Finance

Treasury Secretary Timothy Geithner explained the Obama administration’s budget and tax plans, and his handling of the financial industry bailout, to wary lawmakers in a congressional hearing.

Freddie Mac CEO David Moffett has submitted his resignation after running the troubled housing lender since only last September.

The town of Fairfield, Conn., has filed a lawsuit against KPMG and an investment advisor after its employee retirement programs lost an estimated $40 million in two hedge funds that invested all their assets with Bernard Madoff.

The International Association of Consultants, Valuators and Analysts is launching a fraud deterrence training program in partnership with the fraud and forensic consulting firm Cendrowski Corporate Advisors.

Rep. Paul Kanjorski, D-Pa., has introduced a bill in Congress to close a legal loophole that allowed Bernard Madoff’s tiny auditing firm to avoid scrutiny.

Rep. Gary Ackerman, D-N.Y., has written to Internal Revenue Service Commissioner Douglas Shulman asking him to provide tax relief to investors who were swindled by Bernard Madoff’s $50 billion Ponzi scheme.

President Barack Obama presented his budget for fiscal 2010, including about $318 billion in tax increases mainly targeted at the wealthy.

More than two-thirds of the 100-plus CPAs present at a New York State Society of CPAs breakfast indicated they had clients affected by the Bernard Madoff scheme. For investors who need funds soon, the IRS may be the best bet.

The Internal Revenue Service has issued information to help employers claim credit for the COBRA medical premiums they pay for former employees under provisions of the recently passed stimulus bill.

The next meeting of the Financial Crisis Advisory Group is scheduled for March 5 as accounting leaders and regulators sort out issues related to the recession.

Ric Rosario is stepping into some big shoes at Camico Mutual Insurance Co.

Bankers could start huffing and puffing after a few minutes on the treadmill once Tim Geithner cranks up the dial a few notches.

During his Fiscal Responsibility Summit on Monday, President Barack Obama discussed the possibility of lowering the statutory corporate tax rate while also closing tax loopholes that allow companies to reduce taxes.

Following President Obama’s first formal address to Congress where he called for a rebuilding of America, members of the profession as well as GOP lawmakers offered mixed reactions to his budget priorities as well as the stimulus package.

As the 111th Congress grapples with tax legislation and other issues of concern to CPAs, more than a few House and Senate leaders are likely be feeling a deeper appreciation for the accounting profession.At least that's what political fundraisers for the profession are hoping for after contributing a record $5.5 million dollars to support congressional candidates during the 2008 election campaign.

In today's economic climate, companies and accounting firms that give opinions on their clients' financial statements are sure to face new and significant challenges.Determining fair value, new policies regarding loan covenants and going-concern considerations are chief among them. This article takes a brief look at each of these challenges.

ACCOUNTING FIRM TARGETS MADOFF INVESTORSWestport, Conn.-Walter C. King Associates is offering tax recovery and forensic accounting services to investors who fell victim to Bernard Madoff's Ponzi scheme.

An economic triple threat - the collapse of equity markets, declining top-line revenue, and stingy banks - makes it a risky time to be in business or investing, and equally risky to be a CPA.All businesses are being squeezed hard. This creates pressure to cut corners or ignore the facts. Human nature being what it is, you must be extra-vigilant. CPAs are also expected by clients - and juries - to "advise and warn" clients who are teetering on the brink of losing their credit and their footing in business. If CPAs don't, a possible lawsuit could easily follow.

The Internal Revenue Service has published new tax-withholding tables as a result of the economic stimulus bill that should give most workers a bigger paycheck this spring.

President Barack Obama is expected to release his budget proposal this week, and he reportedly plans to include tax increases to close the deficit.