The American Institute of CPAs and the Chartered Institute of Management Accountants are proposing a joint venture to create a new designation for management accountants worldwide. However, to hold that designation in the United States, a person would also have to be a CPA, which appears to mean the proposal would put it into the same market as the Certified Management Accountant credential from the Institute of Management Accountants. Read more...

Jackson Hewitt has canceled its earnings conference call for the third quarter ended January 31 as the company and its lenders talked about restructuring its balance sheet. A document filed with the SEC said this could include a "pre-packaged bankruptcy." That statement came despite a return to profitability and a rise in revenue by the tax preparation chain. The SEC filing said the parties must execute the deal by April 29 or the lenders could declare the company in default on its loans.

Although RSM McGladrey reported a 4-percent drop in revenue for the third quarter ended January 31, the firm's purchase of Caturano last year boosted tax services revenue by 5.4 percent. Meanwhile, cost-cutting helped McGladrey post an operating profit of $8.59 million, a rebound from a loss of $11.2 million in last year's corresponding period.

Intuit is testing QuickBooks Online in the United Kingdom and is looking for a way to get into the retail market there as part of its plan to grow its largely American business in other countries. Those were some of the remarks made by Matt Rhodes, Intuit's director of investor relations at a UBS Technology Conference in London this week.