U.S. unemployment data exclude millions who stopped job search
The drop in the U.S. unemployment rate, now at its lowest in three years, masks the fact that millions of unemployed people aren't counted because they've given up the search for work. The unemployment rate would be 9.9%, not 8.3%, if official statistics counted the 2.8 million people who stopped looking for jobs. The Washington Post (2/6)...
Some banks return SBA lending to level before boom
The Small Business Administration reported that the pace of new loans backed by the agency has returned to pre-boom levels in the Washington, D.C., area. "We are seeing numbers back to the pre-recession pace; we're off to a start that can lead us to project a really great year for 2012," said Bridget Bean, who oversees the Washington region for the SBA. "It's a great sign that we have the infra...
More young CEOs are leading large public companies
Facebook CEO Mark Zuckerberg, 27, will be the youngest top executive at a Fortune 1000 company once Facebook goes public, according to an analysis by Korn/Ferry International. The Conference Board found that the average age of incoming CEOs at S&P 500 companies in 2010 was 52.9, down from 54.7 in 2006. The Wall Street Journal (2/7)...
Index shows housing markets continuing to improve
More metropolitan areas show improvement in their housing markets, according to the National Association of Home Builders/First America Improving Markets Index. The number of metro areas with measurable improvement in February rose by 29, to 98. The Hill (2/6)...
Union, pension fund get no response on auditor rotation
The United Brotherhood of Carpenters Pension Fund and the Sheet Metal Workers' National Pension Fund filed proxy proposals asking companies to allow shareholder votes to adopt auditor rotation policies. However, none of the companies agreed and the Securities and Exchange Commission said the companies would not be penalized for their positions. The Wall Street Journal/CFO Journal (2/7)...
71 days left to file tax returns
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Separate IRS power of attorney forms required from married couples
The Internal Revenue Service?s new power of attorney form has one major difference from the prior version: Married couples who file joint tax returns can no longer file a joint Form 2848 to designate a representative. The new form also requires the representative?s PTIN. The IRS has indicated it will soon stop accepting old versions of the power of attorney form. JournalofAccountancy.com (2/6)...
Survey finds taxpayers worried about security, privacy with online tax filing
Accounting Today (2/6)...
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SEC prepares to reveal plan to stabilize money market funds
The Securities and Exchange Commission soon will outline its plan to stabilize the $2.7 trillion money market fund industry, sources said. The goal is to minimize investor losses in the event of another financial crisis. However, insiders warn that the new rules could hinder returns and hurt confidence in the industry. "Money market funds remain susceptible to runs and to a sudden deterioration...
IRS Proposes Regulations on Taxable Medical Devices
Posted: Fri Feb 03 13:56:46 PST 2012The Internal Revenue Service has issued proposed regulations to provide guidance on the excise taxes imposed on the sale of medical devices under the health care reform law....
Tax Extenders Become Regular Fixtures of the Tax Code
Posted: Thu Feb 02 21:01:00 PST 2012Sometimes it's possible to predict a legislative outcome by comparing opening statements and testimonies of committee witnesses....
KPMG Acquires Thomson Reuters' U.S. Indirect Tax Managed Services Business
Posted: Thu Feb 02 10:21:39 PST 2012KPMG has acquired the U.S. assets of Thomson Reuters' ONESOURCE Indirect Tax Managed Services business....
Senator Introduces 'Buffett Rule' Tax Reform Bill
Posted: Wed Feb 01 15:41:18 PST 2012Sen. Sheldon Whitehouse, D-R.I., has introduced legislation to implement President Obama's proposal in his State of the Union speech that millionaires should pay at least a minimum 30 percent income tax rate....
Senate Examines Tax Extenders and Tax Reform
Posted: Tue Jan 31 10:56:49 PST 2012The Senate Finance Committee held a hearing Tuesday to examine the growing number of tax extenders in the Tax Code that need to be renewed every year or two, and how there could be greater predictability with overall tax reform....
Obama Pushes Small Business Tax Breaks
Posted: Tue Jan 31 10:32:27 PST 2012President Obama encouraged Congress to act on a package of legislative proposals to expand tax breaks and financing for startups and small businesses....
IRS Increases 1099 Expectations
Posted: Mon Jan 30 13:52:18 PST 2012The Internal Revenue Service has increased its forecasts for the number of information-reporting forms it expects to receive this year and in subsequent years as a result of increased reporting requirements....
Swiss Official Urges U.S. Tax Deal to Shield Other Banks
Posted: Mon Jan 30 11:49:30 PST 2012The break-up of Switzerland's oldest bank Wegelin on Friday shows the need to settle a dispute with U.S. authorities over tax cheats hiding cash in secret Swiss accounts, the finance minister said on Saturday....
Senate Hearing Will Examine Tax Extenders Fix
Posted: Mon Jan 30 10:15:40 PST 2012The Senate Finance Committee plans to hold a hearing Tuesday to discuss finding a long-term way to handle "tax extenders"—tax provisions that frequently require annual or biannual renewals—to provide more certainty for taxpayers, not to mention tax preparers....
Consumer Groups Foresee End of RALs This Year
Posted: Mon Jan 30 09:37:42 PST 2012The National Consumer Law Center and the Consumer Federation of America are predicting that this year's tax season will be the final one that refund anticipation loans will be available on a large-scale, nationwide basis....
