CPA Observation Post

Business Resurging for Accounting Firms

The worst is over for accounting firms, said Allan D. Koltin, chief executive of Koltin Consulting Group, in his keynote address at the Thomson Reuters Users’ Conference for Professional Tax & Accounting Firms. Read More>>

Recession may have slowed accounting convergence

International accounting convergence could be years away because of the global recession, Deloitte Touche Tohmatsu CEO James Quigley said. Companies and auditors will need at least until 2015 to adopt uniform accounting standards, he said. In the U.S., concerns about costs have led to resistance from some companies. Read More>>

Congress quietly considers letting states file for bankruptcy

Lawmakers are cautiously looking into rewriting U.S. law to let state governments file for bankruptcy protection. If such a measure were approved, states would be able to walk away from overwhelming debt, including state-issued bonds and pension funds' obligation to pay retirees, The New York Times reports. Read More>>

Modest Gain in Optimism as CPA Executives Foresee Slow U.S. Recovery: AICPA-UNC Economic Outlook Survey

After a dramatic drop last quarter, CPA executives regained modest optimism in the past three months about prospects for the U.S. economy but believe the recovery will be slow and they are cautious about plans for expansion and hiring, according to the latest AICPA/UNC Quarterly Economic Outlook Survey. Read More>>

Economists reflect on 2010 predictions

A group of economists that CFO Magazine asked to make predictions about the recovery in March are sticking to their various forecasts with minor revisions. The economists' opinions vary; some see a slow recovery, others see a double-dip recession next year. Read More>>

2011 NJBIA Business Outlook Survey: Business Activity Strengthened in 2010, but Outlook is Mixed

Business activity picked up for many New Jersey employers in 2010, a hopeful sign that economic conditions are improving, NJBIA President Philip Kirschner said today in releasing the findings of the Association's 2011 Business Outlook Survey. Overall levels of sales, profits, business spending and employment improved for individual companies in 2010, moving off their 2009 lows. Read More>>

Herbst Leads Program to Combat ID Theft

Peter E. Herbst, CPA, of Flanders will be one of the key presenters in a seminar on identity theft on Tuesday, Oct. 19.  Read More>>

Economists suggest a payroll-tax holiday to boost the economy

Some economists are pushing the idea of a payroll-tax holiday, which essentially would give most workers 6% raises in their next paychecks, as an economic stimulus. The Congressional Budget Office has estimated that eliminating payroll taxes would be significantly more effective in boosting the economy than an income-tax reduction. Lawmakers have yet to warm to the idea, however. Read More>>

CCH Predicts Tax Relief from Inflation Adjustments (from @WebCPA)

Taxpayers stuck in the current economic downturn will get at least some relief in 2011 thanks to the mandatory upward inflation-adjustments called for under the Tax Code, according to CCH. Read More>>

Commentary: 2-year cut in payroll tax would boost hiring, consumer spending

The federal government should reduce the payroll tax for two years in order to provide more disposable income to workers and encourage businesses to hire more staff, an effective short-term redress to the twin problems of low consumer demand and stalled unemployment, argues economist Nouriel Roubini. Read More>>