In the News: Accountant Named a Top Career for Women
More Magazine named ‘accountant’ as one of the top ten careers for women who wish to balance a career and a personal life. “Younger people are saying, ‘Yes, I want to telecommute or take a two-year sabbatical and come back where I left off’—and providing these options is helping employers attract and retain talent,” says Mary Bennett, a member of the AICPA. Beyond the possibility of work/life balance, the article noted that the CPA credential also provides the flexibility to work in a field you're passionate about and move among a wide range of industries, since businesses in all sectors need accountants.
Accounting Today reports that IRS Commissioner Douglas Shulman told attendees at the AICPA National Tax Conference that the IRS will delay their controversial plan to fingerprint registered tax return preparers. “We have received input on the recent background check and fingerprinting proposals,” said Shulman. “While we all share the same goal of ensuring that there is adequate due diligence on people entering this field, the AICPA and others have made a number of important points that we need to think through regarding how best to do this. And so we’ve decided to hold off on fingerprinting as we consider the issues that have been raised, and have further discussions with interested parties.”
Melissa Labant of the AICPA’s Tax Team spoke to The New York Times about the tax deduction for interest on home mortgages. Labant calculated two situations for middle- and upper-income homeowners in states with high income and housing prices. The first situation is a couple who earns $137,300 a year and is in the 25 percent tax bracket. If they owned a $350,000 house paying 5 percent interest on their mortgage, they would save $4,375 a year on interest of about $17,500.
A couple with a $1 million home with the same 5 percent rate would be paying $50,000 a year in interest. As they would most likely be in the top 35 percent tax bracket, they would save $17,500 a year in federal taxes through the deduction. The article noted that the outcome should not be surprising, as bigger mortgages equate to more interest and bigger deductions.