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Clawbacks on incentive-based compensation for executives could lead to misconduct and misreporting of financial results, according to a new academic study. The study, by Jennifer E. Nichol of Northeastern University, examined trends such as the clawback provisions of the Dodd-Frank Act of 2010, as well as penalty clauses in executive compensation contracts. The paper, which […]
The Internal Revenue Service tends to impose relatively few accuracy-related penalties during audits of large businesses, according to a new report. The report, from the Treasury Inspector General for Tax Administration, noted accuracy-related penalties are generally 20 percent of the underpayment of taxes due, and in certain cases, the penalty can be as high as […]
The Securities and Exchange Commission has added fraud charges to its previous charges against Longfin Corp., a defunct company that used to promote cryptocurrency and went public under dubious circumstances. Image: Bloomberg The SEC filed a fraud action Wednesday against both Longfin and its CEO, Venkata Meenavalli, who it alleged conducted a fraudulent public offering […]
The Internal Revenue Service issued a warning Friday to taxpayers who haven’t yet filed their 2018 tax returns that they will face higher tax penalties if they owe taxes and haven’t filed by June 14. Andrew Harrer/Bloomberg The IRS lowered the threshold for imposing underwithholding and underpayment penalties earlier this year during tax season because […]
Grant Thornton said late Friday that its CEO Mike McGuire will be transitioning into a CEO emeritus role, where he will serve as a “brand ambassador” for the firm, starting August 1, and the firm will be led by Bradley J. Preber as interim CEO elect. Preber is currently chairman of the Partnership Board, which […]
Courtesy of Wipfli LLP Kurt Gresens was named managing partner at Wipfli, Milwaukee, effective June 1, after being elected by the firm’s partners. Gresens is succeeding Rick Dreher, who is completing a 13-year tenure as the firm’s managing partner and chairman of the board. Kelly Fisher took over Gresens’ current role of practice partner, also […]
President Donald Trump’s trade wars have already wiped out all but $100 of the average American household’s windfall from Trump’s 2017 tax law. And that’s just the beginning. That last $100 in tax-cut gains also could soon disappear — and then some — because of additional tariffs Trump has announced or is considering. If the […]
No one has better visibility into the finances of a small business than their accountant. As someone with a birds-eye view of your client’s cash flow, you are in an ideal position to identify patterns, spot warning signs and flag opportunities. This financial insight can be crucial for a small business that is trying to […]
In a landslide vote of 417 to 3 on May 23, the House overwhelmingly voted to approve the SECURE (Setting Every Community Up for Retirement Enhancement) Act and send it to the Senate. This bipartisan bill has been in the news because it puts an end to “stretch IRAs” as we know them. However, what […]
A pair of lawmakers in Congress, Rep. Judy Chu, D-Calif., and Vern Buchanan, R-Fla., introduced bipartisan legislation Wednesday to fix a problem in the Tax Cuts and Jobs Act that makes it difficult for performing artists to deduct their work-related expenses. The bill, known as the Performing Artist Tax Parity Act, would update the Qualified […]
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