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The Internal Revenue Service’s Whistleblower Program made 217 awards to whistleblowers totaling $312,207,590 and collected $1,441,255,859 in fiscal year 2018, according to a new report. The annual report from the IRS Whistleblower Office said the number of awards paid under section 7623(b) of the Tax Code increased 14.8 percent in fiscal year 2018, compared to […]
Not ready for Primetime; copping a plea; preying on Puerto Rico; and other highlights of recent tax cases. Minneapolis: Tax preparer Kenneth Mwase has been sentenced to 121 months in prison for managing and directing a fraudulent prep business. Mwase, a.k.a. Chatonda Khofi, 54, of St. Paul, Minn., pleaded guilty to one count of conspiracy […]
Centage Corporation, which makes cloud-based budgeting, forecasting, analytics and reporting solutions, has raised a Series C funding round of $8.5 million. The company also recently entered into a partnership with Acumatica, a provider of cloud-based ERP business management software solutions, to provide Centage’s Maestro Suite to Acumatica’s customers. Centage plans to use the money to […]
Take a quick look at the email exchange below: Charla: “Kyle, can you do a call at 9 am tomorrow?” Kyle: “I have a meeting at 9. How about 8:30?” Charla: “That should be fine. You will call Larry’s cell phone at …” Seems pretty routine, right? This is where professional service firms tend to […]
The Organization for Economic Cooperation and Development is making progress on dealing with the tax challenges of the digital economy with a goal of arriving at a new consensus-based long-term solution in 2020. The OECD announced last week that the countries and jurisdictions participating in the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, […]
The Association of Chartered Certified Accountants is partnering with the International Federation of Accountants on a series of videos and written case studies highlighting success stories in the area of financial management in the public sector around the world. Courtesy of IFAC The two global accounting organizations want to show how strong public financial management […]
The American Institute of CPAs is asking the Internal Revenue Service and the Treasury Department for additional penalty relief for taxpayers who didn’t get around to adjusting their withholding and estimated tax payments last year after the changes in the Tax Cuts and Jobs Act. The IRS agreed last month to provide penalty relief in […]
Philly and Wayfair; better ways to tax the rich; how long to keep records; and other highlights from our favorite tax bloggers. That’s rich Bloomberg BNA (https://www.bna.com/news/#!topic=taxtype=blogpostpage=1): Philadelphia’s new regulation applying Wayfair-like economic nexus to income taxes and the potential criminal activities swirling around the city’s soda tax have definitely drawn the attention of tax […]
Prager Metis CPAs, a Top 100 Firm based in New York, has extended its footprint in Florida and New Jersey by merging in Beck, Villata Co., P.C., effective Jan. 16, 2019. Financial terms of the deal were not disclosed. Prager Metis’ 2018 revenue was $97,034,000. The firm ranked 53rd on Accounting Today’s 2018 list of […]
Three-quarters of companies that have made the accounting changes required by the new revenue recognition standard have seen their costs increase, and most of them are using manual workarounds, according to a new survey by Ernst Young. EY’s poll found that 75 percent of companies reported that total costs since their revenue recognition program was […]
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