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The Securities and Exchange Commission charged two former employees of PricewaterhouseCoopers LLP with insider trading.

The Supreme Court has handed down a unanimous decision in a case involving the deductibility of investment advisory fees by trusts, ruling that the expenses are deductible only to the extent that they exceed 2 percent of the adjusted gross income.

Eighty-eight percent of financial advisors now say that their clients are “off-target” for a timely retirement, primarily because of market depreciation, as opposed to 46 percent at the beginning of 2008, according to Brinker Capital, a leading investment management firm, that released the year-end results of its Brinker Capital Retirement Indicator, a gauge of financial advisor sentiment regarding retirement-related issues. In effect, it shows that the clients’ retirement security has been severely jeopardized by ongoing market deterioration. In fact, of the respondents who said they were off-target, some 74 percent claimed it would take between one and five years to make up the retirement savings shortfall. As to the reasons for being so, 97 percent said "market depreciation," 51 percent noted "didn't start saving soon enough," and 47% percent said "general procrastination." Brinker says that the question which provoked the most vigorous response was: "Are you seeing a disconnect between your clients' responses on their risk tolerance questionnaires and the level of risk they are willing to take today?" Some 75 percent of financial advisors weighed in with a resounding "yes." When asked if they think there should be a reassessment of the way clients' risk tolerance is measured, 76 percent also said "yes." Of course, going a little bit further down the road, when asked to comment on whether the government should mandate employee and employer participation in 401(k)s, 74 percent of advisors said "no." Moreover, a decisive 92 percent of advisors said "government should stay out of the management of 401(k)s." Clearly, these are rather strong responses. In addition, consider others such as:

Eighty-eight percent of financial advisors now say that their clients are “off-target” for a timely retirement, primarily because of market depreciation, as opposed to 46 percent at the beginning of 2008, according to Brinker Capital, a leading investment management firm, that released the year-end results of its Brinker Capital Retirement Indicator, a gauge of financial advisor sentiment regarding retirement-related issues. In effect, it shows that the clients’ retirement security has been severely jeopardized by ongoing market deterioration. In fact, of the respondents who said they were off-target, some 74 percent claimed it would take between one and five years to make up the retirement savings shortfall. As to the reasons for being so, 97 percent said "market depreciation," 51 percent noted "didn't start saving soon enough," and 47% percent said "general procrastination." Brinker says that the question which provoked the most vigorous response was: "Are you seeing a disconnect between your clients' responses on their risk tolerance questionnaires and the level of risk they are willing to take today?" Some 75 percent of financial advisors weighed in with a resounding "yes." When asked if they think there should be a reassessment of the way clients' risk tolerance is measured, 76 percent also said "yes." Of course, going a little bit further down the road, when asked to comment on whether the government should mandate employee and employer participation in 401(k)s, 74 percent of advisors said "no." Moreover, a decisive 92 percent of advisors said "government should stay out of the management of 401(k)s." Clearly, these are rather strong responses. In addition, consider others such as:

The chief executives of the six largest accounting firms pushed for global convergence of accounting standards, better audit quality and principles-based accounting standards at a symposium.

The Securities and Exchange Commission may be moving toward greater acceptance of the professional judgment of accountants in interpreting financial standards, and that can’t happen soon enough.

The Internal Revenue Service has amended its list of "frivolous" legal arguments used by people who want to avoid paying taxes, adding four new claims to the set it considers without merit.

Deloitte Financial Advisory Services has acquired certain assets of Barrasso Consulting, a firm that specializes in data collection and document review for litigation discovery programs.

ADP's Taxware division has released ADP Outsourced Sales Tax Service, a system that calculates sales and use taxes, completes forms, and transfers funds to state and local governments.

Accounting firm Dworken, Hillman, LaMorte & Sterczala has entered a competition to see who can lose the most weight during tax season and resist temptations like free pizza in the office.