FYI


President George W. Bush designated Cynthia A. Glassman as acting SEC chairman until the Senate confirms a successor to William H. Donaldson, who stepped down in June. The president has nominated Rep. Christopher Cox (R-Calif.) to replace Donaldson.

The Financial Accounting Foundation named Keith L. Johnson, CPA, chairman of the Governmental Accounting Standards Advisory Council for a two-year term. The council consults with GASB on technical issues, project priorities and other matters.

Michael G. Gaynor and Joseph D. McGrath began two-year terms as professional accounting fellows in the SEC’s Office of the Chief Accountant. Both were senior managers in public practice—Gaynor in KPMG’s New York office and McGrath in Ernst & Young’s Cleveland office. They will develop rule proposals under federal securities laws, communicate with professional accounting and auditing standard-setting bodies and consult with SEC-registered companies on accounting and reporting matters.

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These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

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