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Three defaults and you’re out; scheme of several years; misstep by misstep; and other highlights of recent tax cases. North Brunswick, New Jersey: Preparer Juan Solano, 46, has been sentenced to a year and a day in prison for income tax evasion. Solano was the owner of JC Solano Tax Service; during 2016 he reported […]
Troubled commodities trader GP Global Group has “accounting irregularities” in its books, according to the restructuring adviser hired to salvage the company’s assets. In a presentation seen by Bloomberg News, FTI Consulting warned that unsecured lenders in the holding company for the group could expect to recover between 0 percent and 27.5 percent of their […]
Robert T. Brockman, a Houston software tycoon, was charged with using a web of Caribbean entities to hide $2 billion in income in what prosecutors called the largest U.S. tax case ever against an individual. Brockman, 79, used a family charitable trust based in Bermuda and other offshore entities to hide assets from the Internal […]
No one was prepared to have all their auditors and clients working from home. When the pandemic first hit this spring, we all had to improvise and do the best we could with the hand we’d been dealt. Somehow, we made it through the summer busy season, worn out but proud of what our teams […]
Unit4, which makes cloud ERP software, has released the latest version of its financial planning and analysis software, adding artificial intelligence-powered forecasting and planning functionality.Unit4’s new tool, Smart Forecaster, extends forecasting ability to business users across the enterprise. The tool uses historic data combined with influence factors and scenarios. Also new is the Solution Builder, […]
Deloitte, New York, was named one of the World’s Best Workplaces for 2020, ranking No. 22 on this year’s list. EY, New York, announced Chandra Pemmasani, founder and CEO of UWorld, was selected winner of the EY Entrepreneur of the Year Southwest Region Award, presented to entrepreneurs and leaders of high-growth companies from North Texas, […]
The Securities and Exchange Commission voted Friday to adopt amendments to its longstanding auditor independence requirements, relaxing restrictions on relationships between auditors and their clients as part of a deregulatory push by the SEC in recent years. The SEC said the amendments to Rule 2-01 of Regulation SX would “modernize the rules and more effectively […]
Accountants and tax professionals have been helping their small business clients deal with the economic fallout from the COVID-19 pandemic, shifting away from their routine compliance work after the end of the prolonged tax season. “We’ve been helping our customers for quite a few years make a transition from being purely compliance focused to being […]
The Internal Revenue Service is giving taxpayers until the end of the year before it stops its temporary procedures for faxing in Forms 1045 and 1139 for claiming tentative tax refunds, instead of mailing them, which it has allowed as part of its response to the COVID-19 pandemic. In April, the IRS began allowing taxpayers […]
James Kaiser, a member of the Public Company Accounting Oversight Board since 2018, is leaving the PCAOB and will be replaced by chief auditor Megan Zietsman in another sign of turmoil at the group overseeing auditing standards and audit firm inspections. Kaiser was one of a group of all new board members brought to the […]
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