Washington DC news

Election 2012

As Cain's Popularity Swells, Analysts Examine 9-9-9 Tax Plan

As Herman Cain continues to grow his political muscle, the number one read on most financial professionals' lists is Cain's 9-9-9 tax reform plan, which would dramatically impact individual taxpayers, small business owners, corporations, and those who administer their taxes.
Election 2012

Tax talk leads off GOP debate in Florida

The latest Republican debate in Orlando kicked off with a clear focus on taxes and their effect on small businesses and overall economic growth.
Education & Careers

AICPA sponsors second annual case competition for accounting students

The 2011 AICPA Accounting Competition, which launched on August 29, 2011, will test students' fraud and forensic accounting skills in a complex scenario focused on a fictional Texas company looking to expand its business into Nigerian oil fields.
Community News

KPMG Service in Remembrance commemorated tenth anniversary of September 11

KPMG's Service in Remembrance nationwide employee volunteer campaign – commemorating the tenth anniversary of 9/11 – included thousands of KPMG firm members participating at 227 nonprofit organizations.
A&A

AICPA panel addresses economic data and what it means for CPAs

Panelists in a recent AICPA Webcast were invited to take a close look at the pessimistic conclusions of the CPA Outlook Index for the third quarter, and consider what it could mean for CPAs and their clients.
Tax

Feds charge tax pro with filing thousands of false returns

Do you tell your clients to comply with the tax law? Make sure you practice what you preach. In an extreme example, a tax return preparer in Washington D.C. is facing criminal charges in federal court for allegedly scamming the IRS out of almost $14 million.
Education & Careers

AGA announces annual Government Finance Case Challenge

The best undergraduate accounting, finance, and business students in the country are invited to compete in the fifth annual Government Finance Case Challenge, sponsored by the Association of Government Accountants (AGA).
Tax

IRS extends additional tax relief to Hurricane Irene victims

In the aftermath of Hurricane Irene, the IRS has updated its Web site to provide filing and payment relief to more taxpayers in federal disaster areas declared in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, and Vermont.
Tax

Amazon, California reach agreement in sales tax battle

Lawmakers in California say they've reached a truce with Amazon in a contentious disagreement over whether the online bookseller should collect state sales tax.
A&A

PCAOB to initiate broad discussion of issues relating to auditor independence

The PCAOB is conducting an open meeting at its headquarters in Washington DC to consider a concept release on ways that auditor independence, objectivity, and professional skepticism could be enhanced.
Community News

Company announcements: Week of August 8, 2011

Following is the latest roundup of accounting community news for the week of August 8, 2011.
Tax

IRS needs more control over homebuyer tax credit program, audit finds

The IRS has improved how it processes first-time homebuyer tax credits, but erroneous or questionable claims are still a problem on amended returns, a new report contends.
A&A

IFRS Roundtable: Small public companies and regulators concerned about cost of adopting IFRS

Executives from small public companies and auditors representing regional firms participated in the second panel during the SEC's recent roundtable in Washington that explored the benefits and challenges of adopting International Financial Reporting Standards (IFRS).
A&A

IFRS Roundtable on adoption of IFRS: Investor viewpoint

The Securities and Exchange Commission (SEC), which is responsible for accounting standards in the U.S. and for the protection of investors, has said it will decide by the end of this year whether to adopt International Financial Reporting Standards (IFRS) for U.S. public companies.
Education & Careers

Millennials frustrated with weak economy, scarcity of jobs

POLL: Only 31% of young people 18-29 approve of the President’s handling of youth unemployment, 69% say Washington is not addressing concerns of young people.
A&A

GASB to propose changes to accounting for state pensions

The Government Accounting Standards Board (GASB) will propose changes later this month to the method used by most U.S. state and local governments when they report unfunded pension liabilities on their balance sheets. The proposed changes could result in an increase in the amount of liabilities governments will report.
Community News

Company announcements: Week of June 27, 2011

Following is the latest roundup of accounting community news for the week of June 27, 2011.
A&A

PCAOB moves forward with changes to auditor's reporting model

Citing a goal of investor protection, the PCAOB has issued a concept release to discuss alternatives for changing the auditor's reporting model. The Board is seeking comment on alternatives and other matters presented in the concept release.
Tax

Majority of banking executives see difficulty addressing tax implications of Dodd-Frank Act and Basel III

Financial executives in the banking industry believe it will be difficult for their institutions to address the various tax implications of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and Basel III, according to a recent survey from KPMG LLP, the U.S. audit, tax and advisory firm.
Tax

AICPA Spring Council includes focus on tax simplification issues

For attendees at the spring meeting of AICPA Council in Washington, D.C, the key issues were all about fairness, simplicity, and innovation in the tax code.

Pages