Economy | AccountingWEB



Mellon Bank & IRS Settle for 2001 Crime

Mellon Bank has agreed to reimburse the federal government $30,000 as a result of an April 2001 incident at the Pittsburgh Internal Revenue Service (IRS) processing unit at the bank’s Client Service Center when the unit’s employees destroyed federal tax returns, according to MarketWatch.

Small Business Owners Show Decreased Confidence

The new IPA Small Business Confidence Index (IPA SBCI) indicates that small business owners are showing severely decreased expectations for revenue as energy costs are making more of an impact on their businesses, according to International Profit Associates (IPA).

First Online, Remote Check Deposit Service for Small Businesses Introduced

On Monday, IP Commerce, Inc., in partnership with BankServ, introduced the first online, remote check deposit service designed exclusively for small businesses.
Education & Careers

Accounting & Finance Worker Confidence Hits Summer Doldrums

Worker confidence among accounting and finance professionals fell 3.4 points, to 106.6 in July, according to the latest Hudson Employment Index. This level is lower than July 2005 when the confidence level among accounting and finance workers was 110.

Raises Harder to Come by, College Graduates Find

Salaries among the ranks of college-educated, white-collar American workers are eroding for the first time since the 1970s, as globalization adds a new twist to the U.S.

Bills Aim to Stop Retailers from Expanding into Banking

A new bill before the U.S. House of Representatives proposes restricting bank ownership by commercial companies in an effort to stop big retailers from moving into financial services.The Federal Deposit Insurance Corp. (FDIC) is now reviewing applications by Wal-Mart Stores Inc. and Home Depot Inc. to buy or form industrial loan companies, or ILCs. Wal-Mart wants to open an ILC to process debit and credit card transactions.
Community News

Survey Finds Midwestern Service Firms Optimistic

Accountants, architects, engineers and other professional services firms in the Upper Midwest did well over the past year and expect to continue to grow over the next twelve months, according to a recent survey of nearly 400 professional services firms conducted by the Federal Reserve Bank in Minneapolis and the Minnesota Department of Employment and Economic Development.Results reveal growth in sales prices, revenue and productivity.

U.S. Returns to Top Ten in Economic Freedom

The United States has regained its position as one of the most economically free countries in the world, ranking ninth on the 2006 Index of Economic Freedoms. After falling to 12th place the previous year, the U.S. increased economic freedom by narrowly cutting government spending as a percentage of Gross Domestic Product (GDP) and lowering tariff rates (as a weighted average).

Economy Has 1st Quarter Rebound

Recovering from a 1.7 percent increase in the gross domestic product (GDP) in the third quarter of 2003, the economy has registered a 4.8 increase in the GDP. The GDP measures the value of all goods and services produced within the US.

Electronic Payments Getting More Attention in May

This month, banks, credit unions, non-profit associations, businesses, and governments across the nation are asking consumers to increase their use of Direct Deposit and Direct payment in place of paper checks.

Lawmakers Calling for Windfall Profits Tax on Oil Companies

With gas prices at the pumps averaging $3 a gallon around the country, lawmakers in state capitols and Washington, are questioning high profits in the oil industry and are considering imposing windfall profits taxes on oil companies.

Accounting For Earth Day 2006

It has been 36 years since the first observation of Earth Day in 1970. We did not help ourselves environmentally very well before that time. Industrial and municipal wastes were not handled or disposed of properly, according to the Hawaii Reporter. The Cuyahoga River, running through Cleveland, burned in 1969.
Community News

Research Shows Myths Behind U.S. Social Mobility

Is there any more 'American' story than the immigrant who earns success through hard work, determination and sheer grit?Advertisement

Bank of America Bringing Music to CPA Ears

As part of its first-ever Get in Tune program, Bank of America Business Bankers serving companies making $2.5 million to $20 million in annual revenues, are distributing more than 3,000 packages stuffed with items including an iPod Shuffle, $10 gift Card for online music, squeezable stress relief ball and candy, to hard-working Certified Public Accountants (CPAs).Advertisement
Education & Careers

Confidence Slips Among Accounting and Finance Professionals

Worker confidence among accounting and finance professionals slipped 4.2 points, to 108.8, during March, according to the Hudson Employment Index. The dip in confidence reflects the fact that nearly a quarter (24 percent) expect their employers to lay off staff in the coming months.
Community News

Immigrants a Big Part of Economic Engine

Immigration reform is being debated–and protested–across the country as the economy continues to chug along with the aid of millions of illegal immigrant workers.The latest economic figures show that business activity in the services sector was up in March. The Institute for Supply Management's services index rose to 60.5 in March, from 60.1 in February, as new orders improved and prices paid dropped, Reuters reported.

Not Doing Homework Costs Parents Too

Parents who forget to do their homework before choosing a state-sponsored college savings plan are being sold funds with the highest fees, according to a survey of state-sponsored 529 college savings plans just published in the Journal of American Taxation Association. The Securities and Exchange Commission (SEC) is investigating the sales practices of 529 plans and has reportedly requested a copy of the article.“Our results are consistent with the fact that it’s so difficult to choose the right plan that people ask investment brokers for advice, and brokers are selling investors

CFOs Sustain Optimism

The first quarter CFO Outlook Survey reveals that corporate America is showing sustained optimism for the economic and company-specific growth.

Play-Doh™ Economics

Do you remember playing with Play Dough(TM) as a child? Are your children or grandchildren playing with it now? Or maybe you have some hidden in a drawer to help relieve stress. On first inspection, little seems to have changed since we were kids. But where we may have learned things about shapes and colors, today’s kids are learning about economics.
Education & Careers

Accounting Professional Confidence & Hiring Projections Increase Slightly

Confidence among accounting and finance professionals edged up 0.4 percent during February, according to the most recent Hudson Employment Index. Thirty-five percent of those responding to the Hudson survey expected their employers to hire in February, an expectation supported by the results of the latest Robert Half International Hiring Index, which indicates that 5 percent of the chief executive officers (CFOs) surveyed plan to add to their staff, while only 4 percent plan reductions during the second quarter of 2006.


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