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Nearly a third of the income tax returns prepared by volunteer preparers for an IRS program were incorrect, according to a report by the Treasury Department's inspector general.

PricewaterhouseCoopers reported that total gross revenues for its worldwide network rose to $28.2 billion for the fiscal year ended June 1, 2008, an 8 or 14 percent increase, depending on exchange rates.

The Treasury's financial rescue plan includes a tax change that would allow banks to treat Fannie Mae and Freddie Mac preferred stock as ordinary losses.

The Internal Revenue Service said it would send compliance questionnaires to about 400 colleges and universities asking about their unrelated business income, endowments and executive compensation practices.

The Financial Accounting Standards Board has decided to shorten the comment period on its proposed guidance for determining the fair value of assets in inactive markets, even as Congress may allow banks to temporarily suspend mark-to-market accounting.

The House approved the $700 billion financial industry rescue package by a 263-171 margin on Friday, after defeating it on Monday.

What's the future of CPAs in the financial planning area?The answer has been the same for the past 100 years.

As evidence of weakness in the overall labor market, jobs in the private sector fell by 8,000 over September with medium and large businesses especially hard hit — reporting losses of 30,000 and 6,000, respectively.

Red Wing Software, a provider of financial management products for agribusiness and producers, has unveiled CenterPoint Payroll Version 4, an upgraded version of its payroll product.

Most Americans are understandably angry about the current turmoil in financial markets. Most, it is clear, see a financial bail out as unjustifiably rewarding people who have already unjustly rewarded themselves.