PROFESSIONAL NEWS | TOP
SEC Approves New Stock-by-Stock Circuit Breaker Rules
The Securities and Exchange Commission has approved rules that will require the exchanges and FINRA to pause trading in certain individual stocks if the price moves 10 percent or more in a five-minute period. The rules, which were proposed by the national securities exchanges and FINRA and published for public comment, come in response to the market disruption of May 6. Read more online at www.vscpa.com.
Pay Freeze Continues for Majority of Finance Execs
A majority of financial professionals are still not receiving salary increases, revealed findings from a survey released today and conducted by Financial Executives Research Foundation. While many executives are still reporting bonus awards, increases to average base salaries that were awarded during the past year were significantly less than those awarded in the previous year. The profession has also fallen victim to job cuts, with respondents indicating a drop in finance staff, compared to the past four years of the survey. Read more online at www.vscpa.com.
Global Securities Regulators Adopt New Principles and Increase Focus on Systemic Risk
The International Organization of Securities Commissions has published its revised Objectives and Principles of Securities Regulation to incorporate eight new principles, based on the lessons learned from the recent financial crisis and subsequent changes in the regulatory environment, which are designed to strengthen the global regulatory system against future crises. Read more online at www.vscpa.com.
Around Virginia
Year-End Approaches: Virginia on Pace to Post Revenue Surplus on June 30
Governor Bob McDonnell announced this week that May revenue collections significantly outperformed projections. General fund revenue collections declined by only 0.2 percent, far outpacing the budget forecast of a 2.3 percent decline. The Commonwealth is now on pace to post a revenue surplus at the conclusion of the fiscal year on June 30. Read more online at www.vscpa.com.
Lights, Camera, Action! Governor Signs Virginia's First Film Industry Tax Credit Legislation
On June 15, Gov. Bob McDonnell signed into law Virginia's first-ever tax credit legislation for the motion picture industry. He officially signed two bills: SB 257 and HB 861. Designed to recruit the production of television, film, documentaries and interactive digital media to Virginia, this legislation was part of the Governor's "Jobs and Opportunity" economic development agenda. Read more online at www.vscpa.com.
National News
A Matter of Interest: IRS Needs to Process Paper Checks More Quickly, Report Finds
The Internal Revenue Service (IRS) is not promptly processing taxpayer checks, resulting in the government losing the benefit of interest earned on timely payments, according to a report publicly released today by the Treasury Inspector General for Tax Administration (TIGTA). Although the IRS is generally scanning checks and accurately posting checks to taxpayer accounts, only 13 percent of the 770,504 payments reviewed by TIGTA payments were deposited the next business day, resulting in a loss of $695,115 in interest on the payments that were not promptly processed. Read more online at www.vscpa.com.
Can We Keep Our Health Care Plan? New Regulation Issued on “Grandfathered” Health Plans
The U.S. Departments of Health and Human Services, Labor and Treasury this week issued a new regulation that protects the ability of individuals and businesses to keep their current health care plan while providing important consumer protections that give Americans control over their own health care. Read more online at www.vscpa.com.
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