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December 21, 2012
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  Top Story 
 
  • "Plan B" fails to garner enough votes to pass House
    House Speaker John Boehner, R-Ohio, was forced to abandon his "fiscal cliff" proposal when it became clear there wasn't enough support to pass the measure in the Republican-controlled House of Representatives. The failure of "Plan B" raises the level of uncertainty about whether Republican leaders and President Barack Obama can reach a deal before the year ends. Reuters (12/21), The Washington Post (12/20), USA Today (12/21) LinkedInFacebookTwitterEmail this Story
New & improved: Interactive Tax Checklists speeds tax preparation!
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  Financial Focus 
 
Help Your Clients Prepare for 2013
Make sure your clients don't miss any personal financial planning opportunities set to expire at year-end! Take advantage of FREE limited time-access to the Proactive Planning Toolkit and Forefield Advisor from the PFP Section. Get plans in place for your clients NOW and be ready for action when there is more certainty. Learn more.
  A&A Report 
  • FASB, IASB expected loss proposals won’t match, but Seidman still hopes for convergence
    Financial Accounting Standards Board Chairman Leslie Seidman hopes her board can still find a converged solution to expected credit losses with the International Accounting Standards Board. Although FASB on Thursday released an exposure draft that will differ from the one the IASB plans to release in the first quarter of next year, Seidman said FASB will review comments on both proposals in hopes of finding a converged approach to impairment in the accounting for financial instruments project. JournalofAccountancy.com (12/20) LinkedInFacebookTwitterEmail this Story
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  Tax Spotlight 
  • Strict substantiation requirements can trip up charitable donors
    At this time of year, when many taxpayers give to charity, it's important that tax practitioners understand the strict substantiation requirements that must be met to qualify for a charitable deduction. A recent Tax Court case illustrates the lengths the Internal Revenue Service will go to enforce the substantiation requirements. The Tax Adviser (12/2012) LinkedInFacebookTwitterEmail this Story
  Market Update 
  Policy & Regulatory 
  • Khuzami reportedly will step down as SEC enforcement chief
    Robert Khuzami, head of the Security and Exchange Commission's enforcement unit since 2009, is planning to leave the agency as soon as January, sources said. Under his watch, the unit's power was expanded, but he was also criticized for reaching high-profile settlements with Goldman Sachs Group, Citigroup and JPMorgan Chase. Bloomberg (12/20), The Wall Street Journal (12/20) LinkedInFacebookTwitterEmail this Story
  International View 
  • Europe needs banking union to overcome challenges, IMF says
    The International Monetary Fund says a banking union is necessary in Europe in light of challenges, noting that "the present conjuncture makes management of the situation particularly difficult." The IMF also called for stress testing of banks and sharper separation between sovereign and bank risk. Bloomberg (12/20), Reuters (12/20) LinkedInFacebookTwitterEmail this Story
  Here & There 
  AICPA News 
  • Register now: Up to (and over?) the "fiscal cliff"
      
    The clock is ticking on a deal to end the "fiscal cliff" -- what can you say to your business or your clients when the new year starts? How will these pending outcomes influence you, your business and your clients? Join the AICPA from 1 to 2 p.m. ET on Dec. 26 for Up to and Over the Fiscal Cliff as legislative tax expert Mel Schwartz and national budget columnist Stan Collender discuss implications of what did (or did not) change, next steps expected by Congress and the President, and what tax practitioners need to consider as we head into tax season in just a few days. Tax Section members can register for free without CPE. A rebroadcast will be available 11 a.m. to 12 p.m. ET on Dec. 28. Register today. LinkedInFacebookTwitterEmail this Story

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--Annie Dillard,
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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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