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 | AICPA National Business Valuation Conference
Get hands-on valuation training in 3 days! Hone your knowledge and come away with an action plan for success. Keynote presentation by Aswath Damodaran, Ph.D., Stern School of Business, NYU. Nov. 15-17, 2009. Earns 22 CPE Credits. Hurry: Early Bird Discount extended! > Register Now
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- Court looks hard at mortgage ownership in foreclosure
A federal judge has ruled that the inability of a mortgage lender to prove ownership of the loan means that the loan does not exist. The judge decided, on Oct. 9 in federal bankruptcy court in the Southern District of New York, to wipe out a mortgage worth $461,263 on that basis. Proof of mortgage ownership can be difficult because securitized mortgages changed hands very frequently. The ruling is to be appealed, but it is being given close scrutiny by the entire mortgage-lending industry. The New York Times (tiered subscription model)
(10/24)      
- Trustee: Madoff victims are allotted $534 million for now
A trustee in the Bernard Madoff case said victims have been allotted $534 million in payments so far. Irving H. Picard, a New York-based partner of Baker & Hostetler and court-appointed trustee in the liquidation of Madoff's investment firm, may be able to get more money for victims from the investor insurance fund if he is able to "claw back" fake profits. Picard estimates net losses in the Ponzi scheme total $21.2 billion. Bloomberg Businessweek
(10/28)
- Commentary: GMAC's aid request shows regulators lack will, not tools
The request by GMAC for more federal aid shows the inherent weakness of proposals to manage systemic risk -- proposals such as the bill before Congress that is intended to reduce risk at companies deemed "too big to fail," Theo Francis writes. He adds that regulators lack the political will to exercise their powers under such proposals, as the example of GMAC shows. GMAC has already received $13.5 billion in aid, and it fared poorly in government stress tests. Yet regulators haven't stepped in to do anything, even though the company is again asking for help, he writes. Bloomberg Businessweek/Money & Politics blog
(10/28)
- Commentary: Divide between Main Street, Wall Street grows
Regulators are pointing to "green shoots" in the economy, but problems persist on Wall Street and are extending to Main Street, Allan Sloan writes. "The only green shoots that many non-Wall Street types have seen lately are the weeds sprouting in the parking lots of abandoned malls," Sloan writes. TIME
(10/29)
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| Tax Spotlight |  | |
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- IRS advisory panel makes series of recommendations
The Internal Revenue Service Advisory Committee has issued a series of recommendations. These include: the creation of a new form and new rules for reporting settlements of payment-card and third-party-network transactions; more guidance on tax information reporting and withholding; and the creation of online Form W-4 instructions for nonresident aliens. Further advice was given involving withholding on certain payments made by government entities, and on providing additional guidance to government entities related to withholding. WebCPA
(10/28)
| Market Update | | |
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- Stocks tumbled Wednesday on economic worries
U.S. stock markets were sharply lower Wednesday as poor data on new-home sales and durable-goods orders spooked traders. The Nasdaq led the decline, dropping 2.7%. The Dow Jones Industrial Average decreased 1.21%, and the S&P 500 slid 1.95%. All sectors lost ground. Bloomberg Businessweek
(10/28)
| Policy & Regulatory | | |
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| Sponsored Content by American Express OPEN | | |
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| People & Personalities | | |
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- Dinallo seeks good relations with Wall Street
Eric R. Dinallo, a likely Democratic candidate for attorney general in New York state, seeks to maintain good relations with the financial community, even though he once was on the staff of Eliot Spitzer, known as Wall Street's scourge. Dinallo has the support of former NYSE chief Richard A. Grasso and Kenneth G. Langone, a co-founder of Home Depot and former board member at the stock exchange. "It would be easy in these times to only rail against the evils that have been, but that would sweep too broadly and do real harm. We don't want to kill Wall Street, but we do want to learn from what happened," Dinallo said. The New York Times (tiered subscription model)
(10/28)
| AICPA News | | |
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CPA firm identity theft prevention program guidance released
With the Federal Trade Commission's "Red Flags" rule becoming effective on Nov. 1, the AICPA's Information Technology Center recently published a free guide for members on developing and maintaining a CPA Firm Identity Theft Prevention Program. The "Red Flags" rule requires "creditors" or "financial institutions" with covered accounts to have programs to assist in identifying a potential identity theft. Read the guide.
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Register today: Nov. 9 webcast focuses on technology in fraud and forensics
Attend a live audio infocast on Monday, Nov. 9 (2 to 3:30 p.m. ET), The Influence of Technology in the Fraud and Forensics Arena. Ron Durkin and five panelists will address the ways in which technology has changed CPAs' role in the fraud and forensics arena, and offer insight about the forensics environment. They also will discuss key requirements -- from specialization to the proper skill sets -- for remaining viable in today's competitive landscape. Register today (discounts available for AICPA IT and FVS section members and CITP, CFF, ABV credential holders).
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| About AICPA |
The American Institute of Certified Public Accountants, founded in 1887, is the world's largest organization representing
the accounting profession, with nearly 370,000 members in 128 countries. AICPA members represent many areas of practice, including business and industry, public practice,
government, education, and consulting; membership is also available to accounting students and CPA candidates. The AICPA sets ethical standards for the profession and U.S.
auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination.
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| | Recent CPA Letter Daily Issues:
- Wednesday, October 28, 2009
- Tuesday, October 27, 2009
- Monday, October 26, 2009
- Friday, October 23, 2009
- Thursday, October 22, 2009
| | | Lead Editor: Sean McMahon
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