| Brought to you by the American Institute of CPAs |   |
- 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)     
 | COMPLETE YOUR CPE BEFORE TIME RUNS OUT! Full-day A&A and Tax Webinars in December; PASS Online and MicroMash interactive online courses; downloadable PPC self-study with online grading. Complete your CPE easily with Checkpoint Learning for the latest in tax, A&A, small business, ethics, and more! View available budget-friendly, fast-turn CPE now...
|
- 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)
 | New Webcast: Health Care Reform: Help Your Clients and Organizations Tackle the Issues.
Are you prepared to consult with clients about health care reform? Join us Monday, November 26 @ 2-3:30pm ET for a live audio webcast that will help you prepare for the short and long-term impacts of the law and proactively manage changes as they occur. > Register Now
|
| 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)
| 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)
| 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)
| 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.
| SmartQuote | | |
|
 | Nothing is too small to know, and nothing is too big to attempt."
--William Cornelius Van Horne,
Canadian railway executive
|
| |
| |
|
| |
| 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.
|
|
| |
| | Recent CPA Letter Daily Issues:
- Friday, November 16, 2012
- Thursday, November 15, 2012
- Wednesday, November 14, 2012
- Tuesday, November 13, 2012
- Monday, November 12, 2012
| | | Lead Editor: Tom Anderson
Contributing Editor: Erika Morphy
Mailing Address:
SmartBrief, Inc.®, 555 11th ST NW, Suite 600, Washington, DC 20004 | |
| |
|
| © 1999-2012 SmartBrief, Inc.® Legal Information |
|
