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A little off the top; noted; over the Edge; and other highlights of recent tax cases. Hemet, California: Preparer Dennis L. Reed II, 31, has been sentenced to 41 months in prison for defrauding the IRS out of more than $2.1 million by submitting phony tax returns, including ones that maximized fraudulent refunds through child […]
During tax season, a tax professional can be placed in the difficult position of trying to stop tax fraud after uncovering their employer or client committing fraud. In a healthy workplace culture, dissent is tolerated and indeed encouraged. But where an accountant, tax professional or tax attorney suffers retaliation for raising concerns about tax fraud […]
The new credit losses accounting standard is not expected to have a major impact on the loan loss reserves of most large publicly listed U.S. banks, according to Moody’s Investors Service. In a new report, the New York-based credit-rating agency said the accounting change is unlikely to alter Moody’s assessment of a bank’s credit strength. […]
As I speak to CPAs around the country, it’s becoming clearer and clearer to me that many accountants and business owners view the Financial Accounting Standard Board as something of a villain. Three different audience members — all mild-mannered accountants — at different events have actually said out loud to me, “FASB is the villain!” […]
Time is the biggest concern for practitioners heading into this year’s filing season, with two-fifths reporting in a recent survey that late client information and time compression are their main worries. No other worries ranked as high, according to research conducted as part of the monthly Accountants Confidence Index study that Accounting Today performs in […]
Citrin Cooperman, a Top 25 Firm based in New York, has continued its recent expansion streak in Southern California, snapping up LGSH LLP, its third firm in the Los Angeles area in recent months. The deal, which took effect Jan. 1, will give Citrin a location in the Encino neighborhood of Los Angeles and add […]
Tracking refunds; an extra deadline; the Advocate’s report; and other highlights from our favorite tax bloggers. Less than 100 days Sagenext (https://www.thesagenext.com/blog): There’s a lot in this week’s entry to calm taxpayers, but one note may not calm every preparer: “Can you believe that April 15th is less than 100 days from now!” Tax Girl […]
The Internal Revenue Service’s Whistleblower Office made 181 awards to whistleblowers in fiscal year 2019, totaling over $120 million, according to a new report, and collected more than $616 million thanks to the tips it received, but both those numbers represented a sharp drop compared to the previous year. The IRS Whistleblower Office released its […]
New Jersey Governor Phil Murphy signed legislation Monday giving small businesses in the Garden State a workaround for the $10,000 cap on state and local tax deductions under the Tax Cuts and Jobs Act. The Pass-Through Business Alternative Income Tax Act, which passed the New Jersey legislature last month, permits flow-through businesses in New Jersey, […]
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