Economy

Tax

Survey results: Americans unsure how they will spend rebate checks

American consumers may not be as all-consuming as politicians are hoping for when it comes to jump-starting the economy through a broad-based tax rebate, according to findings from a nationwide CCH CompleteTax survey. "While it may be in the overall economy's best interest for individuals to go out and buy more, when you ask the average person what they would do, they're more focused on their financial well-being than on the health of the economy," said David Bergstein, CPA, a tax analyst for CCH CompleteTax. The survey of 2,020 U.S.

Feb 8 2008

394

Tax

Tax relief aimed at easing sub-prime mortgage mess

Amid daily headlines of a worsening housing crisis, debt-burdened homeowners are looking to two pieces of congressional action that could ease the pain.Monday's headlines stated that new home sales fell by 26 percent last year, which is the biggest drop since 1963, the U.S. Department of Commerce says. And last week's headlines said sales of previously owned single-family homes took a dive - the biggest annual drop in 25 years.

Jan 29 2008

318

A holiday gift idea from Virginia CPAs: Money-minded toys

The Virginia Society of Certified Public Accountants (VSCPA) recently donated 100 piggy banks to Toys for Tots, teaching children to use money, make change, and accrue savings this holiday season. If you'd like the lessons your children's toys teach to last longer than the batteries, Virginia CPAs recommend giving gifts that teach financial concepts.In addition to the piggy banks donation, VSCPA chapters statewide participated in a toy drive to collect money-minded toys.

Dec 19 2007

174

Millions of new jobs will be created in green economy

A new United Nations Environment Programme report indicates that a job boom resulting from the transition to a global low-carbon economy is already underway, and millions of new jobs will be created as the world goes green.The UNEP is the voice for environment in the United Nations.

Dec 10 2007

105

Debt management a factor among consumers this holiday season

This year Americans are strategic about planning their holiday spending and taking real steps to prevent long-term debt. Surprisingly, more than half of consumers are using cash, and/or debit cards for this seasons' shopping and an overwhelming 78 percent are prepared to pay off their holiday debt within three months, according to a survey commissioned by The Financial Services Roundtable.Consumers are also taking personal responsibility for their finances.

Dec 6 2007

234

Community News

Friday news briefs...

Herewith, a summary of some of the interesting news items that came across the desk at AccountingWEB this week...43 percent of CFOs do not want to be promoted to CEO In a national survey of chief financial officers and senior comptrollers conducted by Grant Thornton LLP, 43 percent of CFOs do not want to be chief executive officer of a company one day.

Nov 9 2007

505

Correction expected in real estate market

More than 600 of the nation's leading real estate experts expect the sizzling commercial real estate market in the U.S. to slow in 2008, with a healthy correction that will likely bypass long-term investors but penalize late-to-the-game speculators and overleveraged buyers, according to the annual Emerging Trends in Real Estate 2008 report, released by the Urban Land Institute (ULI) and PricewaterhouseCoopers LLP.According to the report, real estate investors and developers believe uncertainty will characterize 2008.

Oct 19 2007

405

Tax

Social Security raises wage ceiling, increases benefits

Effective January 1, 2008, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $102,000 from $97,500. Of the estimated 164 million workers who will pay Social Security taxes in 2008, nearly 12 million will pay higher taxes as a result of the increase in the taxable maximum.The Social Security Administration also announced that monthly Social Security and Supplemental Security Income benefits for more than 54 million Americans will increase 2.3 percent in 2008.

Oct 18 2007

925

Tax

States benefit, or not, from federal spending

Some states feast at the expense of others, according to the Tax Foundation's latest annual analysis of federal taxing and spending patterns.Using newly released Fiscal Year 2005 spending data from the Census Bureau's annual Consolidated Federal Funds Report, the Tax Foundation compared the federal tax burden in each state with the amount of federal spending in each state.

Oct 10 2007

399

Credit card fraud soars, despite new safeguards

New fraud-prevention technology has made credit card crime more difficult in the U.K., but it is increasing in other countries that have not adopted "chip-and-pin" safeguards. Chip-and-pin credit cards are cards containing electronic chips that contain the information otherwise found on magnetic strips.According to the Association of Payment Clearing Services (APACS), the U.K. clearing service, credit card crime in the U.K. dropped 4 percent in the first half of this year, compared with the first six months of 2006.

