The U.S. economy won’t be getting back to “normal” anytime soon, strategic forecaster David Pearce Snyder said Monday in a presentation to the AICPA’s 2010 fall meeting of Council in New Orleans. Increased emphasis on personal saving will combine with tightened credit and higher taxes to keep “consumer spending 5%
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Management accounting
FDIC Tells Creditors to Expect Losses in Dodd-Frank Liquidations
The FDIC board last Friday proposed a rule clarifying how the agency would treat certain creditor claims under the new orderly liquidation authority established under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposal advances the principle that all creditors must expect to absorb losses in any liquidation.
Featured Online Content for October 2010
FEATURED VIDEO Tech Tips From Clarke Price Clarke Price, president and CEO of the Ohio Society of CPAs, is something of a techie. He has made it a habit to reach out to CPAs and other professionals for feedback on their favorite apps for everything from smartphones to the iPad.
Small Business Stimulus Passes Congress
The House on Thursday passed the Small Business Jobs Act of 2010 (HR 5297) by a vote of 237–187, and sent it to the President, who is expected to sign the bill into law. The bill, which passed the Senate last week, expands loan programs through the Small Business Administration
Obama Taps Dodaro for Comptroller General
President Barack Obama on Wednesday announced his intent to nominate Gene L. Dodaro for the job of U.S. comptroller general. As such, Dodaro would lead the Government Accountability Office (GAO), which reviews how the federal government spends taxpayer dollars. Dodaro has served as acting U.S. comptroller general and head of
Survey: Investors Remain Confident in Audited Financial Statements
Despite fluctuating markets over the past year, individual investors remain confident in investing in publicly traded U.S. companies and in their audited financial information, according to the fourth annual “Main Street Investor Survey,” released Thursday by the Center for Audit Quality (CAQ). For the third consecutive year, 75% of respondents
PCAOB to Host Round-Table Meeting, Extend Comment Period on Communications with Audit Committees
The PCAOB announced Tuesday that it will hold a public round-table meeting regarding its proposed standard on auditors’ communications with audit committees, and that it is reopening the comment period on the proposal until Oct. 21, 2010. “The Sarbanes-Oxley Act strengthens the audit committee’s oversight of the audit process, and
Corporate Finance Staffing Survey
Accounting is well suited to weather economic downturns. After all, bad economy or good economy, tax returns need to be prepared and audits completed. But what about CPAs in industry? The JofA partnered with the AICPA/UNC Kenan-Flagler Business and Industry Economic Outlook Survey Q2 2010 to learn more about how
Financial Regulatory Reform: What You Need to Know
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which became law in July, will create new regulations for companies that extend credit to consumers, exempt small public companies from Sarbanes-Oxley section 404(b), make auditors of broker-dealers subject to PCAOB regulation and change registration requirements for investment advisers. The profession
Maximizing the Section 199 Deduction
Every business in the manufacturing sector, whether small or large, should consider the manufacturing deduction under IRC § 199. While section 199 comes with a complex set of rules, it nonetheless represents a valuable tax break for businesses that perform domestic manufacturing and certain other production activities. However, businesses should
Optimism Falls Amid Concern Over Unemployment, Government Policies
Unemployment, government regulation and availability of credit caused optimism among CPA financial executives to drop sharply this quarter, and now half of executives do not expect the U.S. economy to return to pre-recession levels until after 2012, according to a survey conducted by the AICPA and the University of North
PCAOB Focusing In on SOX Provisions
The PCAOB on Thursday issued a release discussing certain provisions of the Sarbanes-Oxley Act of 2002 (SOX). The two-part release focuses on the application of the act’s section 105(c)(6), which authorizes the PCAOB to sanction registered firms and their supervisory personnel for failing to “reasonably supervise” associated individuals who violate
The Coming 1099 Revolution: Are You and Your Clients Ready?
Revenue-raising provisions in the Patient Protection and Affordable Care Act, PL 111-148, and the Health Care and Education Reconciliation Act of 2010, PL 111-152, like their health care provisions, have far-reaching implications. One could even fundamentally change the way we do business and keep records in the United States—by dramatically
How to Effectively Negotiate Loan Covenants
If you are responsible for raising capital, you are probably aware that many banks have become very strict in the arrangement of loan covenants since the collapse of the housing market. Breaching, or “tripping,” a covenant can have a devastating effect on any business. This article explains how to negotiate
Obama Signs Dodd-Frank Reform Bill
President Barack Obama on Wednesday signed the Dodd–Frank Wall Street Reform and Consumer Protection Act into law. The act, which was approved by the House on June 30 before narrowly clearing the Senate last week, will create new regulations for companies that extend credit to consumers, exempt small public companies
Financial Regulatory Reform Bill Clears Congress
Update: Obama Signs Dodd-Frank Reform Bill, July 21, 2010 The Senate on Thursday approved a major financial regulatory reform package that President Barack Obama is expected to quickly sign into law. The Dodd–Frank Wall Street Reform and Consumer Protection Act, which was approved by the House on June 30
Turning Business Losses Into Tax Refunds
Businesses with a need for a cash infusion may be able to obtain one quickly as a result of a tax refund from recently expanded net operating loss (NOL) carryback allowances. These provisions address the fact that, although a net loss may appear in only one tax year, it represents
Little Change for PCAOB Under High Court Ruling
The Supreme Court’s 5–4 decision Monday in the constitutional challenge to the PCAOB will leave the agency virtually unchanged. The court’s ruling will not affect day-to-day operations of the PCAOB, the agency said. Chief Justice John Roberts wrote the majority opinion. In it, he said the court was isolating, or
Banking Regulators Issue Final Guidance for Safe and Sound Compensation Practices
The Federal Reserve, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the FDIC issued final guidance to ensure that incentive compensation arrangements at financial organizations take risk into account and are consistent with safe and sound practices. The guidance is designed to ensure that
Audit Committee Considerations for Whistleblower Hotlines
Audit committees should consider the following questions when assessing the design effectiveness of a hotline: Does the hotline have a dedicated hotline number, fax number, website, e-mail address, and regular mail or post office box address to expedite reports of suspected incidents of misconduct? Does the hotline demonstrate confidentiality,
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