There are many reasons for a CPA to volunteer as a financial literacy teacher, according to this post. These reasons include a strong need for such services, tutoring strengthens the profession's image, contacts can be forged and, perhaps most importantly, it's the right thing to do.
An elderly Palm Beach, Fla., woman who pleaded guilty to tax evasion charges avoided both jail time and probation in federal district court on Thursday. The judge at first imposed a sentence of one year of probation and then immediately revoked that sentence, questioning why the government had not dismissed the charges and suggesting the defendant should seek a presidential pardon. The case involved $43 million in undeclared offshore bank accounts.
The Bipartisan Policy Center says the government will not likely need to raise the debt ceiling again until mid-October. The time frame is still hazy however, with the center noting that the government could bump up against the cap in mid-August and that there will likely be a "close call" in September when several large payments are due.
Retirements and buyouts are set to become a chief focus for accounting and CPA firms, with 61% of CPA firm partners over the age of 50. In this article, the author outlines considerations to take into account when valuing your CPA firm and structuring the buyout.
Transfer pricing could be revamped under changes that the Organization for Economic Cooperation and Development is expected to propose this year. These changes are expected to focus on Internet-related activities. There is also a growing sense among companies that not paying any tax at all is unacceptable and they are approaching advisers for help in restructuring global tax and transfer-pricing operations to pay more taxes, "just not too much."