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The Internal Revenue Service’s Criminal Investigation unit spent more than $1.3 million in fiscal year 2018 on undercover confidential operations, including travel costs, according to a new report. While those expenses were mostly backed up by sufficient documentation, the controls over them could be improved. The report, released Monday by the Treasury Inspector General for […]
Mute points; a twist on taking the AOTC; abolishing estate exclusions; and other highlights from our favorite tax bloggers. Hero hour Tax Foundation (https://taxfoundation.org/blog): The Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act, a draft released Tuesday by Democrats in the U.S. House of Representatives, is the first bid to provide additional economic relief […]
Management accountants and CFOs can play an important role in guiding companies through the strategic options available to cope with the COVID-19 pandemic. A recent Statement on Management Accounting report, “Strategic Analysis—Methods for Achieving Superior and Sustainable Performance,” discusses how management accountants and CFOs can lead strategic analysis and planning to improve the performance of […]
In March, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act to help stabilize the U.S. economy in the wake of COVID-19. Included in the Act, and little noticed by the general public, are provisions that exempt companies from complying with two accounting standards issued by the Financial Accounting Standards Board. One provides […]
The Internal Revenue Service is bringing in 3,500 telephone operators to deal with the flood of calls about economic impact payments from taxpayers waiting for their money from the IRS. The $2 trillion CARES Act that Congress passed in March included provisions to give individual taxpayers $1,200 each, $2,400 for couples, plus an extra $500 […]
Big Four firm KPMG has created a dynamic, risk-based policy and technical framework to help organizations bring employees back to the workplace, following the end of shelter-in-place mandates nationwide. The platform provides a technology-enabled and data-driven assessment of COVID-19-related impacts within a community, along with an evaluation of the challenges that individuals and their employers […]
American companies that moved their official headquarters offshore to avoid U.S. taxes could qualify for coronavirus aid from the Federal Reserve, tax lawyers say, raising new questions about which firms should get access to public money. Under guidelines published by the Fed, companies that engaged in so-called corporate inversion transactions while maintaining meaningful U.S. operations […]
China’s securities regulator blacklisted six executives for their role in a $4.2 billion accounting scandal at Kangmei Pharmaceutical Co., one of the country’s biggest drugmakers. The ban includes Kangmei’s chairman at the time and five others, who won’t be allowed to participate in the securities market or take positions as executives or board members at […]
Client attrition is the issue that’s keeping the most accounting firm leaders up at night amid the upheavals of the coronavirus pandemic, according to a new survey — even as a third of those leaders struggle to balance their work with the new personal responsibilities brought on by the new environment. The research, conducted by […]
RSM graduates third class in Industry Eminence program; Brown Smith Wallace raises money to feed health care workers; and more CPA news.
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