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Almost one out of two large global companies experienced some form of fraud, theft, money laundering or other financial crime in the past year, according to a new report. The report, from Thomson Reuters surveyed more than 2,300 senior business leaders and found that 47 percent of them admitted their organization had experienced at least […]
New phishing emails from scammers are posing as state accounting and professional associations to lure tax pros into volunteering sensitive info, the IRS said. Tax professionals have reported getting emails that tried to trick them into disclosing their email usernames and passwords. Cybercriminals targeted tax pros in Iowa, Illinois, New Jersey and North Carolina. The […]
The Public Company Accounting Oversight Board censured Deloitte Touche LLP and imposed a $500,000 penalty against the Big Four firm for overlooking material accounting errors during three consecutive audits of Jack Henry Associates, Inc., a Missouri-based IT provider for banks and credit unions. The PCAOB charged Deloitte with violating its rules and auditing standards in […]
Vena Solutions, which makes Excel-based, cloud accounting and corporate performance management software, has issued its latest product update, with 40 feature enhancements, including full integration with Microsoft Office 365. Better usability is the focus of Vena’s new release. The enhancements include: Full Office 365 integration: Manage data with Office 365, from viewing reports to multi-user […]
The Internal Revenue Service and the Treasury Department said Wednesday they intend to issue proposed regulations to address the question of deductibility of state and local tax payments, as states begin to provide ways to expand the limits on the state and local tax deduction imposed by the new tax law. In recent months, high-tax […]
The House Ways and Means Tax Policy Subcommittee held a hearing Wednesday on how the new tax law is affecting small businesses, hearing testimony from a CPA firm owner and others. Larry Gray, owner of Alfermann Gray Co, CPAs LLC, a tax prep firm in Rolla, Missouri, testified about the new 20 percent pass-through deduction. […]
A divided U.S. Supreme Court ruled that employers, including Ernst Young, can force workers to use individual arbitration instead of class-action lawsuits to press legal claims. The decision potentially limits the rights of tens of millions of employees. The justices, voting 5-4 along ideological lines, said for the first time Monday that a 1925 federal […]
Frankfurt prosecutors confirmed that they have charged six people — including three former London-based investment bankers — for allegedly getting improper refunds on dividend tax. The charges cover 61 short sales of shares of companies listed on the German benchmark DAX that took place between 2006 and 2008. The trades were valued at 15.8 billion […]
The Public Company Accounting Oversight Board said Tuesday that chief auditor and director of professional standards Martin Baumann plans to leave by the end of the month, the latest in a series of changes in personnel at the PCAOB in recent months. Last Friday, the board announced that Helen Munter, director of registration and inspections, […]
Daniel Acker/Bloomberg In the future, the 2018 filing season may be remembered with nostalgia. “Wave goodbye to tax seasons of old,” said Roger Harris, president of Padgett Business Services. “This was the last filing season as we know it, because next year it will be totally different.” Many preparers spent more time explaining to taxpayers […]
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