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It was a shocking, and seemingly improbable, figure. Eight months into the coronavirus pandemic — and the brutal economic collapse it triggered — California’s budget watchdog said the state was poised to pocket a windfall of some $26 billion. Just as New York and Connecticut had revealed weeks earlier, tax revenue was coming in at […]
President-elect Joe Biden had one of the most progressive tax plans of any presidential platform, and activists are trying to make sure the momentum doesn’t stop there. But Biden won’t have decisive Democratic majorities in the House and Senate to work with, making grand plans tough to enact. At best, Democrats could have only narrow […]
China-based Luckin Coffee Inc. has agreed to pay a $180 million penalty to settle charges from the Securities and Exchange Commission that it defrauded investors by materially misstating its financials. The SEC’s complaint says that, from April 2019 through January 2020, Luckin made up more than $300 million in fake retail sales, and that some […]
The Financial Accounting Standards Board has issued a proposed Accounting Standards Update that it hopes will create more consistency around how businesses account for revenue contracts with customers that they have acquired. Current GAAP does not provide specific guidance on contract assets and liabilities that are accounted for under Topic 606, “Revenue from Contracts with […]
Texas firm Calvetti Ferguson LLC announced its plans to acquire Mark M. Jones Associates RLLP. Terms of the deal were not disclosed, but it is expected to raise Calvetti Ferguson’s headcount to more than 140 in Houston, Dallas, Fort Worth and San Antonio. “This acquisition is ideal because we will be able to increase our […]
Accounting Today has issued a call for submissions for its 2021 Top New Products report. The report, which will appear in February, will recognize the best new and significantly improved products aimed at tax and accounting professionals, as judged by the editors of Accounting Today. Products for consideration must be designed for the tax and […]
The Internal Revenue Service is beefing up its controls to safeguard against improper self-employed retirement deductions, according to a new report. The report, from the Treasury Inspector General for Tax Administration, found the IRS has made strides in its ability to detect taxpayers who deducted contributions made to self-employment retirement accounts but who didn’t have […]
The Internal Revenue Service cautioned electronic return originators Monday about a new identity theft scheme aimed at holders of Electronic Filing Identification Numbers from fraudsters posing as IRS contractors. The IRS said the fraudsters suggest they are contacting the EROs to verify or check on their EFIN acceptance letter. The scammers may then ask the […]
Fraud is continuing to increase this year, in part due to the COVID-19 pandemic, according to a new survey by the Association of Certified Fraud Examiners. The report found that 79 percent of anti-fraud professionals have seen an increase in the overall level of fraud as of November, compared to 77 percent in August and […]
Hong Kong has received the first access to financial audits from mainland Chinese companies, an issue that has vexed relations between the U.S. and China and threatens to lead to the delisting in New York of giants such as Alibaba Group Holding Ltd. As part of a 2019 understanding with the Chinese Finance Ministry, the […]
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