Economy

The American Institute of CPAs has written a letter to the Internal Revenue Service identifying 17 areas in which the IRS should provide additional guidance to tax practitioners and taxpayers in the wake of the Supreme Court’s decision ruling section 3 of the Defense of Marriage Act unconstitutional.

The American Institute of CPAs has installed William Balhoff as its new chairman at its Fall Meeting of Council.

The American Institute of CPAs announced the 37 members of the 2013 Leadership Academy graduating class.

At a gala event celebrating its 35th anniversary, the National Conference of CPA Practitioners honored a number of members with awards, including special recognition of three of its founders, and a Lifetime Achievement Award for past president Robert Goldfarb.

Congress, not the Internal Revenue Service, is to blame for the recently announced postponement of the beginning of next year’s tax season, according to the National Association of CPA Practitioners -- and it called on the legislative branch to take quick action to prevent further delays.

The American Institute of CPAs’ Accounting and Review Services Committee has issued an exposure draft proposing three new and revised standards that would make significant changes in how accountants perform compilation engagements.

The International Federation of Accountants has issued a policy paper that stresses the importance of reporting on broad-based information beyond what is traditionally included in financial reporting.

The American Institute of CPAs’ Financial Reporting Executive Committee has submitted a comment letter to the Financial Accounting Standards Board and the International Accounting Standards Board suggesting changes in the latest proposals for lease accounting standards.

Congress should consolidate and simplify the types of tax-favored retirement plans now available to small business owners to minimize the cost and administrative burden imposed by the plans, the American Institute of CPAs told Congress.

Internal auditors, external auditors, board members and financial executives disagree over who has responsibility for deterring and detecting financial statement fraud, according to a new report.

The accounting profession and employers should work more actively to get accountants ready for finance leadership roles such as CFOs, according to a new study.

The development of professional organizations for accountants is seen as a key tool for global, regional and national development, according to a new report.

Firm News: Oct. 3. 2013

The Information Technology Alliance (ITA) has appointed Forepoint Inc. president Kevin Cumley to chairman of the board of directors, while Affinity NFP principal Annette Balgord is now vice chairman.

Income per equity partner at the nation’s CPA firms jumped 5.5 percent in 2012, climbing to $386,000, according to the recently released 2013 Rosenberg MAP Survey.

Avalara has formed a strategic alliance with PrimeGlobal North America, enabling its member firms to access Avalara’s online resource center and take advantage of the company’s accountant-centric partner programs.

The CFP Board unilaterally changed thousands of its certificants’ profiles on its website yesterday by removing the term “fee-only” and swapping it with “none provided.”

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The National Society of Accountants has elected a slate of new officers, district governors, and State Directors at its 68th Annual Meeting in Indianapolis.