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November 26, 2012
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  Top Story 
  • U.S. holiday-shopping season gets strong start
    U.S. retail sales during the long Thanksgiving weekend reached $59.1 billion, 12.1% higher than in 2011, according to the National Retail Federation. Online sales for Black Friday, the traditional opening of the holiday-shopping season, topped $1 billion for the first time. Retail sales in November and December are expected to increase 4.1%, the trade group said. Reuters (11/26), PCWorld (11/25), Bloomberg (11/25) LinkedInFacebookTwitterEmail this Story
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  Financial Focus 
  • "Fiscal cliff" will hurt holiday shopping, report finds
    If the "fiscal cliff" is not averted, and pre-Bush-era tax rates go into effect, it would curtail consumer spending by some $200 billion and dampen holiday spending, according to a White House report. "As we approach the holiday season, which accounts for close to one-fifth of industry sales, retailers can't afford the threat of tax increases on middle-class families," according to an e-mail from the White House. For information about the fiscal cliff, visit The Hill/Blog Briefing Room (11/26) LinkedInFacebookTwitterEmail this Story
Live Webcast: AICPA/SIFMA FMS Securities Industry Conference. November 29-30: Attend this live webcast from your computer, while earning CPE credit! Industry experts and regulators provide key insights on accounting and regulatory issues. > Register Now
  A&A Report 
  • FASB, IASB move forward on new revenue recognition constraint
    The Financial Accounting Standards Board and the International Accounting Standards Board have tentatively agreed that the objective of the constraint in their converged revenue recognition standard should be that the cumulative amount recognized should not be subject to a significant revenue reversal or downward adjustment. (11/21) LinkedInFacebookTwitterEmail this Story
  Tax Spotlight 
  • IRS issues standard mileage rates for 2013
    The Internal Revenue Service has issued the 2013 optional standard mileage rates for taxpayers to use when calculating deductible automobile costs for business use, for medical or moving purposes, and for service to charitable organizations. (11/21) LinkedInFacebookTwitterEmail this Story
  Market Update 
  • "Fiscal cliff" could bring volatility back to Wall Street
    Wall Street's measure of market anxiety, the CBOE Volatility Index .VIX, commonly referred to as the VIX, has been falling for quite a while. The VIX's 200-day moving average is at its lowest point in five years. That could change if talks in Washington, D.C., to head off the "fiscal cliff" run into serious trouble. Reuters (11/25) LinkedInFacebookTwitterEmail this Story
  International View 
  • U.S. is closer to free-trade deal with Europe
    Momentum is picking up in negotiations that could lead to a free-trade agreement between the U.S. and the EU. Although trade with China gets much publicity, the EU buys more U.S. exports than China. An agreement could increase economic growth in the U.S. and the EU by 1.5 percentage points, according to the American Chamber of Commerce in Germany. The New York Times (tiered subscription model) (11/25) LinkedInFacebookTwitterEmail this Story
  Leadership & Trends 
  • Leadership training is an essential part of CPA firms' succession planning
    A leadership training plan is an important piece in accounting firms' succession planning, writes Mark Koziel, CPA, CGMA, vice president of the AICPA's firm services and global alliances. Such a plan provides retiring partners with confidence that the next generation of partners is ready to assume the leadership mantel. However, only 15% of firms have a leadership training plan in place, according to the 2012 PCPS Succession Survey for multi-owner firms. Engaging with up-and-coming partners and giving them stretch assignments are other moves that will prepare the current generation for succession. The AICPA has a number of resources to help. AICPA Insights (11/21) LinkedInFacebookTwitterEmail this Story

  • Employees' online shopping … can it be stopped?
    Business productivity may be suffering as employees eager to capitalize on online bargains shop using their office computers. Technology can help battle this productivity drain, but companies may have to be prepared for small losses of efficiency. CGMA Magazine (11/25) LinkedInFacebookTwitterEmail this Story
  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 
  • Submit your questions for SBA's year-end tax planning chat
    Edward S. Karl, CPA, vice president of taxation for the AICPA, will host the U.S. Small Business Administration's year-end tax-planning Web chat, Tax Essentials for Small Business Owners, to be held 1 to 2 p.m. ET on Wednesday. Karl and other members of the AICPA tax staff will answer questions about the importance of year-end tax preparation and planning for small-business owners. Submit your questions today. LinkedInFacebookTwitterEmail this Story
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