Starting December 1, 2004 consumers will begin to have more tools at their disposal to fight identity theft, protect against credit card fraud, and check-up on the health of their total credit picture under a new federal law. The Fair and Accurate Credit Transactions Act of 2004 (FACT Act) was signed into law in December 2003 giving residents of the western part of the United States the right to a free copy of their credit report each year.

The nation's highest income earners beware-the Internal Revenue Service has implemented a new program to assess whether high-income taxpayers are complying with federal income tax laws, Dow Jones Newswires reported.

College graduates with accounting degrees are entering the working world at a good time - recruiters are eager, jobs are plentiful and offers are attractive. Four in five employers called the job market for new grads good, very good or excellent, according to a new survey by the National Association of Colleges and Employers. Last year, fewer than two in five described the job market that way, the Associated Press reported.Observers say graduates are facing the best prospects since the dot.com boom. The survey predicted college hiring will increase 13 percent over last year.

Mortgage giant Fannie Mae announced Tuesday that an unfavorable ruling on how it accounts for derivatives would mean a loss of $9 billion after taxes. The estimate is based on the derivatives' value as of Sept. 30, the Wall Street Journal reported.

The Securities and Exchange Commission's five commissioners agreed to float a plan released today that would require 10 U.S. stock markets to file quarterly reports with regulators, Bloomberg reported.The exchanges, which include the New York Stock Exchange, would also have to ensure that a majority of their directors are independent.

The Internal Revenue Service has certified the Toyota Prius for model year 2005 as being eligible for the clean-burning fuel deduction. The certification means taxpayers who purchase this vehicle new may claim a tax deduction of $2,000 on Form 1040.Federal tax law allows individuals to claim a deduction for the incremental cost of buying a motor vehicle that is propelled by a clean-burning fuel.

As part of its on-going efforts to improve the financial health of Americans across all life stages and socio-economic levels, the American Institute of Certified Public Accountants (AICPA) and the CPA profession went live this week with its new consumer website.

President Bush has approved $136 billion in tax breaks for businesses, commercial property owners, farmers and others in a dramatic rewrite of corporate tax law.

The Internal Revenue Service announced on Wednesday the cost of living adjustments applicable to dollar limitations for pension plans and other items for Tax Year 2005.Section 415 of the Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. It also requires that the Commissioner annually adjust these limits for cost of living increases. Many of the pension plan limitations will change for 2005. For most of the limitations, the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.