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March 25, 2013
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  Financial Focus 

  A&A Report 
  • Regulators eye virtual currency
    The U.S. Treasury is eying the "virtual" currency commonly used in games as a possible conduit for money laundering. The department says it will regulate these currencies as it now does the money exchanged through traditional wire services. Moreover, companies that receive legal tender in exchange for online currencies or anyone conducting a transaction on someone else's behalf would be subject to new scrutiny, said proponents of Internet currencies. The Wall Street Journal/Dow Jones Newswires (3/21) LinkedInFacebookTwitterEmail this Story
  • Surveys show internal audit function becoming more independent
    The internal audit is moving closer to the board of directors and away from the influence of the chief financial officer, two separate reports show. This indicates the growing independence of the audit function in a corporation. More than 75% of chief audit executives report to a corporation's full board or audit committee, according to an Institute of Internal Auditors survey. A PricewaterhouseCoopers internal-auditor survey identified a similar trend. CFO.com (3/22) LinkedInFacebookTwitterEmail this Story
  Tax Season Watch 
 
22 days left to file tax returns

  • Judicial deference to Treasury regulations: Still no clear guidance
    In its Home Office decision, the U.S. Supreme Court settled the question of which statute of limitation applies when a taxpayer overstates basis and therefore understates income. However, the troublesome question of when courts must defer to Treasury regulations was further muddied. This article discusses the issues and implications for the future. Journal of Accountancy (3/2013) LinkedInFacebookTwitterEmail this Story
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  Market Update 
  • SEC considers pilot program for small-company tick size
    The Securities and Exchange Commission is in favor of a pilot program to test the tick size for smaller public companies. The Jumpstart Our Business Startups Act mandates that the SEC examine how rules requiring stocks to trade at larger increments influence liquidity for smaller companies. Bloomberg (3/22) LinkedInFacebookTwitterEmail this Story
  Policy & Regulatory 
  • Senate budget would add some $1T in new taxes
    The Senate narrowly passed a budget bill over the weekend, its first in four years, with a plan heavy on tax increases -- about $1 trillion over 10 years -- and unlikely to survive intact in negotiations to reconcile with an earlier House bill. The all-night session featured votes on nearly 500 amendments. Forbes (3/23) LinkedInFacebookTwitterEmail this Story
  • Senate opposes using chained CPI in budget-resolution measure
    The Senate on Friday voted to oppose using the so-called chained consumer price index to slow the growth of entitlement benefits for veterans. In deficit talks with Republicans, President Barack Obama has suggested using chained CPI. The Senate vote is more symbolic than practical because it was for a budget resolution, which does not carry the force of law. The Hill/On the Money blog (3/22) LinkedInFacebookTwitterEmail this Story
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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 
  • AICPA comments on employer shared responsibility under health care act
    In response to the Internal Revenue Service's notice of proposed rulemaking, the AICPA submitted comments on employer shared responsibility for health insurance coverage under the Patient Protection and Affordable Care Act. The comments were centered on the request for additional guidance and clarification related to the determination of "full-time employee" as well as an "applicable large employer." 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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