The New York State Education Department’s Quality Review Oversight Committee approved on Feb. 8 the NYSSCPA as a sponsoring organization that may administer and oversee mandatory quality reviews in New York State.

The PCAOB has imposed a $2 million civil money penalty against Ernst & Young and sanctioned four of its current and former partners for violating board rules and standards, according to a Feb. 8 statement.

Receiving little publicity among more high-profile financial changes in 2011 was a new law (bills S5637 and A8223-A) that exempts the sales and use of certain electronic news services and electronic periodicals from state and local sales and use taxes (sales tax).

Four days after the initial deadline, California and New York have finally agreed to sign on to the multi-billion dollar settlement with the nation’s five largest banks after being among the deal’s harshest critics as it was negotiated, according to Bloomberg. With these two large states in on the agreement, the settlement, which would go toward homeowner relief programs, could be valued as high as $39 billion, continued Bloomberg.

Nashville singer Britt Savage has found that the Child and Dependent Care 1040A form is useful for more than just reporting the expenses and benefits that come from taking care of children and other dependents during the course of your tax year. It also makes for a mighty fine pink dress.

In a recent Tax Tip notice, the IRS has reminded taxpayers to file the right forms if there's been a name change due to marriage or divorce. "A mismatch between the name shown on your tax return and the SSA records can cause problems in the processing of your return and may even delay your refund," says the notice.

Federal Reserve Chairman Ben Bernanke quashed any irrational exuberance that anyone might have been feeling by noting that the current labor market not only isn’t normal, but probably will not be normal for at least a few more years, according to Bloomberg.

State attorneys general from 40 different states have accepted the terms of a $25 billion settlement from the nation’s largest banks over their role in the financial crisis, though New York and California, who have been seen as key players in the deal, have not, according to the Los Angeles Times, though this does not prevent them from signing on later.

While the deadline for the proposed $25 billion settlement with the nation’s largest banks over their roles in the economic crisis hits at the close of business today, some of the biggest state players, including California and New York, have yet to officially come on board for the deal, according to the Washington Post, a move that will significantly reduce its value.

The Public Company Accounting Oversight Board announced yesterday that it would hold a two-day public meeting in March to receive input on auditor independence and audit firm rotation.