Most Clicked CPA Letter Daily Stories
1. Geithner faces pressure from lawmakers
CPA Letter Daily | Nov 20, 2009
Treasury Secretary Timothy Geithner faced calls for his resignation at a meeting of the Joint Economic Committee on Thursday. "Conservatives agree that as point person, you failed. Liberals are growing in that consensus as well. ... For the sake of our jobs, will you step down from your post?" Rep. Kevin Brady, R-Texas, asked Geithner. "I can't take responsibility for the legacy of crises you bequeathed the country," Geithner responded. The demands came as lawmakers from both parties expressed frustration at continuing bad news about unemployment and the economy. Washington Post, The (11/20) Bloomberg (11/20) CNBC (11/19)
2. Reid introduces health care reform bill in Senate
CPA Letter Daily | Nov 19, 2009
Senate Majority Leader Harry Reid, D-Nev., has introduced a Senate version of health care reform legislation. The package, priced at more than $840 billion, proposes tax increases as part of an effort to insure 31 million additional Americans. The Congressional Budget Office says the bill would reduce federal deficits by $130 billion over the next 10 years. Washington Post, The (11/19)
3. Wall Street finds profit in buying home mortgages
CPA Letter Daily | Nov 23, 2009
Wall Street funds apparently found a way to make big money from the residential-mortgage crisis and leave U.S. taxpayers with most of the risk. The process begins with a hedge fund or a private-equity fund buying a block of mortgages at a deeply discounted price. Then homeowners are offered a principal reduction on their mortgages in return for refinancing the debt into new mortgages backed by government-sponsored entities such as the Federal Housing Administration. The mortgages can then be sold to another government-backed entity, such as Ginnie Mae. New York Times, The (11/21)
4. Tax credit may have been too big for some recipients
CPA Letter Daily | Nov 17, 2009
As many as 15.4 million tax filers may have received too much under the Making Work Pay tax credit, the Treasury Department says. As a result, those people will get a smaller refund or may even have to repay some of the over-payments when they file their 2009 taxes. The tax credit was part of the stimulus package passed in February. CNNMoney.com (11/17)
5. IRS will allow truncated SSNs on certain information returns
CPA Letter Daily | Nov 20, 2009
The IRS has announced that filers of some information returns can truncate individual payees' 9-digit identifying numbers on paper payee statements for 2009 and 2010. Forms 1098, 1099, and 5498 are included in the pilot program, which is designed to combat identity theft. JournalofAccountancy.com (11/19)
6. White House creates task force to examine financial fraud
CPA Letter Daily | Nov 18, 2009
The Financial Fraud Enforcement Task Force, which was created by an executive order, will look into fraud related to securities, stimulus spending, mortgage lending and modifications, and other issues. The task force was created after the Obama administration decided that a more coordinated response was needed to deal with the scale and complexity of investigations related to the global financial crisis. CNBC (11/17) Washington Post, The (11/18) Wall Street Journal, The (11/17)
7. Accounting fraud has spiked in past 12 months
CPA Letter Daily | Nov 20, 2009
Accounting fraud has shown dramatic increases at global companies over the past 12 months, according to a survey of 3,000 senior executives in 54 countries by PricewaterhouseCoopers. The increase could stem from pressure to reach performance targets, according to this article. "The recession has driven people to seek more capital and seek more funding for their business," said Steven Skalak, PwC's global investigations leader. Reuters (11/19)
8. Bernanke offers wide-ranging economic assessment, outlook
CPA Letter Daily | Nov 17, 2009
Federal Reserve Chairman Ben Bernanke says the nation's economic recovery will be slowed in the coming year by high unemployment and slow lending by banks. Bernanke also took the unusual step of trying to reassure global investors about the recent decline of the dollar, and he said he expects recent upticks in economic growth to hold, even after stimulus measures expire. New York Times, The (11/16) CNBC (11/16)
9. Florida-based bank becomes the 124th to fail this year
CPA Letter Daily | Nov 23, 2009
Florida bank regulators closed Commerce Bank of Southwest Florida on Friday. According to the Federal Deposit Insurance Corp., it was the 124th bank closing this year. Central Bank, of Stillwater, Minn., will assume Commerce's $76.7 million in deposits. CNNMoney.com (11/20)
10. Goldman, Buffett to provide help to small businesses
CPA Letter Daily | Nov 18, 2009
Goldman Sachs has teamed up with Warren Buffett to create a $500 million program to help 10,000 small businesses. The initiative will offer businesses help in obtaining funding, counseling or other assistance. "Small businesses play a vital role in creating jobs and growth in America's economy," said Goldman Sachs CEO Lloyd Blankfein. Bloomberg (11/18)
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