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November 5, 2012
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  Top Story 
 
  • "Fiscal cliff" could add $3,700 to 26M households' tax bill
    Millions of middle-class U.S. taxpayers will face an average $3,700 tax increase from the alternative minimum tax if the "fiscal cliff" is not averted. Because the 26 million middle-income households affected have never had to pay this tax, most are unaware of its likely effect on them when they pay their federal income taxes, Lori Montgomery writes. The Washington Post (11/4) LinkedInFacebookTwitterEmail this Story
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  A&A Report 
 

  • IASB proposal to boost authority leaves Europe cold
    The International Accounting Standards Board has laid out plans "to establish a multilateral forum where representatives of the standard-setting community can come together with the IASB," Chairman Hans Hoogervorst said. A counter proposal by national standard setters recommends a board with up to 20 seats and much more parity between them and the IASB. Reuters (11/1) LinkedInFacebookTwitterEmail this Story
Attend the AICPA National Tax Conference via the Web!
Nov. 7-8, Virtual: Can’t make it to the live AICPA National Tax Conference in Washington, D.C.? Attend select sessions, including the IRS sessions, virtually from your computer and remain updated on critical tax issues and changing tax legislation that affect you and your clients. > Register Now
  Tax Spotlight 
  • Hurricane Sandy tax relief announced
    The Internal Revenue Service late in the day on Friday announced that it is postponing various tax filing and payment deadlines for taxpayers affected by Hurricane Sandy. Taxpayers in parts of New York, New Jersey, and Connecticut that have been declared a disaster area by Federal Emergency Management Agency will have until Feb. 1, 2013, to file returns and pay taxes due. Journal of Accountancy (11/2012) LinkedInFacebookTwitterEmail this Story
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  Market Update 
  • Investors pile money back into U.S. equities
    U.S. stock funds pulled in $1.06 billion in the week that ended Wednesday. It marked the first time since mid-September -- when the Federal Reserve said it would buy mortgage-backed securities -- that money going in exceeded money coming out. The inflow came partly from money market funds, which recorded $28.4 billion in outflow, the most since June. Reuters (11/2) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • Dodd-Frank expanded the too-big-to-fail pool
      
    Columnist Gretchen Morgenson writes that clearinghouses, such as the Chicago Mercantile Exchange and the Intercontinental Exchange, got a nice bonus from the Dodd-Frank Act. They are now allowed to tap taxpayer money if they get into trouble. The clearinghouses "were drooling at the prospect of having access to loans from the Fed," said Sheila Bair, former head of the Federal Deposit Insurance Corp. The New York Times (tiered subscription model) (11/3) LinkedInFacebookTwitterEmail this Story

  International View 
  • Foreign leaders worry about U.S. "fiscal cliff": U.S. officials were trying to allay concerns by foreign leaders at the Group of 20 finance ministers meeting that, if the U.S goes over the "fiscal cliff," the resulting recession will affect other nations' economies. Treasury Undersecretary Lael Brainard was to focus the conversation on President Barack Obama's plan to deal with the deficit. The Hill/On the Money blog (11/3) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 

  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 
  • New opportunities related to SOC engagements
    The AICPA Peer Review Board recently approved SOC 1 and 2 engagements as must select engagements. This means that if a firm performs SOC 1 or 2 engagements, at least one such engagement should be selected during its peer review. Further, someone on the peer review team should have corresponding SOC 1 or 2 experience. See Peer Review Alert 12-04 for more information. Interested in participating in reviewing SOC engagements or approving peer reviews of firms with SOC engagements? Visit How to Become a Peer Reviewer (CPA required); or Peer Review SOC Specialist (Non-CPA) or contact prptechnical@aicpa.org. LinkedInFacebookTwitterEmail this Story
  • AICPA issues comment letter on FATCA valuation issues
    On Oct. 25, the AICPA submitted comments to the Internal Revenue Service and the Department of the Treasury as they continue to develop Form 8938, Statement of Specified Foreign Financial Assets and related instructions as well as guidance on section 6038D. There are many concerns among taxpayers and tax practitioners, which this letter highlights and requests consideration of their recommendations as further guidance is developed in this area. LinkedInFacebookTwitterEmail this Story
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Mere longevity is a good thing for those who watch life from the sidelines. For those who play the game, an hour may be a year, a single day's work an achievement for eternity."
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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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