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."
-
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