According to a recent report from the National Association of State Budget Officers and the National Governors Association, state fiscal conditions "have continued to worsen" and state revenues can be expected to lag behind a national economic recovery by one to three years.
David Costello is ready for new horizons. In April, he announced that he will step down from the top spot at the National Association of State Boards of Accountancy. When he goes, he’ll leave the organization much better than he found it.
Just when you thought he’d learned his lesson, Nicolas Cage is wrestling with more tax issues. Since late last year he had become the poster boy for celebrities who don’t pay their fair share, making headlines time after time.
Change may be the new norm for accountants. Confronted with issues of an unprecedented scale that affect clients and the day-to-day practice of accounting in firms and industry, they must engage and find solutions.
If you tuned in to stock market news at about 2:47 p.m. EST on May 6, you might have been holding your breath, especially if you have a significant investment in the stock market. That was five minutes into what is now being called a flash-crash.
Both unemployed (including some recent graduates) and certain currently employed Individuals looking for
work can dramatically increase their attractiveness to prospective employers by highlighting certain tax
breaks that employers can secure by hiring them.
Tax amnesty can be an effective way for a taxing authority to quickly fill its coffers, clear a lot of names off the delinquency list, and help balance the budget. States do it from time to time, though critics warn that it can undermine regular collections if taxpayers begin to sense a pattern.
Many small nonprofit organizations with annual receipts of less than $25,000 will lose their tax exempt status if they do not file a full return or a Form 990 N, an electronic notice e-postcard, with the Internal Revenue Service by May 15.
Former Lehman CEO Richard Fuld, in his appearance before the U.S. House Financial Services Committee last week, blamed rumors, timing, regulators, and a “crisis of confidence" for the fall of the investment firm.
Students In Free Enterprise, an international non-profit network of students, academics, and business leaders working with businesses and higher education organizations, is in the midst of its regional and national competitions.
Four million dollars. That's the amount ringing up on accountant, Leo Kehoe's calculator these days. The CPA in Whitestone, NY, is suing Craigslist over several advertisements that called him a "crook."
Just staying on top of the 8,000 different state and local tax rates and a thousand changes that are made every year by state legislatures is a huge challenge for small and mid-sized business in normal times.
Imagine your state tax collectors hard at work…reading the entertainment news as part of their job description. State tax authorities always have used the media to track the cross-state earnings of sports stars, celebrities, and other wealthy individuals.