Bulloch, DuPertuis, Schulman, Seger & Co.

“President Obama summoned House Speaker John A. Boehner to the White House on Thursday, but their talks over the looming ‘fiscal cliff’ failed to break the impasse over taxes and clear the way for a deal to head off painful austerity measures set to hit in January.”

Obama is pressing to increase the two upper tax brackets from 33 and 35 percent to 36 and 39.6 percent, which would affect small businesses who report $200,000 or higher in business income in 2013. “Republicans staunchly oppose any increase,” as it will prevent growth, job benefits, and opportunities for employment.

Time is running out for the White House and congressional leaders to reach an agreement regarding the fiscal cliff. However, there are now “written proposals from both sides now on the table, senior aides say the elements of a deal are coming into focus.”

“In a warehouse deep inside the Brooklyn Navy Yard, a small team of carpenters, electricians and engineers have secretly labored for months on an assembly system for turning tubular steel chassis into fully equipped apartments that can be stacked and bolted together at a construction site.”

“If you want to be the best in your industry, you have to get rid of your outdated management style. Here’s a list of ‘old school’ practices you ought to chuck, and ‘new school’ practices to champion instead.”

Shoppers are doing their holiday shopping earlier this year. They also bought more online than in past years. So far, retailers are seeing a solid start to the shopping season, with Walmart and Macy’s taking the lead.

“Some 41% of chief audit executives expect their budgets to increase in the [coming] year.” The increase is expected to be higher than in the previous four years, especially with new regulations and a greater need for internal auditors.

Gift tax rates are set to increase dramatically from 35 to 55 percent in 2013. Six weeks until the the year’s end, now is the time to lock down a flexible and legally solid estate plan or pass on a gift.

“Aside from senior management and audit committees, internal auditors need to manage relationships with operations executives, finance teams and external auditors, amongst others. This has made communication skills and how to properly nurture relationships an important part of the internal audit tool kit.”