January 2009
Test Question: Does CPA Exam Cost Too Much?
Is the $1,279 cost to take the CPA exam in New York too high?
Some members of the New York State Board for Public Accountancy are looking at ways to lower the cost.
Hedge Fund Regulation Proposed in Senate
Two senior senators have introduced legislation to impose government oversight of hedge funds.
The bipartisan legislation by Democratic Senator Carl Levin, of Michigan, and his Republican and Iowan counterpart Senator Charles E. Grassley, was filed as the Obama administration was preparing a broader legislative overhaul of the regulatory system, including an effort to more tightly regulate hedge funds.
The bill would require hedge funds to register with the Securities and Exchange Commission, file an annual disclosure form, comply with SEC record-keeping standards and cooperate with SEC investigations. Hedge funds lost $600 billion in 2008, reportedly more than any year previously.
First TARP Fraud Charges Announced
Congratulations to Gordon B. Grigg and his firm ProTrust Management, Inc., for the shared distinction of being the first targets of a TARP-related fraud proble.
Madoff Exposure? Clock Ticking on Claims
If you or a client was exposed to Bernard L. Madoff Investment Securities, the clock is ticking.
Customer claims should be filed by March 4, 2009 with Madoff's Securities Investor Protection Corporation trustee Irving Picard. Otherwise, according to the SEC, the claims "will be subject to delayed processing and less favorable terms."
And after July 2, they will be completely disallowed.
It's interesting that while little is still known about Madoff's alleged fraud, his victims are expected to be able to provide a full accounting of their losses and get paperwork filed within just a few months.
Will Madoff even have seen the inside of a jail cell by that deadline?
Rejected! N.Y. State Tax Department Rights an e-Filing Wrong
Tax practitioners trying to comply with the state's new e-file/e-pay mandate were filing in vain for almost a week because of a glitch with the state tax department's e-file system.
Reid: AMT Fix A Given
House Approves Stimulus Package
The House approved an $819 two-year stimulus package Wednesday. One of the largest in history, the package would cost more than the Iraq War, according to the Wall Street Journal.
The bill reshapes policy on energy, education, health care and social programs and reverses the Bush administration’s approach to stimulating the economy, the Journal reported.
Wall Street Bonuses Plummet
Tax Shelter Users Can Be Victims Too?
Federal officials are reportedly considering easing rules that require the IRS set mandatory heavy penalties on companies and individuals who purchase certain illegal tax shelters, according to the Wall Street Journal.
NYT: Ponzi Scheme Probes a Priority
The New York Times noted yesterday an uptick in the number of Ponzi scheme investigations by regulatory agencies. If you've been following this blog's coverage, you probably weren't surprised.
The Securities and Exchange Commission, still reeling from its failures in the Madoff affair, definitely seems to have made this type of fraud its first priority, though no recent arrest comes close to rivaling Madoff's $50 billion scam.
The Times gives a name to these swindlers of millions, rather than billions: Mini-Madoffs. Conjures an interesting image, doesn't it?