Latest Articles

  • Study: Richest of the Rich Tend to be Over 80

    By:
    Chris Gaetano
    |
    Aug 23, 2017
    While there are plenty of young wealthy people, recent IRS data has found that, for the most part, the richest of the rich tend to be people 80 years and older. 
  • Study: Revenue Recognition Standard Could Lead to Volatility in Software Industry

    By:
    Chris Gaetano
    |
    Aug 23, 2017
    A recent study has found that revenue recognition practices particular to the software industry could lead to earnings volatility once the new standards go into effect. 
  • IRS Making Gains on IDing Bitcoin Users

    By:
    Chris Gaetano
    |
    Aug 22, 2017
    While its relative anonymity is one of the main appeals of Bitcoin and other digital currencies, the IRS has been making progress in finding ways to identify people trying to use them to avoid taxes.
  • SEC Weighting Letting Spotify Go Public Without an IPO

    By:
    Chris Gaetano
    |
    Aug 22, 2017
    The Securities and Exchange Commission is pondering whether to let streaming music service Spotify skip the IPO process entirely and just go public. 
  • Regulatory Roundup: Aug. 16-22

    By:
    Chris Gaetano
    |
    Aug 22, 2017
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.
  • KPMG Knew About Shenanigans at Wells Fargo in 2013, But Didn't Think They Were Material

    By:
    Chris Gaetano
    |
    Aug 18, 2017
    Big Four firm KPMG, which has served as troubled bank Wells Fargo's external auditor for 85 years, knew about the unethical and illegal conduct at the financial institution since at least 2013, but didn't feel what they found was material and so didn't note it in their reports. 
  • TIGTA: IRS Missed Collecting $1.1 Million from Delinquent Federal Contractors

    By:
    Chris Gaetano
    |
    Aug 18, 2017
    The Treasury Inspector General for Tax Administration (TIGTA) faulted the IRS for improperly excluding certain federal contractors from the Federal Payment Levy Program (FPLP), which allows the service to systemically collect back taxes from Federal contractors at a minimal cost. In so doing, it has missed out on collecting about $1.1 million in back taxes. 
  • UK Regulator Levels Largest Fine in its History at PwC

    By:
    Chris Gaetano
    |
    Aug 17, 2017
    The UK's Financial Reporting Council, which regulates the accounting profession in that country, leveled the largest fine in its history, $6.6 million (or, roughly, 5.1 million pounds), at Big Four firm PwC over misconduct during its audit of RSM Tenon Group. 
  • 'Walking Dead' Creators Challenge AMC's Accounting Practices in Lawsuit

    By:
    Chris Gaetano
    |
    Aug 17, 2017
    The co-creators and producers behind hit cable series The Walking Dead have sued AMC Entities and related companies over what exactly constitutes "profit" when the production studio and TV network are owned by the same company. 
  • Poll: Finance Professionals Want to Both Lower Taxes and Cut National Debt

    By:
    Chris Gaetano
    |
    Aug 16, 2017
    A recent survey of 94 senior finance professionals has found widespread support for reducing taxes in many different areas, but also for reducing the national debt.