Most Clicked CPA Letter Daily Stories
1. CPAs get pre-filing-season update on tax laws governing individuals
CPA Letter Daily | Jan 05, 2009
As tax preparers gear up for the upcoming tax filing season, they should be aware that a number of credits and other items that were scheduled to expire -- or had already expired -- were extended by the Tax Extenders Act of 2008. The act also increased the alternative minimum tax exemption amount and made changes to the rules regarding the AMT minimum tax credit. Moreover, numerous changes affecting individuals were made in regulations and other guidance issued by the Internal Revenue Service, as well as in decisions by the Tax Court and other federal courts. Tax Adviser, The (01/2009)
2. What lies ahead in 2009
CPA Letter Daily | Jan 02, 2009
Now that 2008 has come to an end, Financial Times, The Wall Street Journal and the International Herald Tribune look ahead to 2009 and offer a forecast of financial and geopolitical issues likely to shape this year. Wall Street Journal (free content), The (01/02) International Herald Tribune (01/01) Financial Times (12/30)
3. Obama eyes as much as $310 billion in tax cuts
CPA Letter Daily | Jan 05, 2009
Faced with warnings that the recession could slide into a lengthy period of deflation and stagnation, U.S. President-elect Barack Obama is preparing to ask Congress for as much as $310 billion in tax cuts as part of his huge stimulus package. Data are painting an ever-darker picture of the economy, with a report on U.S. jobs that is scheduled for release this week expected to show that at least 500,000 jobs disappeared in December. Reuters (01/05) New York Times, The (01/04)
4. The worst predictions about 2008
CPA Letter Daily | Dec 31, 2008
From a McCain presidency to $150 oil to big profits for AIG, commentators filled the airwaves with erroneous predictions and Pollyanna forecasts throughout 2008. BusinessWeek lists the top 10 failed prophecies of the year, including Bernard Madoff's assertion that rule-breaking was passé. BusinessWeek (12/24)
5. Advisers help clients claim tax breaks on stock losses
CPA Letter Daily | Dec 30, 2008
The stock market slide is helping some investors cut their tax bills, according to financial advisers. In addition to selling stocks at a loss to reduce capital-gains taxes, there are other, often-overlooked strategies for using a down market to lessen a tax blow. "Those losses have value," said Lindy Sherwood-Coombs of Northern Trust. San Jose Mercury News (Calif.) (12/30)
6. Tips for using Excel offered in Technology Q&A
CPA Letter Daily | Jan 02, 2009
The January installment of the Journal of Accountancy's Technology Q&A includes tips for using Excel to create an assortment of financial scenarios and recommendations for locating hard-to-find application functions in Office 2007.
7. Wall Street was suspicious of Madoff but afraid to speak up
CPA Letter Daily | Jan 05, 2009
Some of the biggest names on Wall Street had doubts about the legitimacy of Bernard Madoff's investment business, even discreetly steering customers away from him, but they did not reveal their suspicions to regulators, U.S. bankers said. Executives were reticent in their criticism of Madoff because they were afraid of offending clients who were investing with him. Financial Times (01/04)
8. SEC defends fair-value accounting rules to Congress
CPA Letter Daily | Dec 31, 2008
The Securities and Exchange Commission said in a report to Congress that fair-value accounting "did not play a meaningful role" in 2008's bank failures and that the rules on valuing assets that are difficult or impossible to market should not be suspended. In October, more than 60 lawmakers asked the SEC to suspend fair-value rules. MarketWatch (12/30) Washington Post, The (12/31)
9. Auditors raise questions about pension formula
CPA Letter Daily | Dec 31, 2008
Auditors are increasingly expressing doubts about the "discount rate" that companies use to calculate pension liabilities, warning that the widely used rate understates liabilities because it fails to reflect market volatility. Some companies are reporting a surplus in their pension funds while the value of stocks they hold has collapsed. Financial Times (12/30)
10. College-educated workers hit by layoffs, recession
CPA Letter Daily | Jan 05, 2009
The unemployment rate for those with college and advanced college degrees is expected to hit a record high, according to economists. "In a flood everyone gets swept away," said Lawrence Mishel, an economist with the liberal Economic Policy Institute. The shift illustrates the quickening of a trend that began in the 1980s and that has made college-educated workers more vulnerable to layoffs. And those who are able to get jobs may need to compromise. "[The] next job may not have the title you want or the pay you want," said John Owen, a Virginia branch manager for Robert Half International, a national firm based in Menlo, Calif., that places accounting and finance professionals. Washington Post, The (01/04)
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