Latest Articles

  • Study: About 60 Percent of CPAs are Republican

    By:
    Chris Gaetano
    |
    Jan 25, 2017
    An analysis by data firm Verdant Labs, using publicly available campaign contribution data, has found that CPAs (at least among those who make political contributions) tend to be Republicans, with the ratio between the two major parties being about 60/40. 
  • SEC Faults Shipping Conglomerate for Failing to Recognize $512 Million in Tax Liabilities

    By:
    Chris Gaetano
    |
    Jan 24, 2017
    The Securities and Exchange Commission charged shipping conglomerate Overseas Shipholding Group (OSG) and its former chief financial officer Myles R. Itkin for materially understating the company's income tax liabilities by approximately $512 million over 12 years, an action that eventually led to the business going bankrupt when it was revealed. 
  • Wikileaks Seeking Donald Trump's Tax Returns

    By:
    Chris Gaetano
    |
    Jan 24, 2017
    Wikileaks, fresh from focusing most of its energy on then-presidential candidate Hillary Clinton, has now turned to newly-minted president Donald Trump, saying that it is actively seeking copies of his tax returns so they can release them to the public. 
  • Regulatory Roundup, Jan. 18-24

    By:
    Chris Gaetano
    |
    Jan 24, 2017
    With so many regulators out there, it can be tough to keep track of everything they say from week to week. Luckily we here at the Trusted Professional have collected relevant regulatory announcements from this past week and put them here in one place to help you stay on top of regulatory issues or matters. This is the first of a regular series that will let you know what you may have missed in the past seven days.
  • Trump Vows Tax Reform in First 100 Days

    By:
    Chris Gaetano
    |
    Jan 23, 2017
    Newly-inaugurated President Donald Trump has released a Contract with the American Voter outlining his first 100 days in office, which includes several tax reform efforts he believes will help the American economy. 
  • Data Breaches at Yahoo Lead to SEC Probe

    By:
    Chris Gaetano
    |
    Jan 23, 2017
    The SEC will ask Yahoo "what took you so long?" when it investigates a pair of massive data breaches that the company failed to disclose to investors until years after the fact. 
  • PCAOB Makes Available XML Data File for Form AP, Auditor Reporting of Certain Audit Participants

    By:
    Chris Gaetano
    |
    Jan 18, 2017
    The Public Company Accounting Oversight Board yesterday formally released the Firm Data File for the Form AP, which is used to disclose certain audit participants. 
  • 10 Firms Settle with SEC Over Pay-to-Play Charges

    By:
    Chris Gaetano
    |
    Jan 18, 2017
    The SEC has settled with 10 investment advisory firms that they said violated pay-to-play rules by receiving compensation from public pension funds within two years after campaign contributions made by the firms’ associates.
  • Number of IRS Whistleblower Awards Grows 322 Percent in a Year

    By:
    Chris Gaetano
    |
    Jan 17, 2017
    The number of whisteblowers receiving cash payouts from the IRS spiked 322 percent between 2015 and 2016, resulting in more than $61 million in reward money. 
  • Study: Supply Chain Audits Ineffective at Driving More Ethical Business Practices

    By:
    Chris Gaetano
    |
    Jan 17, 2017
    While supply chain audits are seen as standard tools in determining whether a company is, say, using conflict minerals or following environmental standards, a recent study from the University of Sheffield says that they have been largely ineffective at driving ethical business practices and, indeed, might actually be contributing to the problem.