Accounting education

As part of its multi-pronged educational effort on financial literacy, the American Institute of CPAs has launched a consumer Web portal that offers information and articles organized by a series of life stages, such as college, entrepreneurship, marriage, parenthood, home ownership and retirement.

The American Jobs Creation Act of 2004 limits the deduction allowed for entertainment, amusement and recreation provided to certain specified individuals to amounts treated as income to the recipient for federal income tax purposes.

Strong revenue and market share growth don't guarantee a financially healthy independent investment advisor practice -- but being focused and deliberate about the types of clients served and the services offered can drive profitable growth, according to a study of the top firms by Schwab Institutional and Moss Adams.

A recent survey on issues related to long-term care and the sometimes widely varying views between men and women on the subject gives credence to the phrase, "Men are from Mars and women are from Venus."

529 college savings plans continue to increase in popularity, as assets in the plans grew to an estimated $45.1 billion at the end of the third quarter, according to data released by the nonprofit College Savings Foundation.

The Financial Planning Association has been awarded a $94,500 grant by the American Red Cross to support its pro bono September 11 Recovery Program.

The sale of many of its offices two years ago pushed financial planning and tax prep firm Gilman+Ciocia Inc. into the black for fiscal 2004, as a $6.1 million gain on that sale wiped out an operating loss of just over $1 million for the year ended June 30.

The Internal Revenue Service has issued proposed regulations that would permit distributions to be made from a pension plan under a "bona fide phased retirement program." It also would set forth requirements for the program.

The National Association of Securities Dealers charged H&R Block Financial Advisors Inc., the investment arm of the tax prep giant, with fraud in the sale of $16 million worth of Enron Corp. bonds after the energy firm's finances and bond ratings had begun to collapse.

Average tuition and fees at four-year public colleges and universities for the 2004-05 year climbed 10.5 percent from last year's levels, to $5,132, while fees at four-year private schools rose 6 percent, to $20,082, the College Board reported.

In two separate votes at a meeting today, one split and one unanimous, the Securities and Exchange Commission decided to require the registration of most hedge funds, and to propose new rules for companies seeking an initial public offering. Chairman William Donaldson and two Democratic commissioners voted against the two Republican commissioners to push through the tough new rules for hedge funds, which had previously been only lightly regulated. Traditionally investment vehicles for the extraordinarily wealthy, hedge funds have grown enormously over the past few years, both in terms of their assets under management and the types of investors involved. Of particular concern to many are the number of banks and pension plans that have turned to hedge funds as stock market returns have diminished from their dot-com highs. SEC registration would impose new record-keeping and information-sharing burdens on the industry, and require them to allow SEC inspections. Industry groups have complained that the new rules would hit funds with unfairly heavy costs for registration and compliance personnel, among other things. The other, unanimous decision by the commissioners was to propose changes for IPO-seeking companies that would, in some cases, eliminate the 70-year-old "quiet period" before the offering when they must remain incommunicado. "Well-known, seasoned issuers" would be allowed to distribute much more information than they currently can, in the form of media interviews, press releases and even possibly advertising. The proposal will now be sent out for public comment, with opinions required with 75 days of the proposal's publication in the Federal Register.

One year since being given the green light by the American Institute of CPAs, its trio of specialty credentials - the Personal Financial Specialist, the Accredited in Business Valuation and the Certified Information Technology Professional - have made steady, if not spectacular, membership gains, while the committee charged with their progress has deployed a grass-roots strategy to improve their value proposition.

Leaders of the American Institute of CPAs' national effort to improve financial literacy among the American public called on members of the institute's ruling Council to get involved as the institute unveiled a consumer Web site tied to the educational initiative.

Nominations are open for CPA Wealth Provider's Second Annual Financial Planning Awards in the following three categories:

The Certified Financial Planner Board of Standards has turned over the setting and promotion of financial planning standards abroad to a newly established nonprofit standards-setting body, so that it can focus its efforts on promoting and setting planning standards in the U.S.

Social Security and Supplemental Security Income recipients will see a 2.7 percent bump in their benefits starting in 2005 under a cost of living adjustment announced Tuesday.

Thomson Tax & Accounting has acquired Gear Up Inc., a Vancouver, Wash. provider of training and continuing professional education for tax and accounting practitioners.

Business Transitions LLC, a provider of online buy/sell forums for CPA and financial services practices, has added a new service to its financial services practice succession planning Web sites aimed at sole practitioners.

In an effort to strengthen its wealth management practice, Wachovia Corp., the nation's fifth-largest bank, agreed to acquire wealth advisory firm Tanager Financial Services Inc.

While half of them will need it at some point in their lifetime, when it comes to long-term care, most Americans get a failing grade, according to a survey conducted by MetLife.