FYI



FYI

Information Express
  • The Independence Standards Board has implemented a Document Express feature at its Web site. After registering at cpaindependence.org and choosing the category of information they want (meeting notices and minutes, exposure drafts, final standards and press releases), users will receive e-mail updates of new site postings.

Professor to Be SEC Fellow

  • The SEC's Office of the Chief Accountant selected J. Richard Dietrich, professor of accountancy at the University of Illinois at Urbana-Champaign, as an academic accounting fellow for a one-year term beginning in August.

Academic accounting fellows are selected by the SEC each year to interpret research, assist in rule making and act as liaisons with professional standard-setting entities. Dietrich has published numerous articles on the interrelationship of accounting information and decision making in securities trading.

Service Has a Heart of Gold

  • The IRS received a 1999 Golden Heart Award for its role in assisting in the collection of child support payments from deadbeat parents. Through an agreement with the Department of Health and Human Services, the IRS has acted as the national collection agent for state agencies in this federally mandated program. Under the program, the IRS withholds all or part of a delinquent parent's income tax refund and applies the amount against the amount that the parent owes for child support.

The IRS collected over $1 billion of child support in 1997, and has collected more than $7.4 billion since the program began in 1981. The award was presented to the IRS by the Association for Children for Enforcement of Support.

IMA Launches New Monthly

  • The Institute of Management Accountants (IMA) recently began publishing Strategic Finance , a monthly magazine for finance and accounting professionals. The IMA's Management Accounting , which it had published as a monthly since 1969, has been redesigned as a quarterly journal that will feature scholarly work, case studies and descriptions of current practices.

Not a Bad Job

  • According to Jobs Rated Almanac , accounting makes the short list of great jobs. Accounting ranked seventh in a survey of 250 jobs. Using information from the Department of Labor, the census and telephone surveys, almanac author Les Krantz rated the jobs according to income, stress level, physical demands, potential growth, job security and work environment. Web site manager topped the list as the best job; oil field roustabout bottomed out with a ranking of 250.

Treasury Overpaid Funds

  • Between 1980 and 1998, the Treasury Department overpaid the Social Security trust fund to the tune of $1.4 billion. The culprit was a computer glitch that incorrectly calculated interest payments to all the government trust funds including Social Security, Medicare, the Civil Service Retirement and Disability Fund and the Thrift Savings "G" Fund. Treasury has corrected the problem. Its new methodology to determine investment returns for government trust funds will be more consistent with that used in the private sector.




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VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

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News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.