Leaving little doubt as to his feelings toward opponents of his privatization plan for Social Security, President Bush said in an interview last week that there will be "a political price for not getting involved in the process." In a barnstorming 60-day tour to promote his plan for Social Security reform and other issues on his domestic agenda, the president has encouraged bi-partisan input, but said during a stop in Iowa that there would be a backlash for those who say (Social Security) "is not a problem, I'm going to stay away from the table." Coinciding with the president's visit to Iowa was a report released by AARP which shows that large portions of its membership opposed the president's plan to privatize the 70-year-old system. In addition, his plan has received a lukewarm response from many Republicans while receiving persistent opposition from Democrats. Under his plan the president wants to allow younger workers to establish private or personal investment accounts with part of their Social Security taxes. However, opponents have pointed to the massive transition costs to the private system which are estimated to be over $1 trillion.
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The impending end of support for Windows 10 has been delayed, giving accounting firms a little more time to make upgrades before it is officially obsolete.
July 7 -
The Internal Revenue Service has declared 83 pieces of old guidance in the Internal Revenue Bulletin to be obsolete in accordance with Trump executive orders.
July 7 -
The Public Company Accounting Oversight Board gave reminders for auditors who audit smaller public companies in its latest staff publication.
July 7 -
The IRS's Criminal Investigation division needs to do a better job of keeping track of the billions of dollars in cryptocurrency, says TIGTA.
July 7 -
The American Institute of CPAs hopes to smooth the Trump administration's move away from paper tax refunds at the Internal Revenue Service.
July 7 -
Making use of refunds; playing defense; how to use thin air; and other highlights of recent tax cases.
July 3