The House has approved legislation to provide tax cuts to small businesses and extend the Build America Bonds program to spur job creation.

The Internal Revenue Service has issued proposed regulations requiring paid tax preparers to furnish an identification number on tax returns and claims for tax refunds that they prepare.

Check out the WebCPA group page on Facebook by clicking here.

The House Financial Services Committee plans to probe the regulatory failures that led up to the collapse of Lehman Brothers after a bankruptcy examiner released a damning report last week on the investment bank’s accounting manipulations.

The House Ways and Means Committee has approved legislation to provide tax relief to small businesses and extend financing measures for creating jobs.

International Accounting Standards Board Chairman Sir David Tweedie told a group of European finance officials that the IASB and the U.S. Financial Accounting Standards Board are on track to converge their standards by June 2011, after which there will be a period of stability in accounting standards.

House Ways and Means Committee Chairman Sander Levin, D-Mich., has unveiled a draft of a new bill that would provide tax incentives to small businesses to spur job creation.

PCAOB OFFERS Q&AS ON SPECIAL REPORTING, SUCCESSION

Looking into my crystal ball for 2010, it looks like more companies will be making the most of a difficult regulatory situation. Let's face it, there's no escaping the regulatory reform being driven by the current state of the economy, the increase in governmental legislation, and the continuing ripple effects of the financial crisis that shook the world in 2008 and 2009.

AICPA PARRIES ATTACK ON ACCOUNTING STANDARDS

Once again, we're writing about convergence. But this time it's not about whether IFRS should replace GAAP or whether the IASB should replace FASB. Rather, we're writing an open letter to Mary Schapiro and the other SEC commissioners, as well as Chief Accountant Jim Kroeker, about the passel of standards on the front burner at the two boards.

Norwalk, Conn.-The Financial Accounting StandardsBoard and the International Accounting Standards Board reached some tentative decisions on how to revise fair value accounting standards.

OBAMA PROPOSES SMALL-BIZ TAX CUT

The recession has affected many companies harder than they anticipated. Most organizations experienced some kind of impact from the financial upheaval, according to a survey by Burlingame, Calif.-based Accountants International of 3,500 accounting, finance and human resource executives nationwide.

The Financial Accounting Standards Board and the International Accounting Standards Board have jointly published an exposure draft on the concept of reporting entities, including how they control other entities.

Check out the digital edition of the March 15 issue of Accounting Today.

The majority of executives in a new survey see a need for greater clarity about the Securities and Exchange Commission’s plans for International Financial Reporting Standards, according to a new survey by KPMG.

A series of freshly reconstituted “risk assessment” audit standards supported by the accounting industry have come under fire from the U.S. Government Accountability Office.

Dixon Hughes PLLC has teamed up with IASeminars to provide CPAs and other financial professionals with training in International Financial Reporting Standards.