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According to Forbes, the number of family offices affiliated with accounting firms has been multiplying rapidly over the last few years, and shows no signs of slowing. Why the sudden popularity? Among other things, Forbes suggests that:
The Treasury Inspector General for Tax Administration (TIGTA) said that the IRS needs to get better at picking its battle, as it found 40 percent of delinquent accounts closed by the field were written off as not currently collectable, according to a recent report. This meant that the number of delinquencies written off that year as uncollectable numbered $16.1 billion, a vastly larger sum than the $3.1 billion actually collected, said TIGTA. This is because, said TIGTA:
A recent study reveals that the reason people commit insider trading is because they make a lot of money doing it--a lot of money--and it's considered relatively low-risk by those who do it, according to Fortune magazine. The study revealed that the median insider trader puts up about $200,000 on the basis of an illegal tip, and from that information gets about $72,000 after holding for an average of about 21 days--a roughly 35 percent gain.
President Barack Obama has signed an executive order mandating that federal agencies transition to chip and PIN credit card technology by January, replacing traditional magnetic strips, said Forbes. While the order only applies to governmental bodies, it will have the effect of pushing private businesses to follow suit as well, said Forbes. Currently only two percent of U.S.
A local accounting firm in North Carolina has agreed to pay the town of Cherryville $75,000 for failing to find signs of embezzlement by two city employees, according to local news station WSOC. The agreement was reached after mediation, and was accepted by the CPA firm due to the fact that it would be cheaper than going to trial, said WSOC.
While love and business may seem like polar opposites--one's ideal is instrumental and transactional while the other's is for-itself and altruistic--an article in Forbes said that the lessons both teach us may be quite similar. While no one is suggesting you open your first date with an exchange of business cards (though if that's what works for you, why the hell not?) Forbes does say that, much like in dating:
The multi-million pound profit overstatement that has been dogging British supermarket chain Tesco over the past few weeks has been found by an investigation to be the result of inaappropriate behavior from several staff members who were worried about not being able to make sales targets, according to Reuters.
Very few stocks are exchanged at the actual physical New York Stock Exchange compared to the vast numbers that are traded via computer programs housed in giant server farms off-site. But while stocks have, at this point, become a largely automated affair, bond trading has retained a largely human element. Until now.
Ah, spreadsheets. Those charming rows of numbers that have become just as integral to the accounting profession as calculators, pencils and late night takeout. On October 17, this venerable tool turned 35 years old, according to the Atlantic, having gone from a simple idea from a Harvard Business School student to the foundation of virtually all global economic activity--not bad for a 35-year-old.
Armed with new investigative and analytical tools, the SEC filed a record number of enforcement actions in FY 2014, according to the Journal of Accountancy. The SEC announced on Thursday that its preliminary tally of enforcement actions for the fiscal year is 755, for a total of $4.16 billion in disgorgement and penalties, as compared to 686 actions in FY 2013 totaling $3.4 billion.