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December 4, 2012
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  Top Story 
  • White House rejects GOP plan to avert "fiscal cliff": The White House turned down a proposal by House Republicans aimed at averting the "fiscal cliff" because it didn't include tax increases for the wealthiest Americans. Reuters (12/3), The Washington Post (12/3), Bloomberg (12/3) LinkedInFacebookTwitterEmail this Story
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...
  Financial Focus 
  • Corporations lack cash in U.S. but hold money offshore
    Major U.S. companies are holding a large amount of cash offshore to avoid taxes while letting cash at home dwindle to a point of borrowing for basic functions such as paying dividends, buying back shares and paying taxes. The emerging picture of corporate cash abroad is in response to pressure on companies from the Securities and Exchange Commission to give investors an accurate evaluation of liquidity. The Wall Street Journal (12/3) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
  Tax Spotlight 
  • IRS issues guidance on 0.9% Medicare surtax
    The Internal Revenue Service issued proposed regulations on the 0.9% additional Medicare tax that will take effect next year. The regulations cover filing requirements, how to make adjustments for underpayments and overpayments of the tax, and how to file refund claims for overpayment of the tax. (12/3) LinkedInFacebookTwitterEmail this Story
  • IRS launches compliance program for Form 1099-K
    The IRS has announced a Form 1099-K compliance program in which it will send 20,000 notices to business taxpayers to make sure they are properly reporting their income and that the merchant card data received by the government is accurate. The agency will also be sending notices to business clients regarding mismatches of Form 1099-K information. AICPA Insights (12/3) LinkedInFacebookTwitterEmail this Story

  Policy & Regulatory 
  • SEC plans to move forward on fiduciary standard
    Creating a uniform fiduciary rule for financial advisers and brokers is a high priority next year for the Securities and Exchange Commission, the regulator says. The SEC's next chairman, Elisse Walter, is a longtime supporter of harmonizing rules that govern financial advisers and broker-dealers. AdvisorOne (12/3) LinkedInFacebookTwitterEmail this Story
  International View 
  • IMF conditionally allows capital controls
    The International Monetary Fund has withdrawn its objection, in certain situations, to nations' imposition of capital controls. "Capital flows can have important benefits for individual countries across the fund membership and the global economy. ... [They] also carry risks, however, as they can be volatile and large relative to the size of domestic markets," according to an IMF report. Bloomberg (12/3) LinkedInFacebookTwitterEmail this Story
  AICPA News 
  • Women's Summit video webcast to be broadcast on Dec. 11
    This Women's Global Leadership Summit Highlights video webcast, to be held 1 to 4 p.m. ET on Dec. 11, will cover four different sessions, followed by insightful panel commentary. Panelists are prominent women leaders representing different professional perspectives. Register today. LinkedInFacebookTwitterEmail this Story

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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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