It's safe to say there hasn't been a time in recent history when small-business owners needed guidance from their accountants as much as they do now. It's becoming clear that for all their knowledge and energy, most entrepreneurs can't go it alone in these difficult times.

The Internal Revenue Service now has a new interest in sports and entertainment - and not just as a spectator.

Can anything good come out of a $65 billion Ponzi scheme?

The economic downturn, coupled with proposals to make the Research and Development Credit permanent, the potential repeal of LIFO, and higher individual tax rates under the Obama administration, could significantly reshape the landscape of S corps over the next several years."For planning purposes, the proposal to make the R&D Credit permanent has significance because it will affect what types of investments companies will make," explained Rick Klahsen, managing director at RSM McGladrey's national tax department. "However, the proposed repeal of the LIFO inventory method would have a tremendous negative impact on S corporations. Many S corporations are manufacturers, and the loss of the LIFO method will cost them in terms of additional taxable income. It will cause them to take a look at the types of inventory investments they might make."

Washington, D.C.-In the wake of several high-profile Ponzi schemes - most notably, the $65 billion fraud perpetrated by the now-jailed Bernard Madoff - the Internal Revenue Service has issued new guidance for victims of these types of schemes and their tax preparers.

Among the many changes born of the financial crisis that's sweeping the globe are changes in internal auditing departments.

About a year ago, we began hearing a clamor that accountants exacerbated the financial debacle by reporting market values in financial statements. In turn, accountants ducked the blame by arguing strongly that the Financial Accounting Standards Board was at fault for requiring investment market values to be reported. These complaints have continued to this day.

At least one Chicago-area CPA firm has won braggingrights after it received the highest rating possible on an independent peerreview of its financial statement audit and review services.

Consumer advocate Ralph Nader has written an article for his Web site chastising the CPA profession for standing by while Wall Street firms "used the latest tricks to cook the books."

The Public Company Accounting Oversight Board isconsidering making changes in the standards for audit confirmations after arecent wave of auditing scandals.

As the profession prepares for the transition to adoptingInternational Financial Reporting Standards, the Center for Audit Quality hasfired off a letter to the Securities and Exchange Commission offering a seriesof recommendations to improve the regulator's proposed IFRS roadmap.

At least one critic of the proposed changes inmark-to-market and fair value accounting rules is changing his tune and seeingsome positive signs in the final version.

The Texas Society of CPAs warned the Financial AccountingStandards Board that FASB's recently approved changes in fair value accountingstandards could damage the credibility of CPAs in general.

Deloitte will be able to proceed with a lawsuit against a former vice chairman the firm accuses of insider trading, a judge ruled.

The economic crisis is forcing many states and cities to increase their sales tax rates to the highest average level ever, according to a new report.

Seventy-five percent of finance professionals support the movement toward a single set of high-quality global accounting standards, according to a new survey by Deloitte.

The Public Company Accounting Oversight Board has released a list of countries abroad where it intends to conduct inspections of auditing firms.

Two auditors from PricewaterhouseCoopers’ Indian member firm have been charged in the Satyam accounting scandal.

Canada’s Accounting Standards Board said that it has not yet made a decision on whether to change its fair value standards to match up with U.S. standards.

The International Federation of Accountants has endorsed a set of proposals made at last week’s G-20 Summit of world leaders that aim to reform the global financial regulatory system.