured by frequency. More is at camico.com.

This new term, "blended living" might come in handy when formulating work/life plans in your firm.It means blending together the different aspects of your life rather than having the silo approach, according to Carol McLachlan, a professional-development coach. The philosophy has efficiency/time optimization advantages, but also allows staffers to reap the rewards of synergy between the different aspects of their lives.

"Women have been in the profession in equal numbers to men for more than 20 years, yet women represent just 19 percent of the U.S. public accounting shareholder/partner population," reads just one statistic in "The Attraction, Retention and Advancement of Women Leaders: Strategies for Organizational Sustainability, a report released in October by the AICPAs' Women's Initiatives Executive Committee.Part- and full-time flexibility programs within many accounting firms have beefed up the number of female senior managers and female managers. The report added that turnover or stagnation of these managers is still apparent as they approach higher levels or directors and owners.

The court-appointed trustee for the liquidation of Bernard Madoff's investment securities firm has received $29 million from the disgraced asset manager's bank account that he plans to distribute to defrauded investors.

The Treasury Department plans to purchase $5 billion in equity from GMAC, and lend another $1 billion to the automobile-financing company.