Finance

House Ways and Means Committee Chairman Charles Rangel, D-N.Y., has selected the accounting firm Watkins, Meegan, Drury & Co. to do forensic accounting on his tax returns and congressional disclosure forms.

The Financial Accounting Foundation advised President Bush and other U.S. and world leaders attending the G-20 summit to safeguard fair value accounting and the independent standard-setting process in a strongly worded letter.

Financial Executives International has written to House and Senate Leaders urging lawmakers to consider relief for small and closely held business in the event of any future stimulus packages.

The financial crisis will make it more difficult for businesses to comply with sales and use tax payments, according to a new survey.

Treasury Secretary Henry Paulson said the department's Troubled Asset Relief Program would begin to focus more on relieving tight consumer credit markets and shift away from the original plans to buy mortgage-backed securities.

The next Congress and the Obama administration are expected to make major changes in both individual and business taxes, said a panel of Ernst & Young tax experts.

The House Committee on Oversight and Government Reform held hearings on the role of hedge funds in the financial crisis and whether they should be more strictly regulated.

International Accounting Standards Board Chairman Sir David Tweedie said he nearly resigned before giving in to pressure from European regulators to modify fair value accounting standards to allow banks to reclassify their assets.

The International Accounting Standards Committee Foundation has written a letter to President Bush asking him and other world leaders to respect fair value accounting and the standards-setting process.

President-elect Barack Obama is looking for a new chairman of the Securities and Exchange Commission to replace departing chair Christopher Cox.

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.