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Just because you have years of experience in an activity and have made an occasional profit at it doesn’t mean you have a profit motive, according to the Tax Court. And without a profit motive, you don’t get to deduct losses from the activity. According to a recent Tax Court ruling in Stettner, T.C. Memo […]
In a somewhat surprising decision, a unanimous Supreme Court (with new Justice Neil Gorsuch not participating) overturned the consistent views of three circuit courts, the Third, Seventh and Ninth, and sided instead with the interpretation of three federal agencies, the Internal Revenue Service, the Department of Labor and the Pension Benefit Guaranty Corp., to hold […]
(Bloomberg) Moses Kgosana, who was due to take the role of Alexander Forbes Group Holdings Ltd. chairman at the end of August, withdrew from the position after allegations emerged related to his tenure as chief executive officer and senior partner at KPMG South Africa. KPMG South Africa failed to raise alarms when businesses controlled by […]
I have always tried to run my practice as the business that it was. As such, I used certain numbers or metrics to evaluate how I was doing. I did this when I started out and every step along the way as my practice grew. I always had numbers—when I was moonlighting I kept “score” […]
(Bloomberg) The U.K. Financial Reporting Council opened an investigation into PricewaterhouseCoopers LLP’s audits of BT Group Plc over three years following an accounting scandal in the carrier’s Italian unit that led to a writedown of 530 million pounds ($687 million). The review will cover fiscal years ending in March 2015 through 2017, the council said […]
Marketing an accounting firm to prospective clients can be a challenge. Time spent compiling statements or preparing for an audit is often memorable, but not always for the right reasons. Yet, with the right mix of brand assets, marketing tools, and outstanding customer service, you can make your accounting practice more memorable and create a […]
The financial reporting process keeps 97 percent of CFOs awake at night, according to a recent survey, with only 3 percent of the senior finance execs polled saying they don’t lose any sleep over their organization’s reporting processes or deadlines. The survey, by the financial reporting technology company Workiva and the business systems information provider […]
(Bloomberg) Senate Republican leaders trying to break a logjam on their proposed health-care legislation are working with congressional budget officials to examine the impact of various changes they’re considering, a process that could take about two weeks, according to a GOP aide. President Donald Trump complicated the delicate negotiations led by Senate Majority Leader Mitch […]
The Internal Revenue Service has created a new section on its IRS.gov website dedicated to information on the Country-by-Country Reporting rules of the Organization for Economic Cooperation and Development’s Base Erosion and Profit Shifting project, which aims to discourage tax avoidance by multinational companies. The new Country-by-Country Reporting web pages offer some background information, along […]
(Bloomberg) The former chief financial officer of American Realty Capital Partners Inc. was convicted of misleading investors by falsely inflating a key financial metric used to evaluate the performance of the real estate investment trust. Brian Block, of Hatfield, Pennsylvania, was found guilty Friday by a federal jury in Manhattan following a trial that began […]
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