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November 19, 2012
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  Top Story 
  • Pace of U.S. business investment drops
    Major U.S. companies are slashing investment plans at a rapid pace amid uncertainty over taxes and their economic prospects. Among the 40 largest publicly traded companies, half said they plan to scale back capital investment this year or in 2013. The Wall Street Journal (11/19) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
  • Corporate giants get contracts meant for small businesses
    About 45% of the $10.6 billion designated by U.S. acquisition rules to be awarded to small businesses instead went to some of the biggest corporations, according to government data. Major companies such as Medtronic and General Dynamics received $4.74 billion in government contracts that should have gone to small businesses in the year ended Sept. 30, 2011. The Washington Post (11/18) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
  Tax Spotlight 
  • Cap deductions rather than raise tax rates
    The U.S. needs more revenue to reduce its deficit, but any effort to reform tax deductions would probably collapse in the face of lobbyists defending every loophole, according to The Economist. "An easier first step would be to cap all deductions, an approach advanced by none other than Mitt Romney," the magazine notes. "Set at $50,000 such a cap would raise some $750 billion over ten years, estimates the Tax Policy [Center], a think-tank -- more than would be obtained by restoring the top two rates to pre-2001 levels." The Economist (11/17) LinkedInFacebookTwitterEmail this Story

  Advisory Services 
  • Advisers warn against tax-driven decisions
    Attention given to the U.S. "fiscal cliff" might tempt wealthy investors to make rash decisions that could end up costing more than the tax increases they fear, financial advisers warn. Appreciated stock that is performing well could continue to produce returns greater than tax savings from a hasty sale to avoid higher capital gains tax, advisers say. The New York Times (tiered subscription model) (11/16) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • FHA posts $16.3B loss
    The Federal Housing Administration may require a taxpayer bailout due to an expected $16.3 billion loss, according to an independent audit. The FHA went through its capital reserves due to bad mortgages. The Hill/On the Money blog (11/16) LinkedInFacebookTwitterEmail this Story
  International View 
  Hot Topics 

Top five news stories selected by CPA Letter Daily readers in the past week.

  • Results based on number of times each story was clicked by readers.
  AICPA News 
  • ARSC issues clarified SSARSs exposure drafts
    As part of its Clarity Project, the Accounting and Review Services Committee has exposed for public comment proposed Statements on Standards for Accounting and Review Services, Review of Financial Statements and Review of Financial Statements -- Special Considerations. In an attempt to make the clarified standards easier to use, understand and implement, the ARSC has separated the review standards into two separate proposed standards. The proposed SSARS Review of Financial Statements addresses those areas that are applicable to a basic review engagement, and the proposed SSARS Review of Financial Statements -- Special Considerations addresses those areas that are less frequently encountered. The proposed SSARSs would supersede paragraphs 1.07-.08 and 3.01-.73 of SSARS No. 19, Compilation and Review Engagements (AICPA, Professional Standards, AR secs. 60 and 90). The comment period for the exposure draft of the proposed SSARSs ends on April 26. LinkedInFacebookTwitterEmail this Story
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