December 29, 2011
 
Once again, Congress has pulled together, kind of, and passed legislation that extends the payroll tax holiday another two months, through February 29. Look for a recapture tax on 2012 income tax returns for taxpayers who earn more than $18,350 in January and February 2012. Employers should attempt to implement the new 2012 withholding rates right away, but at least no later than the end of January. Any January overwithholding needs to be corrected by the end of March.

Gail Perry, CPA
Editor-in-Chief
editor@accountingweb.com
 
Payroll Tax Takes Another Holiday
Our nation's lawmakers finally agreed to a compromise extension of the so-called "payroll tax holiday." The new law signed by the president on December 23 – the Temporary Payroll Tax Cut Continuation Act of 2011 – keeps the payroll tax break alive for another two months.
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IMA Ready to Compete with AICPA/CIMA Management Accounting Designation
The IMA, which has offered the CMA credential since 1972, is facing "fierce competition" from a new management accounting designation – Chartered Global Management Accountant (CGMA) – that the AICPA and CIMA will launch in January 2012, according to Jeffrey Thomson, IMA President and CEO.
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Society of Louisiana CPAs Puts Kids on Path to Financial Success
Volunteers from the LCPA and accounting students from Nicholls State University visited Schriever Elementary to teach second grade students about money management. Their efforts were part of the LCPA's scholastic literacy book program, a statewide collaboration between the LCPA, Scholastic, and Gilsbar, Inc.
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