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Off by $10 million-plus; theft by template; coupons, strawmen and the eclipse; and other highlights of recent tax cases. Suffolk, Va.: Preparer Kevin Towns, 44, has been sentenced to 40 months in prison for his role in a fraud scheme that prepared hundreds of false returns that resulted in a loss of approximately $1.6 million […]
Courtesy of GASB The Financial Accounting Standards Board has released an exposure draft of proposed guidance aimed at clarifying the consolidation guidance in Topic 810. Stakeholders had raised concerns that the current guidance was “difficult to understand and navigate,” according to the board, so it has proposed a number of amendments that would reorganize and […]
The IRS has released Revenue Procedure 2017-52, which introduces an 18-month pilot program to accept letter ruling requests addressing the general federal income tax consequences of transactions intended to qualify as tax-free stock distributions. This rev proc introduces the program expanding the scope of letter rulings available from the IRS to include for a period […]
Patrick T. Fallon/Bloomberg KPMG LLP is coming under increasing pressure in South Africa over work done for the wealthy Gupta family, with Finance Minister Malusi Gigaba calling on all government entities to review work with the auditing firm. An influential business lobby group suspended the company’s membership and the governor of the central bank said […]
Companies that took advantage of the chance to practice filing sensitive information with the U.S. Securities and Exchange Commission might wish they hadn’t. While the SEC is providing few details, the regulator did say the hack of its online database of corporate filings targeted what the agency calls its test Edgar system. It lets startups […]
The Financial Accounting Standards Board voted Thursday to add three more projects to its technical agenda in the areas of liabilities and equity, financial performance reporting, and segment reporting. The first project aims to distinguish liabilities and equity to improve understandability and reduce complexity, without sacrificing the information that users of financial statements need. It […]
Most everyone is intrigued by the future, including me. Yet firm leaders need to also focus on the present. It is easy to get distracted by the past or the future as both are interesting and enlightening. Many firm leaders’ biggest challenge is to overcome procrastination and focus on the positive behaviors today that will […]
The vulnerability of governments and businesses to cyberattacks was exposed again Wednesday when a top U.S. financial regulator said hackers had breached its electronic database of market-moving corporate announcements, and may have profited from the information they stole. The hack of an aspect of the U.S. Securities and Exchange Commission’s Edgar filing system occurred last […]
Senators Bob Corker and Pat Toomey, two Republican members of the Senate Budget Committee, said they have agreed to a tentative deal to craft a budget that would allow “headroom” for a significant tax cut, though they didn’t specify the size of the reduction. Corker and Toomey had disagreed over allowing a budget that would […]
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