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The Governmental Accounting Standards Board is circulating a pair of exposure drafts proposing accounting and financial reporting guidance pertaining to the capitalization of interest cost along with a proposed Implementation Guide discussing a variety of topics. The exposure draft on interest cost capitalization, Accounting for Interest Cost during the Period of Construction, proposes to clarify […]
The Association of Chartered Certified Accountants released a report Friday on the need for CFOs to develop technology roadmaps for their organizations to stay competitive in the global market. The report, Race for Relevance: Technology opportunities for the finance function, discusses the various technology opportunities and challenges facing CFOs, including advice from finance leaders around […]
Virtual currency owners experiencing the thrill of record high values should take note that the IRS is stepping up enforcement. Last week, a court ordered Coinbase to disclose information pertaining to more than 14,000 of its customers who have engaged in transactions involving bitcoin, and possibly other virtual currency transactions. According to its website, Coinbase […]
Wisconsin Vrakas acquires Radke Schlesner Details: Vrakas CPAs + Advisors has acquired Radke Schlesner, S.C., effective Dec. 1, 2017. The combined firm will have nearly 65 professionals providing assurance, tax, business advisory, valuation, technology, small business accounting and employee benefit plan services. Financial terms and revenue figures were not disclosed. Vrakas has 10 shareholders and […]
Sitting on a big gain after cashing out some bitcoin? Don’t forget the tax man! That’s the advice from two of the largest U.S. tax-preparation services, which are taking action to help clients—and potential clients—understand the implications of owning bitcoins and other crypto assets. Bitcoin surpassed $15,000 this month after beginning the year around $1,000, […]
HR Block is planning to offer a pair of new services that will provide taxpayers with online help from the tax prep chain’s professionals. HR Block CEO Jeffrey Jones described the two services during an earnings call Wednesday. “As tax preparation evolves, consumers are looking for new ways to get help,” he said. “To that […]
Strip-club credit; as is the mother; a rep for refunds; and other highlights of recent tax cases. Hammond, Ind.: Preparer Arthur Lee Smith Jr., 60, of Chicago, has been sentenced to 46 months in prison followed by two years of supervised release and been ordered to pay $313,871 in restitution after pleading guilty to filing […]
Although the story didn’t become publicly known until September, which made the event that much more egregious, one of America’s largest credit bureaus, Equifax, was hacked in March 2017. Although hacking events occur on an almost constant basis, and with increasing frequency as the years since the Internet was invented march on, this breach was […]
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