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Low 401(k) Savings Force Retirees to Make Tough Choices
Many baby boomers are entering retirement age with insufficient savings in their 401(k) plans as a result of investment losses and poor planning. The majority of boomers with 401(k) plans will not be able to maintain their lifestyles after retirement, even with pensions and Social Security, according to data from the Federal Reserve. For information on retirement planning, visit the AICPA's 360 Degrees of Financial Literacy website.
CPA Optimism Ticks Upward According to Economic Outlook Survey Results
The AICPA/UNC-Kenan Flagler Economic Outlook Survey 4th Quarter 2010 results shows CPA executives regained modest optimism about prospects for the U.S. economy in the past three months after a dramatic drop last quarter. Though CPAs are predicting a slow recovery and are cautious about plans for expansion and hiring, they also point to continually improving corporate expansion expectations across most industries and geographic regions. For more information, read this JournalofAccountancy.com article.
Hatch Takes Seat as Senate Finance Committee's Senior Republican
U.S. Sen. Orrin Hatch, R-Utah, took his position as the Republican Party's highest-ranking member on the Senate Finance Committee. The position gives him a strong voice in rewriting tax law. More.
Senate Votes to Repeal 1099 Reporting Requirement
The Senate has approved a measure that would repeal the expanded Form 1099 reporting requirements that were part of last year's health care law. The move has broad support because the Form 1099 rules, which are set to require businesses to report any purchases of more than $600 of goods and services from vendors in a year to the Internal Revenue Service, are expected to increase accounting costs for small businesses. The AICPA supports repeal of the expanded Form 1099 reporting requirements; however, it has asked the Treasury Department for guidance on several pressing issues if the rules are not repealed. Read the AICPA's comment letter on expanded Form 1099 reporting requirements. More.
Obama Pushes for a Tax Overhaul in State of the Union Address
President Barack Obama called for a lower corporate tax rate and simpler taxes for individuals during his State of the Union address on Tuesday. Obama also indicated his willingness to repeal the expanded Form 1099 reporting provisions and end tax-cut extensions for the wealthy. More.

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UPCOMING CPE

2011 Leadership Update: Leading the Finance Team into the Future
March 17, 2011
UACPA Education Center

The Fast Close, Soft Close, Virtual Close? Now Days, Not Weeks
March 30, 2011
UACPA Education Center

Surviving and Growing Your Company in Difficult Times:
Essential Skills for the Finance Team
April 14, 2011
UACPA Education Center

Plug Your Profit Leaks: Ways to Significantly Save Time and Money
April 29, 2011
UACPA Education Center

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