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Michael Lynch, the former chief executive officer of Autonomy Corp., stepped down Friday as an adviser to U.K. Prime Minister Theresa May after he was charged with fraud by the U.S. The indictment stems from the British software maker’s 2011 sale to Hewlett-Packard Co. Prosecutors had long identified Lynch, 53, as a co-conspirator with his […]
The widow of a onetime Frenchman billionaire won a round of her fight against a criminal tax investigation linked to the Panama Papers leak that initially targeted her husband. Two years ago, French financial prosecutors opened a probe into Pierre Papillaud after his name appeared in press reports based on the leak of lawyers’ files. […]
The Internal Revenue Service has opened an Instagram account where it will share information on the latest tax topics, but probably not many selfies or kitten photos. The IRSNews account on Instagram will give taxpayers info about different tax subjects, especially as taxpayers face numerous tax law changes for the upcoming 2019 filing season related […]
Four professors of accounting at Brigham Young University are looking to make academic research more relevant to the real world, and they need practicing accountants to help. Their project, dubbed “Relevance of Accounting Research” (ROAR), is an academic research tool that allows accounting professionals to offer their input on research topics and articles most applicable […]
The Securities and Exchange Commission has been taking a close look at how Amazon.com has been adhering to the new revenue recognition standard, particularly with regard to its Amazon Prime revenue, and Amazon has been pushing back in response to the SEC’s comment letters. Amazon declined to provide the SEC with information about the revenue […]
Two firms in Southeastern Pennsylvania, Dunlap Associates PC, in Chalfont, and Seitz, Leatherman Kolb LLC, in Montgomeryville, are joining forces to create DunlapSLK, effective Jan. 2, 2019. The combined firm will have nine shareholders and 47 other team members. Dunlap Associates has five shareholders and a staff of 31, while SLK is contributing four shareholders […]
Initially, the Qualified Opportunity Zone provisions of the Tax Cuts and Jobs Act did not attract a great deal of attention. With past tax laws offering economic development zones and new markets tax credits, this just seemed like more of the same. However, as tax practitioners started looking into the details, they started getting very […]
The Internal Revenue Service has updated its voluntary disclosure procedures for taxpayers with previously undisclosed funds, instituting tougher procedures. IRS deputy commissioner for services and enforcement Kirsten Wielobob issued a memorandum last week that the IRS posted publicly Thursday, outlining the process for all voluntary disclosures following the closing of the IRS’s Offshore Voluntary Disclosure […]
The Tax Cuts and Jobs Act that Congress passed last December produced some winners and some losers among different categories of taxpayers. With Congress now considering new legislation to extend some expiring tax breaks along with correcting technical problems with last year’s tax overhaul and fixing the IRS, one company is providing a list of […]
The Internal Revenue Service issued proposed regulations Wednesday on foreign tax credits for businesses and individuals after major changes in last year’s tax overhaul. The proposed regulations offer guidance on calculating foreign tax credits, and include rules for allocating and apportioning deductions that determine taxable income from foreign sources. There is a rule that treats […]
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