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 Taxes
and Bond Returns
The
tax laws governing the returns from holding bonds are complex
and change frequently. The law distinguishes between the
two components of return: interest income and capital gain
or loss. Capital gains or losses are further classified
as short term (bonds owned for one year or less) or long
term. Short-term gain is taxed at the marginal tax rate
on ordinary income, currently as high as 35%.
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‘Encouragement of a Great Example’: CPAs on
Boards
Alexis
de Tocqueville, the 18th century politician and social philosopher
best known for his book Democracy in America, wrote “Americans
… have voluntary associations of a thousand kinds:
religious, moral, serious, futile, general or restricted,
enormous or diminutive. … If it is proposed to inculcate
some truth or to foster some feeling by the encouragement
of a great example, they found a society". Full
Story
|
 Don’t
Shrink from the Challenge; Stand Up and Do What’s
Right
The
accounting profession is facing great challenges. Federal
and state regulatory bodies, investors, public interest
groups such as Ralph Nader’s Association for Integrity
in Accounting, and the public at large are demanding professional
independence and accountability. Many view the accounting
profession as the culprit in precipitating the recent bull
market.
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