In the News: Financial Literacy, Mortgage Interest
Jimmy Williamson, CPA, and member of the AICPA’s financial literacy commission spoke to the Contra Costa Times for an article about the Consumer Financial Protection Bureau. The CFPB, designed as a one-stop place for consumers to file complaints about financial products, is currently only handling credit card complaints. “Like any new federal agency it takes time for it to get its wheels rolling," said Williamson. “It's designed to help consumers make better financial decisions, if they are borrowing money for a home, if they are getting a credit card, those kinds of things. It's designed to improve transparency.”
Jina Etienne, CPA, AICPA director of tax and Insight contributor, answered a question about the mortgage interest deduction for an Associated Press article examining how the debt ceiling debate could impact homeowners. The benefit, used by 35 million households, allows taxpayers to deduct their mortgage interest payments. The break only benefits those whose itemized deductions add up to more than the standard deduction, notes Etienne, although mortgage interest is usually the cost that puts filers over the line so they can itemize deductions.
Donna Svei, CPA, an executive search consultant and resume writer, posted an informative blog on Accounting Tomorrow giving accountants who’ve earned respected credentials, such as those offered by the AICPA, four reasons they should make sure they note it on the top of their resumes. Svei writes “Your credential says: “I’m serious about my accounting career. I can set goals and achieve them. I have mastered a body of professional knowledge. I understand professional ethics.”
If you come across a recent article of note about the profession, please let me know in the comments section or send me an email.