Oct 9 2007

255

Technology

SEC suspends trading on three companies in Anti-Spam Initiative

The Securities and Exchange Commission has continued its assault on stock market e-mail spam by suspending trading in the securities of three companies that haven't provided adequate and accurate information about themselves to the investing public.The trading suspensions are part of the Commission's Anti-Spam Initiative announced earlier this year that cuts the profit potential for stock-touting spam and is credited for a significant worldwide reduction of financial spam.

Oct 9 2007

227

Pending legislation could allow bankrupts to discharge some mortgage amounts

In an effort to prevent a predicted siege of foreclosures, Representatives Brad Miller (D-NC) and Linda Sánchez (D-CA) have introduced legislation that would repeal the mortgage exception in the bankruptcy code, allowing a judge to change the priority value of primary residence mortgages or alter interest rates.Called the Emergency Home Ownership and Mortgage Equity Protection Act (H.R.

Oct 3 2007

510

Increasing numbers of Americans are living paycheck to paycheck

Sixty-seven percent of American employees are living paycheck to paycheck, according to results released this week from the 2007 "Getting Paid In America" survey.The online survey by the American Payroll Association asked respondents how difficult it would be to meet their current financial obligations if their paycheck were delayed for a week. An overwhelming 31,640 of more than 47,000 respondents said they'd find it difficult to meet their financial obligations if their paycheck were delayed.

Sep 26 2007

348

Social Security reform takes one step forward

The Treasury is studying reform methods to make the Social Security system sound.

Sep 25 2007

150

Tax

IRS reaches out to foreclosure victims with resource site

The Internal Revenue Service has unveiled a new section of IRS.gov for people who have lost their homes due to foreclosure.

Sep 19 2007

371

Increased financial hiring expected in fourth quarter

Financial executives polled for the Robert Half International Financial Hiring Index expect hiring in accounting and finance to accelerate during the fourth quarter of 2007. Nine percent of chief financial officers (CFOs) surveyed said they plan to add full-time employees and 3 percent expect staff reductions. The net 6 percent increase is up three points from the third-quarter projection.The national report is based on interviews with more than 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees.

Sep 11 2007

121

CPAs provide mortgage and refinancing tips in today's subprime climate

The domino effect of the subprime mortgage crisis has affected not only the housing and construction markets but has also trickled down to other credit markets, affecting those attempting to secure car and other personal loans. With uncertainty abounding, members of the New York State Society of Certified Public Accountants (NYSSCPA) are advising consumers to tread carefully. Howard Landsberg, CPA, chair of the NYSSCPA Real Estate Committee, encourages patience. “People should refinance now, but wait to purchase a home.

Sep 10 2007

159

Critics complain about plans to help real estate foreclosure victims

Lewis Uhler, president of the National Tax Limitation Committee, has criticized proposals to bail out the so-called "subprime" lending industry. With potential losses hitting $100 billion, he said "Borrowers, lenders, and investors must be held responsible for their own mistakes."During the rising real estate market, lenders provided mortgages to poorer credit risks. The so-called "subprime" lending market ran more than $600 billion last year alone.

Sep 5 2007

236

Tax relief proposed for homeowners in foreclosure

President Bush has proposed expanding the reach of the Federal Housing Administration (FHA) in an attempt to provide some relief for homeowners who can't meet their mortgage payments. He has also suggested that the government should stop taxing the benefit some homeowners receive when mortgage debt is forgiven.In a Rose Garden news conference on Friday, the President stated, "It's not the government's job to bail out speculators, or those who made the decision to buy a home they knew they could never afford.

Sep 4 2007

174

Finance professionals are putting in more hours on the job

A new global report shows that many financial professionals are putting in more hours on the job than just two years ago, but exactly how much time varies widely by country. The Robert Half International research also suggests a trend toward increased accessibility of financial managers outside of the office.Among the findings:Forty-five percent of U.S. finance managers surveyed said their hours have increased over the last two years. Among those, two-thirds said they now work an additional five to 15 hours a week.U.S.

Aug 30 2007

117

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