Renewal of tax breaks approved by House

December 4th, 2014  // News

The House voted 378-46 to bring back more than 50 expired tax breaks for companies and individuals for 2014. Most supporters say they aren't happy with the measure but believe that it is better than doing nothing. Read more

Bipartisan deal aims to head off government shutdown

December 3rd, 2014  // News

Senate Majority Leader Harry Reid, D-Nev., caught observers off guard by supporting a compromise spending plan offered by House Majority Leader John Boehner, R-Ohio, intended to avert a U.S. government shutdown. The proposal would fund the government through September. Read more

U.S. factory orders strong despite global slowdown

December 2nd, 2014  // News

Manufacturing growth was nearly unchanged in the U.S. last month, while Germany, China, France and Italy experienced unexpected contractions. The Institute for Supply Management's index was 58.7 in November, essentially unchanged from October, and remains at one of the highest levels since 2011. According to the ISM, any number higher than 50 represents growth. Read more

Mortgage lenders relax standards

December 1st, 2014  // News

Up to 1.2 million additional consumers may qualify for mortgage loans under standards that go into effect today. Earlier this year, Fannie Mae and Freddie Mac softened their repurchase standards, triggering a domino effect in the industry. Borrowers should immediately begin to see lower credit score thresholds and faster turnaround times. Read more

U.S. Q3 GDP growth upgraded to 3.9%

November 26th, 2014  // News

The Commerce Department revised upward its estimate of U.S. economic growth in the third quarter to an annualized 3.9% from 3.5%. The upgrade is based on a surprise acceleration in consumer spending and a moderate increase in investment by businesses. Read more

Potential tax breaks under fire from White House

November 25th, 2014  // News

A possible congressional deal to extend tax breaks for business and college expenses is "fiscally irresponsible," according to the Obama administration. Making expiring business breaks permanent while failing to review tax credits for working families is the "wrong approach," Treasury Secretary Jack Lew said. Read more

Companies still coming to grips with revenue recognition standard

November 24th, 2014  // News

More than half of companies are familiar with the revenue recognition standard issued by the Financial Accounting Standards Board and the International Accounting Standards Board in May, according to a study by PwC and the Financial Executives Research Foundation. But only 29% are ready to apply the standard by its 2017 effective date, and a quarter of companies said they wouldn't be ready to adopt the standard. The AICPA's revenue recognition page has information on the standard and implementat Read more

Following complaints, Fed reviews its bank regulations

November 21st, 2014  // News

The Federal Reserve, responding to complaints of lax regulation of large banks, says it's reviewing how it monitors the nation’s largest financial institutions. The Fed will examine how it handles internal disputes over monitoring of large banks, and the central bank's inspector general will review whether banks hand over all necessary information for proper oversight. Read more

Fed minutes reveal growing anxiety over deflation risk

November 20th, 2014  // News

Newly released Federal Reserve minutes show increasing concern about deflation. "Many participants observed the committee should remain attentive to evidence of a possible downward shift in longer-term inflation expectations," according to the minutes. "Some of them noted that if such an outcome occurred, it would be even more worrisome if growth faltered." Read more

Industry groups urge Congress to renew tax breaks

November 19th, 2014  // News

More than 500 industry groups have urged Congress to renew dozens of expired tax breaks, including the R&D credit, breaks for charitable giving, incentives for business expenses and deductions for local and state sales taxes. Failing to bring back these incentives would be the same as a tax increase on American businesses, according to the groups. Read more





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