Retirement


The Social Security board of trustees, in its 2002 annual report to Congress ( www.ssa.gov/OACT/TR/TR02/index.html ), says long-range program deficits remain although the short-term outlook has improved. According to the report, tax revenue will fall below program costs in 2017—one year later than the board estimated in 2001. The board says it expects the trust funds to run out of money in 2041—three years later than last estimated. At that point, it says, payroll taxes will fund only 73% of Social Security benefit obligations, with bleaker prospects likely in the late 21st century.

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.