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- Banks ease credit for some types of loans, Fed says
U.S. banks are narrowing profit margins and loosening auto-loan requirements to bring in more business, the Federal Reserve says. Consumer demand for car loans is up compared with October, but home-mortgage applications are flat. Banks told the Fed that they aren't significantly relaxing credit standards for business loans or commercial real estate loans. USA Today
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- Later stage companies could benefit from crowd funding too
Crowd funding will likely spread to more mature companies, especially as additional portals aimed at later-stage companies come to market. First, though, the Securities and Exchange Commission will have to finish the rulemaking process for private placements. CFO.com
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 | Need answers during busy season? AICPA has your tax resources!
Let the experts get you up to speed on the key changes of the latest tax legislation. AICPA tax resources include CPE self-study courses, publications, webcasts, and conferences, including the 2012 Kess' Individual & Corporate Tax Returns videocourses. Go to cpa2biz.com/tax
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| A&A Report |  |  |
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70 days left to file tax returns
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| | Increase Your 2013 Tax Season Productivity
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Hurry - stay one step ahead this tax season. Visit CCHGroup.com/TaxSeminar or call 800-PFX-9998 (800-739-9998) to register now! | |
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| Market Update | | |
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- Investors are heartened by rising bond yields
Corporate-pension executives and other institutional investors are welcoming an increase in corporate-bond and U.S. Treasury yields, which is coming sooner than expected. If yields keep rising, the trend will open the door to more corporate defined-benefit plans, reducing long-term obligations through lump-sum distributions or the purchase of group-annuity contracts to transfer pension risk, experts say. Pensions & Investments (free registration)
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- SEC expected to move forward with fiduciary duty
The Securities and Exchange Commission could be ready this summer to seek feedback about how a uniform fiduciary duty for brokers and financial advisers would work and for ways to conduct a cost-benefit analysis. Meanwhile, the idea of creating a self-regulatory organization for financial advisers appears to be fizzling. The AICPA supports keeping the SEC as the primary federal regulator of investment advisers. InvestmentNews (free registration)
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| AICPA News | | |
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AICPA asks IRS to fix discrepancy in instructions on real estate reporting
In 2011, in response to AICPA advocacy, Congress changed the law so that scores of taxpayers who rent their property would not be required to report $600 of payments for items such as a check to a gardener or servicing of an air conditioner. However, some taxpayers may be confused by language under the instructions for Schedule E, line A, that reads: "TIP: Generally, you must file Form 1099-MISC if you paid at least $600 in rents, services, prizes, medical and healthcare payments, and other income payments." In a letter to the IRS, the AICPA notes that the "must" is misleading and urges the agency to issue clear guidance as to when a 1099 is truly necessary.
| SmartQuote | | |
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 | To attain knowledge, add things every day. To attain wisdom, subtract things every day."
--Laozi,
Chinese philosopher
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| About AICPA |
The American Institute of Certified Public Accountants is the world’s largest association representing
the accounting profession, with nearly 386,000 members in 128 countries and a 125 year heritage of serving the public interest. AICPA members represent
many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the
profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and
grades the Uniform CPA Examination and offers specialty credentials for CPAs who concentrate on personal financial planning; fraud and forensics; business
valuation; and information technology. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global
Management Accountant designation to elevate management accounting globally.
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| | Recent CPA Letter Daily Issues:
- Monday, February 04, 2013
- Friday, February 01, 2013
- Thursday, January 31, 2013
- Wednesday, January 30, 2013
- Tuesday, January 29, 2013
| | | Lead Editor: Tom Anderson
Contributing Editor: Erika Morphy
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