Finance

Accounting firm Barfield Murphy Shank & Smith has formed a group to help restructure struggling small companies.

A survey of small business owners showed signs that some are less worried about the economy than they were three months ago.

The majority of U.S. companies are making multiple adjustments in their pay and hiring programs for both executives and employees in response to the financial crisis, according to a new survey.

Tom Daschle, President Obama’s pick to lead the Department of Health of Human Services, has withdrawn his nomination amid revelations that he recently owed more than $140,000 in taxes and interest.

Two senators want to stop multinational companies from lobbying to include a tax break for offshore earnings in the economic stimulus package.

There has been talk, and some hope, that the current financial crisis might be the perfect storm for tax reform, allowing the Obama administration to push through significant policy changes.

President Obama’s pick to lead the Department of Health and Human Services, former Senate Majority Leader Tom Daschle, apologized for owing $140,000 in back taxes and interest.

Accounting firm Wiss & Co. has created an economic advisory group to help business owners and executives deal with the recession.

The Financial Accounting Standards Board wants to bring more clarity to some of the complex credit derivatives that contributed to the financial crisis.

The American Institute of CPAs has opened an online Economic Crisis Resource Center with information to help accountants advise their clients, employers, family members and friends on how to cope with the recession.

The House included a taxpayer accountability amendment in the economic stimulus bill that provides protections to federal workers who expose waste, fraud and abuse, drawing praise from whistleblower advocacy groups.

Whether navigating your firm through the choppy waters of today’s unstable economy or mapping out both long- and short-term strategies, a trio of CEOs from CPA firms in both the U.S. and Canada agreed that communication with staff members and an understanding of the competition are among the more critical factors in driving a firm’s growth and evolution.

The Internal Revenue Service touted Earned Income Tax Awareness Day as a way to raise consciousness about the credit for low-income taxpayers as the economic crisis forces more Americans into lower tax brackets.

A Republican congressman has introduced a bill that would provide all U.S. taxpayers with immunity from IRS penalties and interest, but the main goal seems to be tweaking his Democratic colleagues.

The House has approved an $819 billion economic stimulus package despite unanimous Republican opposition.

The Association of Chartered Certified Accountants has created a new site that gives its members the opportunity to share experiences and receive personal support on how to deal with the global economic crisis.

Newly approved Treasury Secretary Timothy Geithner moved to provide more transparency in the controversial Troubled Assets Relief Program by posting investment contracts on the Internet.

The Senate Finance Committee has approved approximately $522 billion in tax cuts, incentives and investments by a vote of 14-9.

Congress and the Obama administration are crafting what is shaping up to be the single most expensive spending bill in American history, and nobody can agree on whether it will work.

The Senate Finance Committee is considering President Obama's economic stimulus package as leaders call for increased tax cuts.