Gloria Mackenzie, an 84-year-old woman in Florida, is still living simply after winning $590 million in the lottery. She is driven around in her son's Ford Focus and still takes restaurant leftovers home. However, her lifestyle is changing in some ways: She is waiting to move into a luxury home under construction.
The extension of the research and development tax credit bolstered recent quarterly earnings for many companies. Companies in the Standard & Poor's 500 index set aside 5.6% less money for taxes, in general. Without the tax credit, analysts predict that S&P 500 earnings will rise 2.7% in the second quarter, half of what was posted for the first.
The National Association of State Boards of Accountancy is advising companies not to use the American Institute of Certified Public Accountants' recently released Financial Reporting Framework for Small- and Medium-sized Entities. Instead, the NASBA supports private companies' use of generally accepted accounting principles modified by the Financial Accounting Standards Board.