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In a massive setback for the Bush administration and the Treasury Department, House lawmakers defeated the mammoth $700 billion bailout plan for Wall Street, sending stocks spiraling and leaders on both sides of the aisle vowing to resurrect the package as soon as possible.

Intuit has upgraded QuickBooks with a new client data review tool and other features for accountants to help their small business clients.

WebsterRogers said it is merging in another South Carolina accounting firm, Bryan, Truesdale, Adkins & Williams.

The Internal Revenue Service plans to issue guidance on technical terminations of a publicly traded partnership resulting in multiple short tax years within one calendar year.

On-demand business software vendor NetSuite Inc. has opened a new office in Hong Kong to help position it to serve the potentially vast market for Software-as-a-Service in Asia.

The issuance of the so-called Final Report of the Advisory Committee on the Auditing Profession to the U.S. Department proves conclusively to me that many of the powers that be need to gain a better understanding of transparency. It isn’t what’s in the massive document that tells me this, but it is what is specifically left out of both the document and the press release announcing the report’s approval.

Barry Salzberg became CEO of Deloitte LLP in June of last year after serving four years as U.S. managing partner and has steered the firm toward increased revenues, better education, green consulting and even an employee video festival.

I recall back in the 9th grade, one of my colleagues entered in the then-named Westinghouse Science Competition had gone on to the next level with his project, which consisted of a dry cell battery (remember those?) to which he had wired a series of lights akin to those used at a drag strip and which fired off sequentially.

The House has passed a bill that includes extensions of various expiring tax credits and deductions, including the R&D tax credit and incentives for renewable energy, along with a provision equalizing the penalty standards for tax preparers and taxpayers, but its fate remains uncertain as it faces the threat of a veto.

The Treasury Department's Advisory Committee on the Auditing Profession has approved and adopted a final report with recommendations on how to improve the sustainability of the profession, but not without some dissension.