Most Clicked CPA Letter Daily Stories
1. CBO: Taxes and spending cuts likely will send U.S. into recession
CPA Letter Daily | May 23, 2012
The U.S. likely will fall back into recession if scheduled spending cuts take effect and Bush-era tax cuts are allowed to expire this year, the Congressional Budget Office said. If the U.S. falls off this "fiscal cliff," the economy will probably contract 1.3% in the first half of 2013, the CBO said. Manufacturing.net (05/22) CNNMoney (05/22) Reuters (05/22)
2. Do you think you will continue to work past 65?
CPA Letter Daily | May 23, 2012
3. Lease-accounting draft could be ready by year-end
CPA Letter Daily | May 25, 2012
The Financial Accounting Standards Board and the International Accounting Standards Board said they could vote as soon as June on how lease costs are represented on the balance sheet and how lease-accounting rules affect corporate earning. With this timetable, the boards could finish a draft of the rules by year-end. Wall Street Journal/CFO Journal, The (tiered subscription model) (05/24)
4. IRS announces closure of offices, other cost-cutting measures
CPA Letter Daily | May 24, 2012
The Internal Revenue Service announced that it will close 43 of its offices over the next two years and consolidate others in a move to cut costs. The agency estimates the initiative will save more than $40 million in fiscal 2012 and 2013. JournalofAccountancy.com (05/23)
5. IRS makes it easier to qualify for offers in compromise
CPA Letter Daily | May 23, 2012
As part of its Fresh Start program, the Internal Revenue Service announced on Tuesday that it is making it easier for taxpayers to qualify for offers in compromise. The changes mostly affect how the IRS will determine a taxpayer's reasonable collection potential and are designed to help financially distressed taxpayers resolve tax difficulties more quickly. JournalofAccountancy.com (05/22)
6. New private company council formed, will begin meeting by 4Q
CPA Letter Daily | May 24, 2012
Decisions on differences in U.S. GAAP for private companies will be subject to "endorsement" rather than "ratification" by the Financial Accounting Standards Board in a new structure approved Wednesday by the Financial Accounting Foundation. The chair of the newly created Private Company Council will not be an FASB member, and FASB must provide a written, public explanation if it declines to endorse a PCC recommendation. The AICPA supported the FAF's decision and also will develop a new "other comprehensive basis of accounting" framework for small- and medium-sized entities that don't require U.S. GAAP financial statements. Wall Street Journal/CFO Journal, The (tiered subscription model) (05/23) JournalofAccountancy.com (05/23)
7. Improve Your Mental Toughness in 2 Minutes
CPA Letter Daily | May 29, 2012
OPEN Forum blogs (05/28)
8. Free AICPA 125th anniversary poster available to members
CPA Letter Daily | May 23, 2012
From the abacus to adding machines to PCs in your pocket, the tools of the accounting profession have evolved over the past 125 years. More than 400 members offered to provide their machines -- and other bits of memorabilia used by CPAs in their day-to-day work and education -- to help us illustrate the history of the profession. The memorabilia poster showcases many of the objects from this unique project. Available at no charge, order a printed poster (limited quantity available) or download it from the CPA Marketing Toolkit.
9. 3 Tools to Make You More Time-Efficient
CPA Letter Daily | May 24, 2012
OPEN Forum blogs (05/23)
10. FASB, IASB to consider four possibilities for recognizing leases
CPA Letter Daily | May 24, 2012
The Financial Accounting Standards Board and the International Accounting Standards Board are working to create rules to include leases on corporate balance sheets. One sticking point revolves around how income statements are affected by leases. The boards are set to consider four proposals for recognizing leases. Learn more about the FASB/IASB convergence project on leases at AICPA.org. Wall Street Journal/CFO Journal, The (tiered subscription model) (05/22)
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