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Accounting News Roundup: Tax Deal Details; A Gadget Gift List for Accountants; U.S. Makes a Tidy Profit on Citigroup | 12.07.10

Deal Struck on Tax Package [WSJ]
President Barack Obama reached agreement Monday with Republican leaders in Congress on a broad tax package that would extend the Bush-era income tax cuts for two years, reduce worker payroll taxes for one year and give more favorable treatment to business investments.

Other elements of the deal include a temporary reinstatement of the estate tax at 35%—the level favored by most Republican lawmakers—as well as an extension of jobless benefits for the long-term unemployed.

Gadget wish list for 2010 [AW]
iPad. Tablet stand. Done.

Schapiro Aims to Expand Accounting Oversight of Broker-Dealers [Bloomberg]
The accounting industry will play a crucial role in helping investors regain confidence in the wake of Madoff’s scheme and the 2008 financial crisis, said Schapiro, who urged auditors to push for accuracy and clarity in reporting.

“Our markets depend on confident investors — and their confidence rests in large part in your hands,” she said. “The SEC and other agencies can increase the confidence investors bring to our financial markets, but our efforts will succeed only if those investors believe the numbers that you write on the bottom line.”

Private Company GAAP? Time to pay attention [CPA Success]
MACPA’s Tom Hood has been hearing about this debate for years but thinks this time around, things are different, “The tipping point towards the need for private company standards came after the announcement of FIN 48 and 46R. Many private companies have cried “uncle”, as these extremely onerous and complex standards have continued to arrive on the scene.”

The Facebook Factor for CPAs [CPA Trendlines]
If anyone gives you a hard time about Facebook at work, evoke something that Michelle Golden has said. She’s been at this for awhile.

U.S. exits Citigroup stake and earns $12 billion profit [Reuters]
The U.S. government sold off its remaining shares in Citigroup Inc on Monday for $4.35 each, marking an exit from ownership in the bailed-out banking giant with a $12 billion gross profit for taxpayers.

The U.S. Treasury said it will take in $10.5 billion in sale proceeds from a public offering of 2.4 billion Citigroup shares, announced just hours earlier. The price is 10 cents below the $4.45 closing price on the New York Stock Exchange.

Ponzi swindler who sacked John Elway gets 40 years [Reuters]
Why the long face, John?

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