Finance

A tax attorney predicts that small businesses and high-net-worth individuals will need tax-planning advice to help protect their assets from anticipated changes in tax law.

The American Institute of CPAs’ Fall Council meeting in October focused on the state of the economy, a proposal to internationalize the CPA credential, distinguished service awards and welcoming the upcoming year’s new chairman of the board.

President-elect Barack Obama is expected to begin working on passing an economic stimulus package, possibly even before he takes office.

The results of Tuesday's election are increasing the balance of power on the Democratic side of the aisle in both the House and Senate.

Is the United States government fiscally sustainable? It's a good question that begs others.Will projected revenues balance liabilities? How does debt figure in? How much will Social Security and Medicare cost? How much will interest on Treasury bills add up to?

The Treasury Department's Advisory Committee on the Auditing Profession has released its final report with recommendations on how to improve the sustainability of the profession - but not without some dissension.The committee approved the report by a vote of 14-1, with the lone dissenting vote cast by Lynn Turner, a former chief accountant of the Securities and Exchange Commission.

As the turmoil continued to wreak havoc with the markets and Congress mulled the mammoth $700 billion bailout package for Wall Street, five high-profile CPA financial planners holding the American Institute of CPAs' Personal Financial Specialist credential advised concerned investors to take a calm approach to savings and investments amid the present financial crisis.While their individual investment strategies may differ slightly, all agreed that clients should not lock in market losses through panic selling.

Tax-related measures will be on the ballots of at least 23 states on Tuesday, and they could have far-reaching ramifications.

American Institute of CPAs president and CEO Barry Melancon defended fair value accounting standards at a securities industry conference, but admitted the standards could be improved.

Fair value under fire Financial crisis spurs debate over standardAs the financial community scrambles to regain the trust of investors angered by the Wall Street crisis, fair value accounting continues to come under fire.

The financial rescue plan approved by Congress included many extensions of expiring tax credits and deductions that helped it win passage in the House, but it also left out some tax issues that will surely be bones of contention for the next Congress."It's safe to predict that not much will happen in a lame duck session," said Tom Ochsenschlager, vice president of taxation at the American Institute of CPAs.

Optimism among CFOs about the U.S. economy and their own companies fell precipitously in the third quarter, according to a new survey.

The House Committee on Small Business held a hearing on creating opportunities for small businesses in an economic recovery.

House Financial Services Committee Chairman Barney Frank, D-Mass., said he did not plan to have Congress suspend fair value accounting rules.

Accounting firm J.H. Cohn has formed a Client Economic Recovery Team to advise financial institutions and public companies affected by the financial crisis.

States are getting pounded by the economy, with tax collection revenues in the third quarter among the worst in years, according to a new report.

Business planning software developer Adaptive Planning has created what it calls a "Recession Survival Kit" to help companies get better control of their financial processes and survive the economic crisis.

The confidence of accounting and finance workers has plunged to a new low, according to a new survey.

The dispute between the American Bankers Association and the Financial Accounting Standards Board heated up as ABA president Edward Yingling called for a new accounting oversight board that would hold sway over FASB.

Federal Reserve Chairman Ben Bernanke has given new life to calls for an economic stimulus package, but exactly what it will be is anybody's guess.