Difficult Derivatives


ON THE RECORD

“It would be easy for us to dismiss [derivatives] as [investment products] only sophisticated investors use minimizing any impact to our economy. …If we think back to the collapse of Enron, or even farther back to Long-Term Capital Management, we understand how the abuse of derivatives can have a negative impact not only on the parties to the contract, but also on the market and the economy.”

—Rep. Richard Neal, D-Mass., chairman of the House Ways and Means Select Revenue Measures Subcommittee, at a March 5 hearing on tax treatment of derivatives

Source: House Ways and Means Committee, http://waysandmeans.house.gov .


 

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100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.