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The balance sheet: As financial professionals, we certainly know our way around this report, since it displays a client’s financial assets and liabilities. However, one very important item the balance sheet doesn’t show is time — one of a client’s most valuable assets. As CPAs, time is one of our most important assets as well. […]
Coming up roses; gettin’ out of Dodge; extra-judicial income; and other highlights of recent tax cases. Rosedale, Maryland: Preparer Jonathan Hebb, 43, has pleaded guilty to two counts of filing a false income tax return. From January 2013 through March 2017, Hebb prepared and filed state income tax returns, for a fee, for numerous Maryland […]
K2 Enterprises’ annual Quality Awards are given to accounting technology products that display innovation, and over the past two decades of their existence, that feat has become more difficult and exciting to achieve. This year’s school of winners are no slouches, however, and provide invaluable services to the accountants that use them. “The creators of […]
The deadline is approaching soon for many businesses to file their reports on unclaimed property, and increasingly, they might want to include reports about lost bitcoins and forgotten cryptocurrency passwords. Banks, insurers, retailers and state government agencies are often required to report and remit unclaimed funds, such as unused gift cards. With the rise of […]
Public companies and their audit committees are revealing far more about their auditing firms, audit fees and audit partners this year, according to a new report from Ernst Young. The EY Center for Board Matters released a report last week, “What audit committees are reporting to shareholders in 2019,” about the types of information about […]
I was watching a story on the news recently about a high-end retailer and their efforts to capture in-store customer behavior data. The retailer used the data to improve the customer experience by recommending relevant products based on those behaviors. Here’s how the story went: Ceiling-mounted video cameras scan customers as they walk in the […]
The Internal Revenue Service needs to have a better strategy for determining the tax compliance or noncompliance of corporations that do mergers and acquisitions, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted that corporate MA deals can be large, complex transactions that potentially have big tax implications. […]
Preparer penalties; busted Congress; new NTA on passport certification; and other highlights from our favorite tax bloggers. Unreasonable positions Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): In United States v. Severino, the 11th Circuit affirmed a tax preparer’s convictions and 65-month sentence for aiding and assisting in the preparation of false tax returns, wire fraud and aggravated identity […]
Bitcoin and other cryptocurrencies, referred to as convertible virtual currencies or CVCs, have been held and traded for a number of years by U.S. taxpayers. In 2014, the Internal Revenue Service issued a notice that it considered CVCs to be property and not fiat currency. As a result, any sale or exchange of CVCs or […]
The American Institute of CPAs has released a practice aid to help auditors with the allowance for credit losses under the Financial Accounting Standards Board’s new standard for measuring credit losses on financial statements. The practice aid, Allowance for Credit Losses — Audit Considerations, focuses on loans measured at amortized cost for depository and lending […]
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