Audit & Accounting

The Internal Revenue Service and the Treasury Department have decided against changing a rule that requires retirees to withdraw a minimum distribution from their retirement savings accounts by the end of 2008.

Accounting firms expect the recession to affect their business over the coming year.

New York Governor David Paterson is trying to close a record deficit of $15.4 billion with 137 new tax and fee increases, including a new tax on sugary sodas.

WebCPA's financial crisis survey is gauging the reactions of accountants and their clients to the financial crisis.

The National Retail Federation has asked President-elect Barack Obama to include a series of sales tax holidays within the economic stimulus legislation he is drafting with Congress.

The Financial Accounting Standards Board has issued the first of two proposed standards intended to simplify the accounting for financial instruments in response to the financial crisis.

The International Accounting Standards Board has proposed requiring companies to provide additional disclosures on all their investments in debt instruments, other than those classified in the fair value through profit or loss category.

David Friehling, the auditor at the tiny accounting firm that handled Bernard Madoff's books, has been subpoenaed by investigators.

Accounting firm Citrin Cooperman has added a “Growth & Protection Team” to provide business consulting services to small and midsized businesses.

There are possible tax strategies that are particularly suited to the times that we are in. Here are two that I keep seeing, with the latest in a press release from a major tax publisher. According to analysts with the Tax & Accounting business of Thomson Reuters, C corporations may secure a refund of overpaid estimated taxes, or use projected current-year NOL to offset taxes owed for the previous year.