Strengthening dollar boosts U.S. trade deficit

February 6th, 2015  // News

The U.S. trade deficit shot up 17.1% to $46.6 billion in December, the biggest shortfall since November 2012, the Commerce Department said. The U.S. dollar's rising value depressed exports by making them more expensive and stimulated imports by making them cheaper. Read more

House committee votes to revive expired tax breaks

February 5th, 2015  // News

The House Ways and Means Committee moved forward with reviving six tax breaks that lapsed at the end of 2014. "We've all been down this road so many times -- retroactive extensions, uncertainty," said Rep. Paul Ryan, R-Wis., chairman of the committee. "Let's make these permanent. Let's give people certainty." Read more

SEC: Cyberattacks have hit most advisers, brokerages

February 4th, 2015  // News

Cybercriminals have launched attacks on at least 88% of U.S. brokerages and 74% of advisers, the Securities and Exchange Commission said in a report. Most of the attacks came as fraudulent email messages requesting the transfer of clients' funds, the SEC said. Read more

Parts of Obama’s proposed budget could have appeal for Republicans

February 3rd, 2015  // News

President Barack Obama's $4 trillion budget proposal includes tax increases that have little hope of passage by a Republican Congress, but it also contains initiatives that have long been priorities for GOP leaders. Many agree with Obama on a need for greater defense spending and replenishing a trust fund, set to run out of money in May, that pays for highways, bridges and other infrastructure. Read more

Obama to propose tax on companies’ foreign profit

February 2nd, 2015  // News

President Barack Obama plans to ask Congress to tax U.S. corporate profit accumulated overseas to pay for a $478 billion public works program. Under the proposal, an estimated $2.1 trillion that multinationals have amassed in profit abroad would be taxed once at a rate of 14%, while future foreign earnings would be taxed at 19%. Currently, these offshore profits are not taxed until they are repatriated. Read more

IMF revises global growth prediction downward to 3.5%

January 20th, 2015  // News

The International Monetary Fund reduced its forecast for global economic growth in 2015 to 3.5%, from 3.8%, blaming "investment weakness" for a slowdown in advanced emerging markets, such as Brazil. Read more

Obama aims to help middle class with tax hike for affluent

January 19th, 2015  // News

President Barack Obama is proposing tax increases for the richest Americans to pay for proposed tax breaks for couples who both earn and increased tax credits for child care and higher education. The proposals would increase the top capital gains tax rate and impose capital gains tax on asset transfers at death. Read more

Senate Finance Committee forms 5 working groups to study tax issues

January 16th, 2015  // News

The Senate Finance Committee has established five working groups to examine the tax code and create recommendations for comprehensive reform. The groups, each co-chaired by a Republican and a Democrat, will focus on the business income tax; individual income tax; international tax; savings and investment; and community development and infrastructure. Read more

New AICPA personal finance index shows recovery’s effects

January 15th, 2015  // News

The AICPA today released a new economic barometer, the PFSi (Personal Financial Satisfaction Index), which weighs a variety of economic factors to calculate the financial standing of a typical American. The PFSi debuted at +6.6, and calculated retroactively, shows an increase of 6.5 points from the previous quarter and 14.9 points from one year ago, showing the economic recovery is translating into improvements in Americans' finances. Read more

Accountants play a critical role in establishing global transparency

January 14th, 2015  // News

In this blog post, Olivia Kirtley, former chair of the AICPA board of directors and current president of the International Federation of Accountants (IFAC), calls accountants the Swiss Army knife for modern business, equipped to bring transparency and accountability to businesses and governments around the globe. Read more





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