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It is a question that always arises in the wake of any high-profile fraud: How could this have happened? Too often, responsibility for fraud is passed along like a hot potato among members of the management team, outside consultants and the board. Ultimately, senior management has the responsibility to detect and prevent fraud. Unfortunately, according […]
The Internal Revenue Service said Wednesday it would automatically waive the estimated tax penalty for over 400,000 eligible taxpayers who have already filed their 2018 federal income tax returns but didn’t claim the waiver. Earlier this year, in response to complaints from taxpayers who discovered they hadn’t withheld enough from their paychecks last year after […]
Few ideas in the last decade have provoked as much excitement — or as much misinformation — as the introduction of artificial intelligence in tax and accounting. Starting around 2015, the business world became captivated with the technology, drawn in by headlines that ran the gamut of emotion from hype (HR Block is Using AI […]
Todd and Julie Chrisley, the stars of the reality TV series “Chrisley Knows Best,” were indicted by a federal grand jury in Atlanta on charges of tax evasion, bank fraud, wire fraud and conspiracy, while their accountant Peter Tarantino was also indicted on tax-related charges Tuesday. Their show, which revolves around the lives of Todd […]
Meat could be a target for higher taxes given criticism of the industry’s role in climate change, deforestation and animal cruelty, according to a report by Fitch Solutions Macro Research. The idea is still in its infancy and faces a lot of opposition from farming groups, but it’s emerging as a trend in Western Europe, […]
Accountants are delving into the complexities of digital currencies such as Bitcoin and Ethereum to help their clients keep track of cryptocurrency assets and transactions, as well as the tax consequences, according to a new report. The survey was conducted by Blox, a crypto accounting platform, polling a group of tax and law professionals about […]
The leaders of the Senate Finance Committee issued three summary reports from their internal task forces examining what to do about the perennial problem of temporary tax breaks that need to be extended every few years. Even though the PATH Act of 2015 and the Tax Cuts and Jobs Act of 2017 were supposed to […]
Companies doesn’t need to be haunted by ghost assets. And yes, ghost assets are very real and can have a scary impact on the bottom line. What is a ghost asset, you ask? Well, it’s a fixed asset in a general ledger that cannot be accounted for because it is physically missing or otherwise rendered […]
The American Institute of CPAs and the National Association of State Boards of Accountancy have teamed up on a new initiative to protect professional licensing for CPAs, while also making strides on a related effort to update the CPA licensure and examination process with more advanced technology skills to meet the changing needs of businesses […]
Auditing firms that tend to find material weaknesses in companies’ internal controls are seen as less attractive in the audit market, according to a new study. The study, by Stephen P. Rowe and Elizabeth N. Cowle of the University of Arkansas, looked at 13 years of data from 885 local offices of 358 audit firms […]
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