Finance

The Public Company Accounting Oversight Board has issued an alert highlighting how the current economic crisis could increase various audit risks such as fraud.

Worries about the financial crisis are spreading rapidly, with job losses hitting levels not seen in over three decades, and people are wondering if CPAs have the answers to help them get through the turmoil.

Sen. Charles Grassley, R-Iowa, has written to congressional leaders criticizing a provision in the automobile industry bailout bill that provides government guarantees to mass transit agencies that have taken advantage of an outlawed tax shelter.

The sour headlines lead. Ford wants billions in loans. Car makers’ sales are tumbling, like a too-tall SUV on a tight curve. Delta’s slashing service. Staples and Sears are staggering. GE and Goldman Sachs say their decks are awash.

The Teamsters Union has written to the Internal Revenue Service taking issue with proposed regulations that would change the public approval requirements for tax-exempt private activity bonds and potentially undermine the public approval process.

Accountants and banking industry officials hoping for looser financial reporting standards in response to the economic downturn received a reality check from the keynote speakers at the American Institute of CPAs’ National Conference on Current SEC/PCAOB Developments.

A group of Democratic representatives from the House Ways and Means Committee wrote a sternly worded letter to Treasury Secretary Henry Paulson warning him against expanding a controversial IRS Notice that allows banks to write off the tax losses of other banks they acquire.

Business optimism among U.S. business leaders has plummeted to its lowest level yet, according to a survey by Grant Thornton.

The Virginia Society of CPAs is offering a free financial wall calendar for consumers, developed in partnership with the American Institute of CPAs.

Tax advocacy group Citizens for Tax Justice has released a report urging President-elect Barack Obama to avoid cutting the federal estate tax.

President-elect Barack Obama has quietly dropped his original proposal for a windfall profits tax on oil companies, according to a spokesperson.

Employment in the private sector fell by 250,000 in November, according to the latest monthly report by payroll processor ADP.

This live, one-hour seminar, the first in a series covering aspects of our current economic crisis, is essential for all accountants who offer financial planning services. It will feature practical, hands-on insight and information you can put to work for your firm immediately.

Accounting firm WithumSmith+Brown has introduced a new consulting service to help businesses deal with the troubled economy.

As President-elect Barack Obama continues to name members of his cabinet who will have to quickly deal with pressing national and economic security issues, people are beginning to wonder if he will be able to fulfill the promises he made in his campaign.

The Treasury Department's Troubled Asset Relief Program needs to do a better job of ensuring integrity, accountability and transparency, according to a report from the Government Accountability Office.

A group that maintains the beginning and ending dates of U.S. recessions announced that the economy officially entered a recession a year ago.

Treasury Secretary Henry Paulson announced a program to allocate $20 billion to back a $200 billion Federal Reserve facility for consumer lending.

A small business advocacy group is accusing President-elect Barack Obama of backing away from his campaign promises before he even takes office.

Lately we’ve been hearing so many contradictory statements from Treasury Secretary Henry Paulson in such a short period of time that I’m beginning to wonder if we have two look-alikes running around Washington testifying on Capitol Hill and giving impromptu news conferences where they say exactly the opposite.