Congressional GOP leaders are working toward a vote on proposed legislation that would result in the creation of a pared-down version of President Bush's plan for personal retirement accounts under the Social Security program.House Republicans said the measure would create personal or individual accounts for younger workers, while a portion of the funds would be used as a replacement for the 70-year-old program's traditional benefits.The GOP program however, would be a short-term proposal according to reports, lasting only until Social Security stops taking in more in payroll taxes than it spends in benefits. According to projections that would occur in 2016.The program would also raise the government's official deficit estimates by as much as $1 trillion over a 10-year period. Democrats have labeled the GOP proposal a "shell game."
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Making use of refunds; playing defense; how to use thin air; and other highlights of recent tax cases.
July 3 -
New FICPA chair begins tenure; Blue & Co. opens new office in Chattanooga; and more news from across the profession.
July 3 -
House Republicans passed the wide-ranging Trump tax legislation dubbed the One Big Beautiful Bill Act, overcoming resistance from a group of GOP holdouts and united opposition from Democrats.
July 3 -
Plus, FileAI announces V2 platform launch; Foxit launches PDF and Document Workflow APIs; and other accounting tech updates.
July 3 -
The American Institute of CPAs' Auditing Standards Board is looking for feedback on a proposed standard updating auditors' responsibilities related to fraud.
July 3 -
The jobs report beat expectations, while the unemployment rate dipped one-tenth of a percentage point to 4.1%.
July 3