In the News: Economic Outlook, Outstanding Govt CPA
Earlier this week, the AICPA released the results of the 3rd Quarter Economic Outlook Survey, which showed a decline in optimism among CPA’s who serve as chief financial officers and other high-ranking financial decision-makers. WRAL Tech Wire reported that AICPA found that 61 percent of the respondents think it's "somewhat" or "very" likely that the U.S. is heading into the second trough of a double-dip recession. The News & Observer noted in their coverage that "turbulence in the political and economic environment eroded the sense earlier this year that a recovery was taking hold," according to Carol Scott, AICPA vice president of business, industry and government. Accounting Today pointed out in their article on the results that only 9 percent of CPAs in executive positions expressed optimism about the U.S. economy in the third quarter, down 24 percentage points from the 33 percent who said they were optimistic in the second quarter.
Prairie Business Magazine in North Dakota reported that Pamela Sharp, director of the North Dakota Office of Management and Budget was one of the recipients of the 2011 Outstanding CPA in Government award. The award, given by the AICPA, recognizes CPAs who have made a sustained and significant contribution to the increased efficiency and effectiveness of their government organization while contributing to the growth and enhancement of the CPA profession. “Pam is very deserving of this national award which recognizes her exceptional service to the state of North Dakota,” Governor Jack Dalrymple said. “Her extensive knowledge of state finances and policy are a tremendous asset in our daily commitment to prudent fiscal management.”
Bonnie Lee of Fox Business wrote an article listing five good reasons why anyone facing an audit should hire a tax professional such as a CPA. The article also notes that by signing IRS Form 2848, which gives your tax professional (who must be a licensed CPA, attorney, or enrolled agent) the ability to represent you, the IRS can no longer contact you directly. Furthermore, a professional will be able to prepare a counter attack by reviewing the tax return(s) in question to find overlooked deductions and errors which will help them to negotiate in your favor.
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.