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- Obama calls summit to brainstorm for ideas to create jobs
President Barack Obama said he's eager to hear good ideas about what the U.S. needs to do to create jobs, and he has called a White House job-creation summit next month that will include corporate executives, labor leaders, financial experts, small-business owners and economists. Obama said he isn't interested in taking any particularly dramatic action but will be receptive to "any demonstrably good idea." Los Angeles Times
(11/13)
, The Washington Post
(11/13)
     
 | Why a 401(k) still matters —
A 401(k) may be the best retirement solution in these difficult economic times. Paychex, one of the industry's largest 401(k) recordkeepers, offers plans that are flexible and affordable for any size client. And with the AICPA Firm-Based Member Retirement Program, a 401(k) is a great choice for your firm, too. > Learn more |
- Barofsky warns that taxpayers are likely to see loss from TARP
Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, said the government and taxpayers should be prepared to suffer a loss on the program. "We need to temper or be realistic about our expectations; a dollar-for-dollar return is just highly unrealistic," Barofsky said. "It's almost certainly going to be a loss." Bloomberg
(11/13)
- Small-business recession is still holding back recovery
 Goldman Sachs economist Jan Hatzius has argued that troubled small businesses aren't being taken into account in the official estimation of gross domestic product. "We have argued that the weakness of the small business sector may mean that real GDP in the third quarter in fact grew more slowly than the 3.5% 'advance' estimate," Hatzius wrote, according to this blog post quoting him. In fact, Justin Fox writes, the unemployment numbers for small business are substantially worse than those for big business. Small business isn't getting the credit it needs, and is still suffering in the recession, Fox argues. TIME/The Curious Capitalist blog
(11/12)
 | 2009 Individual Tax Returns Videocourse
This video course featuring Sid Kess reviews key developments affecting 1040 return preparation for 2009 and useful tax planning strategies. Covers recently enacted tax laws; including the American Recovery and Reinvestment Act of 2009 and The Worker, Retiree and Employer Recovery Act of 2008. > Order Now |
| A&A Report |  | |
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| Tax Spotlight | | |
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- U.S. hunt for tax evaders turns to Hong Kong
Having scored a crucial victory penetrating Swiss banking secrecy, the U.S. Justice Department and Internal Revenue Service are turning to Hong Kong in their search for Americans hiding money in foreign bank accounts to evade taxes. U.S. prosecutors want to figure out how active financial advisers in Hong Kong are in helping people escape U.S. taxes, according to this article. Bloomberg
(11/13)
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- Buffett says executives at bailed-out firms should make sacrifices
Billionaire investor Warren Buffett says the executives who run companies that received federal bailouts have not made enough sacrifices. "More sticks are called for. There should be more downside to the head of any institution that has to go to the federal government to be saved for reasons of the greater society," Buffett said. Bloomberg
(11/13)
| In the Office | | |
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- Upgrading: A greener solution for desktop computing
Rather than sending your aging desktop to an e-waste scrap heap, consider an upgrade, writes Michael Graham Richard. A few minor changes, such as adding more RAM or upgrading your Internet connection, could add another year or two of life to a desktop, he notes, reducing the number of computers a person will own over the course of his or her life. Discovery/Planet Green
(11/11)
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Register today: SEC & PCAOB Conference, Dec. 7 to 9, offers sessions by top regulators and experts
The AICPA National Conference on Current SEC and PCAOB Developments, Dec. 7 to 9, presents myriad sessions by regulators and practitioners designed to give attendees the latest and most comprehensive information from the SEC, PCAOB, FASB and IASB, as well as practical insights from practitioners. Speakers include SEC Commissioner Elisse B. Walter; Daniel Goelzer, acting chairman, PCAOB; Patrick Finnegan and James Leisenring, IASB; Robert Herz, chairman, FASB; and Billy M. Atkinson Jr., NASBA board chairman. Panel discussions will be populated by practitioners from GE, PricewaterhouseCoopers, American Express, Eli Lilly, Chevron and more. The live conference will be held in Washington, D.C., with four simulcast locations: New York City, Dallas, San Francisco and Chicago. Register now.
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Illustrative example released on accountant's report regarding entity's SIPC transitional assessment reconciliation
SEC Rule 17a-5(e)(4) requires a registered broker-dealer to file, along with its annual audited financials, a supplemental report, covered by an independent accountants' report, which includes procedures related to the broker-dealer's SIPC annual general assessment reconciliation or exclusion from membership forms. The AICPA Stockbrokerage and Investment Banking Expert Panel recently revised an example of an illustrative independent accountants' report on applying agreed-upon procedures related to the entity's SIPC transitional assessment reconciliation (for transitional year only). The illustrative report is available on the AICPA Web site.
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| About AICPA |
The American Institute of Certified Public Accountants is the national, professional organization for all certified public accountants.
Its mission is to provide members with the resources, information and leadership that enable them to provide valuable services in the highest professional
manner to benefit the public as well as employers and clients. In fulfilling its mission, the AICPA works with state CPA organizations and gives priority to those
areas where public reliance on CPA skills is most significant.
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| | Recent CPA Letter Daily Issues:
- Thursday, November 12, 2009
- Wednesday, November 11, 2009
- Tuesday, November 10, 2009
- Monday, November 09, 2009
- Friday, November 06, 2009
| | | Lead Editor: Sean McMahon
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