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New York taxpayers sent about $24 billion more to the U.S. government last year than the state got back in federal spending, Comptroller Thomas DiNapoli reported Wednesday. The state generated almost $250 billion for the federal treasury in the 2017 federal fiscal year ending Sept. 30, 2017 — $12,588 per person — or about 30 […]
The Securities and Exchange Commission and the Internal Revenue Service are offering regulatory relief and assistance for victims of Hurricane Michael, as well as extending tax-filing deadlines and making it easier to provide low-income housing for people affected by the devastating storm. Hurricane Michael devastated the Florida Panhandle, particularly the cities of Mexico Beach and […]
The Public Company Accounting Oversight Board said Tuesday that Deloitte Canada has been ordered to pay a $350,000 fine for failing to maintain its independence during three consecutive audits of a Canadian gold-mining company, Banro Corporation. Deloitte Canada also agreed under the order to be censured and to go through a review of its independence […]
Now that public companies have begun complying with the new revenue recognition standard and private companies will need to implement it in the next few months, the underlying challenges are becoming more apparent in comment letters from the Securities and Exchange Commission. “The majority of the comments that we’ve seen, both for the early adopters […]
The American Institute of CPAs presented testimony Tuesday during a hearing conducted by the Treasury Department and the Internal Revenue Service about the proposed regulations for implementing the qualified business income rules under the Tax Cuts and Jobs Act. Photo: AICPA The new rules relate to claiming the 20 percent deduction for pass-through entities under […]
Grant Thornton UK LLP said Monday that its CEO, Sacha Romanovitch, will not stand for re-election for a second term and will step down after a successor is appointed before the end of this year, as the firm weathers an accounting scandal at one of its clients, bakery shop chain Patisserie Holdings. Romanovitch has been […]
PricewaterhouseCoopers has teamed up with OneStream Software to make the latter’s corporate performance management software available to the Big Four firm’s clients, while PwC will offer services to OneStream customers. OneStream caters to large enterprises, including Fortune 500 companies, a market also served by PwC. The alliance combines PwC’s skills with OneStream’s OneStream XF SmartCPM […]
Nvoicepay has been building a payment system that can work with accounting and enterprise resource planning technology to automate bill payments. “We’ve had about $28 billion go through our network in terms of payment volume,” said Nvoicepay CEO Karla Friede during a recent visit to Accounting Today’s offices. “We tend to serve larger and larger […]
Patisserie Holdings Plc finance chief Chris Marsh was arrested as U.K. fraud prosecutors opened a probe into an accounting scandal that threatens to shutter the cake baker’s 200-plus stores. Rich Press/Bloomberg The owner of the Patisserie Valerie chain said in a statement Friday that Marsh was arrested overnight and has been released on bail. The […]
Jay Schulman, principal in the Chicago office of RSM US, was named national leader of blockchain and cryptocurrency services. He will lead the firm’s efforts to help clients account for the regulatory, tax and trade, auditability, risk and compliance implications related to global transactions and exchanges. Joe Meyer (pictured) was appointed president at Selden Fox, […]
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