President-elect Barack Obama is expected to begin working on passing an economic stimulus package, possibly even before he takes office.

Learn what practitioners should be focusing on in their upcoming year-end and general tax planning with both individual and corporate clients in this free webcast.

They do it for the Academy Awards, so why not for the presidential elections?

The Securities and Exchange Commission and the North American Securities Administrators Association said they would waive for nine months the initial set-up and annual renewal fees paid by investment adviser firms to join their registration system.

“As the economic slump deepens, more companies are expected to join General Motors in suspending matches of contributions to their employees' 401(k) retirement accounts. “GM last week became only the latest on a list of well-known companies trying to conserve cash to weather the downturn by halting 401(k) account matches. Also among them are Goodyear, Frontier Airlines, commercial real estate firm Cushman & Wakefield, broadcast group Entercom and rental car agency Dollar Thrifty Automotive Group. “ The above was from USA Today of October 28, 2008 and indicates a very interesting new, possible growing trend that will probably increase and become especially attractive to companies hardest hit in these tough economic times. The ramifications, if this becomes widespread, are extremely significant, and this is true even on the firm level, whether it involves business clients currently matching 401(k) employee contributions or individuals saving for retirement. Beside costs and retirement savings, there is the obvious concern of the impact on attracting and retaining talent, and the need for development of special compensation packages for key employees. It also indicates that businesses will be making some very tough decisions as a result of this extended, and continued financial and economic crisis. Some firms are already creating internal financial crisis teams. This is a time to be proactive and respond, not a time to wait and react. What is your firm doing?

The College for Financial Planning plans to significantly expand its scholarship program to further support financial professionals facing the turbulent economic market.

The Public Company Accounting Oversight Board has fined a Big Four partner $25,000 for his audits of Navistar Financial Corp.

The International Accounting Standards Board has issued educational guidance from an expert advisory panel on the controversial issue of fair value measurement when markets become inactive.

JEFFERSON WELLS OFFERS IFRS READINESS CALCULATORMilwaukee - Consultancy Jefferson Wells has introduced an online IFRS Readiness Calculator to help companies assess their preparedness for the transition to International Financial Reporting Standards.

The Treasury Department's Advisory Committee on the Auditing Profession has released its final report with recommendations on how to improve the sustainability of the profession - but not without some dissension.The committee approved the report by a vote of 14-1, with the lone dissenting vote cast by Lynn Turner, a former chief accountant of the Securities and Exchange Commission.

The way things are going in Washington and Wall Street, we fully expect a decree from Congress that henceforth all photographs and mirrors will be outlawed.Why on earth would they do that? Well, it turns out that various powerful individuals are growing dissatisfied with their diet and personal fitness programs. They are growing a bit paunchy around the middle, and they're picking up wrinkles, while more of their scalps are showing than they would prefer.

As the turmoil continued to wreak havoc with the markets and Congress mulled the mammoth $700 billion bailout package for Wall Street, five high-profile CPA financial planners holding the American Institute of CPAs' Personal Financial Specialist credential advised concerned investors to take a calm approach to savings and investments amid the present financial crisis.While their individual investment strategies may differ slightly, all agreed that clients should not lock in market losses through panic selling.

American Institute of CPAs president and CEO Barry Melancon defended fair value accounting standards at a securities industry conference, but admitted the standards could be improved.

Fair value under fire Financial crisis spurs debate over standardAs the financial community scrambles to regain the trust of investors angered by the Wall Street crisis, fair value accounting continues to come under fire.

The financial rescue plan approved by Congress included many extensions of expiring tax credits and deductions that helped it win passage in the House, but it also left out some tax issues that will surely be bones of contention for the next Congress."It's safe to predict that not much will happen in a lame duck session," said Tom Ochsenschlager, vice president of taxation at the American Institute of CPAs.

In what can be seen as a cruel irony in the midst of the current financial crises, the Financial Accounting Standards Board has issued a proposed staff position - 144-d, Amending the Criteria for Reporting a Discontinued Operation.The proposal, issued as an exposure draft, redefines "discontinued operation" and matches a simultaneous proposal issued by the International Accounting Standards Board. The proposals also establish identical new disclosure requirements. The new definition would no longer include certain subsidiaries and asset groups.

AARP Financial, a registered investment adviser and a subsidiary of AARP, has provided proactive steps that people can take to help protect their nest egg amidst a financial market that is in turmoil. According to Mac Hisey, president of the company, he has been hearing from many AARP members who are expressing the fact that it is a rough time for people who are planning for retirement. “The natural instinct is to pull all your money out of the market and put it under your mattress. This is not a time to abandon your retirement plans or take drastic measures," He says that the financial advisors at AARP Financial can provide investment guidance and help make the most of retirement investments. In fact, in order to guide people through challenging economic times, the company has prepared the following tips: 1) Don't Make Rash Decisions. It’s clear that one needs to have a financial plan that can be followed no matter what the market swings are. Keep in mind that emotions shouldn’t be driving investment decisions. 2) Revisit Reasons for Investing. In volatile markets, sometimes the best course of action may simply be no action. That’s why it’s important to maintain a long-term time horizon. Only make changes when it is absolutely necessary. 3) Establish an Emergency Fund. It’s prudent to keep at least six months of living expenses that are easily accessible; they can be in a savings or money market fund account. The idea is to be able to meet unexpected financial obligations. 4) Make Saving Automatic. Clearly, the best way to ride the volatile economy is to make investing automatic. For example, establish an automatic investing plan by regularly deducting a set amount from the paycheck or checking account and transferring it to a retirement savings account. 5) Review Fees and Expenses. This needs a review on what is being paid on financial products and services such as mutual funds, credit cards, interest rates, and bank transaction charges. Switching to a lower cost product may save some money. 6) Resist Impulse Purchases. Watch that discretionary spending and pretty much avoid incurring debt on any impulse purchases regardless of the "deal." Instead, put that money in a savings or investing account. 7) Have a Plan. Better late than never to put a retirement plan in place. This helps determine whether the right path is being followed. Again, a plan, not emotions, should drive investment decisions. 8) Consult an Expert. Financial advisors are specially trained to help people manage their finances. Discuss all concerns. 9) Get Informed. Research shows that many people struggle with fundamental financial terms and concepts. Take steps to get the needed information. 10) Don't be Afraid to Ask for Help. For example, AARP Financial's salaried financial advisors provide personalized investment advice. They can be reached at 1-888-778-6187.

Optimism among CFOs about the U.S. economy and their own companies fell precipitously in the third quarter, according to a new survey.

The House Committee on Small Business held a hearing on creating opportunities for small businesses in an economic recovery.

House Financial Services Committee Chairman Barney Frank, D-Mass., said he did not plan to have Congress suspend fair value accounting rules.