We at the AICPA strongly urge
policymakers and the public to thoroughly understand the issues surrounding
Social Security reform before taking a position.htm, covers the following issues:
* The current financial condition of Social Security
* The relationship between Social Security and the elderly living in
poverty
* The redistribution of income inherent in the current system and how
changes might affect that in the future
* How changes to the current system might affect decisions about when to
retire, the amount of work performed in retirement and personal savings
rates
* The tradeoff between additional risk and higher rates of return
* Potential issues related to transition funding

The report addresses many of the current reform proposals and explores the
benefits and drawbacks of each.S.

concepts aicpa

In-Depth Report Provides Extensive Discussion and Data
on Social Security Reform Ramifications

WASHINGTON , The American Institute of Certified
Public Accountants (AICPA) released today a comprehensive analysis of the
factors that should be considered for Social Security reform.

reference 000

language student

5 trillion to pay
anticipated future benefits over the next 75 years.

terminology dictionary

Visit http://www.org and use the CPA Locator to find a CPA in
your area. Students and educators can visit PICPA's specially
designed site http://www.

reference accountants

student terms

186;
Maureen Renzi, communications director, ext.
The goal of the report is to provide unbiased facts on the degree of the
Social Security program's financial problem and the impacts on the economy and
society.

terminology plain

"
The American Institute of Certified Public Accountants
(http://www.

tool most

Department of Education. PICPA is the second-
oldest and fifth-largest state CPA organization in the United States. To find
a member CPA in your area, visit our Web site at http://www.

Contact the PICPA at (215) 496-9272.

accountants cpa

picpa.org. It also develops and grades the Uniform CPA
Examination.

glossary language

In this report, developed by numerous economic, tax and accounting
experts at the AICPA who have been examining this issue, the AICPA urges that
before anyone takes a specific position on the issue, that policymakers and
the public need to gain an ongoing and clear understanding of the economic and
social ramifications affecting Social Security reform.aicpa.

dictionaries complete

private auditing standards .

institute plain

S. Current actuarial calculations
indicate that the Trust Fund will need an additional $3.aicpa .org/members/socsec.

indexed dictionary

newscom.org to get the latest information about
careers in accounting and the CPA profession. "Therefore it is most important that changes
be made carefully and with a thorough analysis of the issues.

most certified

The tuition deduction is taken as
an adjustment to gross income, which means this deduction can be claimed even
if you do not itemize. There are also restrictions for
those with an income above a certain level and those whose graduate school
programs do not participate in student aid programs administered by the U.

language student

picpa.

AICPA Issues Report on Social Security Reform Exploring Issues and Alternatives

org) is the national, professional organization of CPAs,
with approximately 350,000 members, including CPAs in business and industry,
public practice, government, and education; student affiliates; and
international associates.

dictionary language

The intent of
this publication is to provide a tool that will aid in this important debate.
"The viability of the Social Security system affects the futures of most
Americans," said Ochsenschlager.

learning student

(Logo: http://www.

language reference

To make sure you get the most of your tuition and fees deduction, contact
a CPA. We believe our
study adds that knowledge to the debate.

dictionaries concepts

Tax Deduction for Tuition and Fees: Who Qualifies and How?

Qualified education expenses for yourself, your
spouse, or a dependent are deductible, so long as another person cannot claim
the exemption for you as a dependent. 185;
or e-mail mediaresources@picpa . CPAs are trained and
qualified to evaluate facts and figures and offer to the public an objective
perspective to what is an important and emotional debate.

reference terminology

complete institute

com/cgi-bin/prnh/20011030/PICPALOGO )
The 2004 deduction can reduce the amount of income that is subject to tax
by up to $4,000 , $1,000 more than in 2003.org and
click on CPA Locator.
Tom Ochsenschlager, AICPA Vice President -- Taxation said, "The debate
surrounding Social Security reform brings to the forefront philosophical
differences, varying opinions, and the age old trade-offs between fairness,
simplicity, economic growth and social policy.
The report, available electronically at
http://www.

000 subject

Deduction for 2004 is $1,000 Higher than Previous Year

PHILADELPHIA, Those paying college tuition bills
need to know about the tuition and fee tax deduction, and how it can lower
their taxes, says the Pennsylvania Institute of Certified Public Accountants
(PICPA).
The expenses that qualify include tuition and fees, but not books or
living expenses, such as room and board.

language dictionaries

Founded in 1897, the Pennsylvania Institute of Certified Public
Accountants is a professional association of more than 19,000 CPAs who work in
public accounting, industry, government, and education.CPAzone .
Meg Killian, communications manager, ext."
The catalyst for the Institute's report is the Social Security
Administration's estimate that the Social Security Trust Fund balance will
peak in 2028 and be exhausted by 2041. It sets ethical standards for the profession and
U.

student terminology

Benefits will then be limited to the
then current cash flow into the system.

accounting dictionary

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