Editorial Staff

A majority of CFOs expect the congressional midterm elections to have a positive impact on their industry.

But IRS Commissioner says the investigation isn’t over and the closed cases so far have averaged more than $200,000 in tax collections per case.

CEOs of accounting institutes from around the world met at the World Congress of Accountants in Malaysia, where they discussed the need for companies to report on non-financial results in areas such as social and environmental activities.

Los Angeles Lakers forward Lamar Odom has filed suit against the Internal Revenue Service because it would not allow him to deduct $12,000 in fines and $127,000 for fitness training.

Nearly half of the nation's chief financial officers and senior controllers polled by global CPA and business advisory firm Grant Thornton say that the U.S. should not adopt international Financial Reporting Standards until after U.S. GAAP and IFRS have converged to the point where the differences are inconsequential - a time frame of between five to seven years.

While most clients see their accounting firm as a strategic advisor, 36 percent of business clients report they are likely to switch CPA firms in the next year, according to a new survey by CCH.

President Obama reiterated his proposals for cuts in business and individual taxes and called on Republicans and Democrats to work together after the elections.

The Taxpayer Advocacy Panel, a federal advisory committee of 101 citizen volunteers across the country, has released its annual report, with recommendations that include calling for the IRS to protect against identity theft by allowing taxpayers to “lock” their accounts when no tax returns are required.

Small business economic confidence rebounded in October as more small business owners reported that economic conditions for their businesses and for the country have improved, according to a new poll that also found small business owners favoring a Republican-controlled Congress in the midterm elections.

IRS Commissioner Doug Shulman indicated that the IRS is continuing to refine its new requirements for tax preparer registration, testing and continuing education, and announced that the IRS would waive the requirement for continuing education in the first year of implementing the new program, as well as set up a new office at the IRS dedicated to tax return preparers.

Vice President Joe Biden indicated that the White House could be ready to make a deal with Republicans on expanding the level of income that would qualify for the Bush tax cuts extension.

The American Institute of CPAs has told the Securities and Exchange Commission that accountants need an adequate transition period if the SEC decides next year to incorporate International Financial Reporting Standards into the U.S. financial reporting system.

Angelo Mozilo, the former chief executive of mortgage lender Countrywide Financial, has agreed to pay $22.5 million to the Securities and Exchange Commission, the largest-ever financial penalty for a public company senior executive.

Starting salaries in the accounting and finance fields are expected to rise an average of 3.1% in the coming year.

The financial firms that suffered the greatest stock-price declines during the economic crisis tended to be those with the highest proportion of independent directors, according to a new study.

The Internal Revenue Service has issued final regulations under a law change that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later years, making it easier for investors to report their gains and losses next year on their tax returns.

The Securities and Exchange Commission has proposed a new rule, based on requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, that would help those managing their own family's financial portfolios determine whether their “family offices” can continue to be excluded from the Investment Advisers Act of 1940.

The Internal Revenue Service is getting the word out to employers about a provision in the recently passed Small Business Jobs Act that allows them to amend their 401(k) or 403(b) plans to allow participants to transfer an eligible rollover distribution into a Roth 401(k) or 403(b) account.

President Obama signed the Small Business Jobs Act into law on Monday, providing $12 billion in tax breaks and a $30 billion lending fund for small businesses.

Financial Executives International has written to congressional leaders criticizing President Obama’s proposal to close foreign tax credit loopholes in exchange for making the research & development tax credit permanent.