CPA Letter Daily
"Recovery summer" fails to heat up economy
President Barack Obama was counting on the economy improving during "recovery summer," but despite the $787 billion stimulus program, which the White House says has helped, unemployment remains high and Americans are worried. The president's advisers say that it is hard to easily see what the stimulus has done, as they tried to get the money out quickly at the expense of visibility. National Public Radio (text and audio) (9/3)
White House has no plans for new stimulus injection:
The Obama administration doesn't have another giant stimulus spending package up its sleeve. According to spokesman Robert Gibbs, the White House "will continue to look at and take steps that are ... targeted in nature to help continue the recovery and to help create an environment where the private sector is adding jobs." But a massive injection of stimulus funds isn't one of those steps, he said. CBS News (9/2)
Study: Entrepreneurs are surprisingly cautious with personal finances
Entrepreneurs typically are viewed as financial daredevils, but research from the Kauffman Foundation suggests otherwise. For instance, business owners are more likely than nonowners to say saving for retirement is important to them, and they spend more time researching investment options as well. Small Business Trends (9/1)
Workers bear more of the costs of employer-sponsored health plans
Businesses are increasingly putting more of the cost burden of company-sponsored health plans on their employees, according to a new survey by the Kaiser Family Foundation and the Health Research & Educational Trust. Workers paid an average of 13.7%, or $482, more in premiums for family health insurance this year, while employers paid 0.9%, about $87, less. For more information on health care reform legislation, visit the AICPA.org website. The Washington Post (9/2)
Bernanke tells crisis panel that the Fed had no power to save Lehman
Ben Bernanke, chairman of the Federal Reserve, told the Financial Crisis Inquiry Commission that the central bank did not have authority to save Lehman Bros. and that he regrets not saying that in a congressional hearing at the time. Bernanke said his previous testimony "has supported this myth that we did have a way of saving Lehman. I regret not being more straightforward there because clearly it has supported the mistaken impression that in fact we could have done something." Bloomberg (9/2)
Employment data beat expectations; private businesses add 67,000 jobs
CNBC (9/3)
PCAOB wants its enforcement proceedings to be public
The Public Company Accounting Oversight Board, which oversees company auditors, sent lawmakers a draft bill that would repeal a requirement that its enforcement proceedings remain secret. Daniel Goelzer, acting chairman of the PCAOB, said the public does not have access to information about accountants who have been charged or sanctioned by the board. The Wall Street Journal (9/3)
Many companies' SAS 70 claims are hyperbole-compliant
The AICPA and auditor firms are concerned that companies may be misrepresenting the public significance of audit reports conducted under the Statement on Auditing Standards No. 70. Using terms like "SAS 70 certified" or "SAS 70 compliant" to attract potential customers is concerning because each SAS 70 report is voluntarily commissioned and has no specific criteria, says Chuck Landes, AICPA's vice president of professional standards and services. For more information on the changes to SAS No. 70, visit AICPA.org. CFO Magazine (3/2)
FASB staffer appears likely to fill Herz's board seat, sources say
The Wall Street Journal (9/3)
Growing number of Democrats support extending all Bush tax cuts
More Democrats want to extend all the Bush tax cuts for a year or two, even those for the wealthy, because of a weak economy and fear of raising taxes before the November elections. However, most Democrats in Congress support the president's plan to make the tax cuts permanent for middle- and low-income families and let the cuts for individuals making more than $200,000 a year and married couples making more than $250,000 expire. USA TODAY (9/2)
WebCPA Channels - Tax Planning
H&R Block to Sell 150 More Tax Offices
H&R Block is cutting costs and will be closing more offices before next tax season, allowing the company to reduce its continuing losses.
President's Tax Reform Panel Report Has Déjà Vu Moments
It's been five years since former Senator Connie Mack, then chairman of the President's Advisory Panel on Federal Tax Reform, said the panel would "take a fresh look at the existing Tax Code and will formulate options for making the tax system simple, fair and productive."
New York and Philadelphia have been provoking the ire of their residents lately by levying taxes on two formerly sacrosanct local products.
Obama Tells GOP to 'Drop the Blockade' on Small Business Tax Cut Bill
President Barack Obama blasted Senate Republicans for obstructing his administration's top legislative priority: a bill providing tax cuts and a $32 billion lending fund for small businesses to spur job growth.
Health Care Reform Small Business Tax Credit Calculator Goes Online
H&R Block has teamed up with Blue Cross and Blue Shield of Kansas City to offer an online calculator that can help small businesses understand the financial impact of health care reform and determine their health insurance savings by using tax credits under the bill.
Intuit ProLine Tax Import Aims at Scan and Populate Market
Intuit is looking to take scan-and-populate technology to the next level with the release of ProLine Tax Import, designed to allow tax professionals to import tax data from scanned source documents and digitally download data from financial institutions directly into Intuit Lacerte and Intuit ProSeries.
Boehner Blasts Democrats' Tax Extension Policies
House Minority Leader John Boehner, R-Ohio, pushed for an extension of the Bush tax cuts on Tuesday, but questioned the need to pass over 70 other tax break extensions that failed to pass in the Senate in June.
Budget Deficit Will Narrow Once Tax Breaks Expire
The Congressional Budget Office estimated that the federal budget deficit for 2010 will exceed $1.3 trillion—$71 billion below last year's total and $27 billion lower than the amount that CBO projected in March 2010, when it issued its previous estimate, but that projection is predicated on the Bush tax cuts and other tax breaks expiring.
New York City Rebuffed on Taxing U.N. Missions
A federal appeals court has ruled against New York City in its bid to collect about $47 million in property taxes from two foreign governments that have been using parts of their United Nations missions for non-diplomatic purposes.
Astronaut Senator Wants Tax Breaks for Space
Sen. Bill Nelson, D-Fla., has proposed a set of tax breaks to encourage investment in the commercial space industry as a way to cushion the blow from recent cutbacks in the space program.
