Tag: tax news
Ex-S. African finance minister calls for full disclosure after meeting KPMG’s Veihmeyer
South Africa’s former finance minister, Pravin Gordhan, said he insisted on “full and proper disclosure” when he met with KPMG International Chairman John Veihmeyer on Thursday over concerns arising from the auditing firm’s work for the country’s tax authority. Gordhan, who was fired as finance minister in March, was accompanied by his former deputy, Mcebisi […]
Affordable Care Act reporting for 2017 – What’s the latest?
The last eight months have been a whirlwind of ACA reporting bills, defeats, votes, proposals, more defeats, etc. If you’re like most of the customers we are hearing from, you’re confused about how to prepare for ACA filing for 2017. In this webinar, ACA Filing Expert Janice Krueger will walk through the latest news and […]
Tax Fraud Blotter: ‘Good will gets 40 months’
Off by $10 million-plus; theft by template; coupons, strawmen and the eclipse; and other highlights of recent tax cases. Suffolk, Va.: Preparer Kevin Towns, 44, has been sentenced to 40 months in prison for his role in a fraud scheme that prepared hundreds of false returns that resulted in a loss of approximately $1.6 million […]
FASB proposes clarified guidance on consolidations
Courtesy of GASB The Financial Accounting Standards Board has released an exposure draft of proposed guidance aimed at clarifying the consolidation guidance in Topic 810. Stakeholders had raised concerns that the current guidance was “difficult to understand and navigate,” according to the board, so it has proposed a number of amendments that would reorganize and […]
IRS introduces pilot program for stock distribution letter rulings
The IRS has released Revenue Procedure 2017-52, which introduces an 18-month pilot program to accept letter ruling requests addressing the general federal income tax consequences of transactions intended to qualify as tax-free stock distributions. This rev proc introduces the program expanding the scope of letter rulings available from the IRS to include for a period […]
KPMG under fire in S. Africa for work done for Gupta family
Patrick T. Fallon/Bloomberg KPMG LLP is coming under increasing pressure in South Africa over work done for the wealthy Gupta family, with Finance Minister Malusi Gigaba calling on all government entities to review work with the auditing firm. An influential business lobby group suspended the company’s membership and the governor of the central bank said […]
SEC let companies practice on Edgar: That’s how it got hacked
Companies that took advantage of the chance to practice filing sensitive information with the U.S. Securities and Exchange Commission might wish they hadn’t. While the SEC is providing few details, the regulator did say the hack of its online database of corporate filings targeted what the agency calls its test Edgar system. It lets startups […]
FASB adds projects to technical agenda
The Financial Accounting Standards Board voted Thursday to add three more projects to its technical agenda in the areas of liabilities and equity, financial performance reporting, and segment reporting. The first project aims to distinguish liabilities and equity to improve understandability and reduce complexity, without sacrificing the information that users of financial statements need. It […]
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