Editor's Note
Looking back at 2008 we see there were many key news stories
that affected our readers. We've pulled ten of the top stories
from 2008 for your review, but already we're looking forward to
what the news has in store for us in 2009. Stay tuned to
AccountingWEB - you won't want to miss the important stories
that affect you and your accounting career.
Best regards,
Gail Perry, CPA
Managing Editor
editor@accountingweb.com
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IRS announces rebate payment schedule
The Internal Revenue Service announced on Monday, March 17,
2008, that it will begin sending more than 130 million economic
stimulus payments starting May 2. The initial round of weekly
payments will be completed by early July.
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Obama's tax decisions will define income tax systems for years
"Tax policy decisions ahead: President-elect Obama's call for
change," prepared by the Washington. D.C.-based Tax Policy
Group of Deloitte Tax LLP in November, 2008, predicts that with
Barack Obama in the White House and a strengthened Democratic
Congress facing huge budget and tax issues, the outlook is for
changes in tax policy in the next two years that could
determine the size and shape of our income tax systems for the
foreseeable future.
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What will it take to be a top CPA in 2010?
These days, a number of factors are combining to make Certified
Public Accountants more valued in the current marketplace than
ever before - with even brighter prospects for the most
qualified and skilled professionals in the foreseeable future.
This article, that appeared in January 2008, describes what we
accountants have to look forward to in the future.
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Latest salary survey shows that, for accountants, it's not all about the money
In February, we learned that job-seeking accountants have more
on their minds than money. A survey developed by Robert Half
International suggests that successfully wooing job candidates
takes more than salary alone. While 37 percent of chief
financial officers (CFOs) interviewed said offering higher
compensation than competitors is the most effective incentive
for attracting accounting professionals, nearly as many (33
percent) felt the benefits package had the greatest influence,
up from just 2 percent five years ago.
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Latest e-mail scam targets TurboTax
As if the mad rush for Americans to collect all the necessary
financial data and file their taxes wasn't bad enough, at the
peak of tax season cybercrooks began beefing up spam attacks
concerning taxes as April 15 approaches.
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New research provides resources on fraud prevention and financial reporting
Early in 2008, Financial Executives Research Foundation (FERF),
the research affiliate of Financial Executives International
(FEI), announced the release of two important new pieces of
research designed to aid public company management and
corporate boards in the efficient evaluation of their
assessment of reporting issues and internal controls.
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SEC releases new XBRL analytical tool
This was the year the Securities and Exchange Commission (SEC)
launched an online, interactive tool that allows investors to
instantly extract, compare, and analyze executive compensation
for the largest companies in the United States.
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FASB launches verification phase for Accounting Standards Codification for GAAP
The Financial Accounting Standards Board officially launched
the one-year verification phase of the FASB Accounting
Standards Codification. After addressing the issues raised
during the constituent feedback process, the FASB is expected
to formally approve the Codification as the single source of
authoritative U.S. GAAP, other than guidance issued by the
Securities and Exchange Commission.
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