The Senate has unanimously approved a $15,000 tax credit for individuals who purchase a home in the next year.

McGladrey & Pullen has been sued by a hedge fund for failing to detect red flags in Bernard Madoff’s investment schemes, leading the hedge fund to lose $280 million.

Accounting firm DeLeon & Stang has acquired Daniel G. Falk & Associates, expanding its service offerings.

It’s no surprise the TARP has turned out to be such a murky endeavor, since even the name of the controversial bailout program has been in doubt from the beginning.

Private sector employers slashed 522,000 jobs last month, according to the latest report by payroll giant ADP.

Accounting firm Barfield Murphy Shank & Smith has formed a group to help restructure struggling small companies.

A survey of small business owners showed signs that some are less worried about the economy than they were three months ago.

New guidance aims to help organizations better monitor the effectiveness of their internal control systems.

The majority of U.S. companies are making multiple adjustments in their pay and hiring programs for both executives and employees in response to the financial crisis, according to a new survey.

Even with the current downturn in the real estate market, like-kind exchanges continue to be a popular way to dispose of property while deferring the taxable gain.

There has been talk, and some hope, that the current financial crisis might be the perfect storm for tax reform, allowing the Obama administration to push through significant policy changes.

Accounting firm Wiss & Co. has created an economic advisory group to help business owners and executives deal with the recession.

A new board that includes the Securities and Exchange Commission and other regulatory bodies will now oversee the trustees who oversee the International Accounting Standards Board.

The Securities and Exchange Commission has posted the final version of its rule mandating Extensible Business Reporting Language for public companies.

The Financial Accounting Standards Board has issued a proposed standard that would require disclosures about the fair value of financial instruments in interim financial statements as well as annual statements.

The Financial Accounting Standards Board wants to bring more clarity to some of the complex credit derivatives that contributed to the financial crisis.

The American Institute of CPAs has opened an online Economic Crisis Resource Center with information to help accountants advise their clients, employers, family members and friends on how to cope with the recession.

The House included a taxpayer accountability amendment in the economic stimulus bill that provides protections to federal workers who expose waste, fraud and abuse, drawing praise from whistleblower advocacy groups.

Whether navigating your firm through the choppy waters of today’s unstable economy or mapping out both long- and short-term strategies, a trio of CEOs from CPA firms in both the U.S. and Canada agreed that communication with staff members and an understanding of the competition are among the more critical factors in driving a firm’s growth and evolution.

The Internal Revenue Service touted Earned Income Tax Awareness Day as a way to raise consciousness about the credit for low-income taxpayers as the economic crisis forces more Americans into lower tax brackets.