Finance

Although I reside in one of the most overtaxed and inarguably free-spending states in the union, I did not attend any of the many "Tea Parties" held last month, fittingly, on April 15. Though I was sorely tempted because - for those not familiar with the fiscal drumbeat of New York - tax hikes are as predictable as a Mets' late-season collapse or delays in the 80-year odyssey better known as the Second Avenue Subway.

Five trade groups representing banks, financial service firms and insurance companies sent a joint letter to Congress registering continued displeasure with fair value and mark-to-market accounting and impairment rules, despite recent changes.

The Obama administration and the Treasury Department are calling for greater regulatory control of the over-the-counter derivatives market.

The Senate Finance Committee held hearings to determine how to pay for health insurance reform, including through new taxes and tax credits.

Most of the major banks passed the financial stress tests with flying colors last week, in no small part thanks to some key concessions by the Federal Reserve.

The “greenbook” released by the Obama administration on Monday includes a number of proposals of special interest to tax preparers.

The Obama administration released detailed plans to cut $800 billion in taxes on small businesses and middle-class families over the next 10 years, while raising $122.5 billion in corporate taxes

U.S. banks need about $74.6 billion in extra capital after undergoing a series of financial stress tests by the Federal Reserve.

Some of the president’s staunchest supporters in Congress and the tech business seemed taken aback by his plans to crack down on offshore corporate tax havens, but they shouldn’t have been surprised.

There are certain things in life that are inevitable.

Sixty-one percent of senior financial executives believe their companies’ total effective state tax rate will increase, according to a survey by Grant Thornton.

Every other spring, members of the Council of the American Institute of CPAs gather by state delegation in the nation’s capital to talk with legislators about pertinent issues within the accounting profession.

A large majority of CFOs and senior controllers intend to take advantage of the bonus depreciation provision included in the economic stimulus bill, according to a survey by Grant Thornton.

Barry Melancon, president and chief executive of the American Institute of CPAs, welcomed more than 350 AICPA Council members to the nation’s capital and told the state delegations to get ready to meet with legislators on pressing issues in the profession.

The American Institute of CPAs kicked off its three-day Spring Meeting of Council with a series of briefings and updates to prepare for Capitol Hill visits in which legislative aides will learn about the issues most important to the accounting community.

The Senate Finance Committee heard from a panel of experts about the pros and cons of skewing energy tax benefits toward one technology, such as wind power, at the expense of another.

Sen. Charles Schumer, D-N.Y., along with the five New York City District Attorneys, has unveiled The Fighting Real Estate Fraud Act of 2009, a measure to help fight mortgage fraud scams across the country.

It's safe to say there hasn't been a time in recent history when small-business owners needed guidance from their accountants as much as they do now. It's becoming clear that for all their knowledge and energy, most entrepreneurs can't go it alone in these difficult times.

The Bernard Madoff situation is just the most notorious of dozens of Ponzi schemes that have surfaced since the current recession made it more difficult for the operators of those schemes to keep covering payouts and redemptions with money from new investors.

The economic downturn, coupled with proposals to make the Research and Development Credit permanent, the potential repeal of LIFO, and higher individual tax rates under the Obama administration, could significantly reshape the landscape of S corps over the next several years."For planning purposes, the proposal to make the R&D Credit permanent has significance because it will affect what types of investments companies will make," explained Rick Klahsen, managing director at RSM McGladrey's national tax department. "However, the proposed repeal of the LIFO inventory method would have a tremendous negative impact on S corporations. Many S corporations are manufacturers, and the loss of the LIFO method will cost them in terms of additional taxable income. It will cause them to take a look at the types of inventory investments they might make."