Latest Articles

  • IRS Offers Deal to Taxpayers Being Audited for Captive Insurance Transactions

    By:
    Chris Gaetano
    |
    Sep 17, 2019
    The IRS is offering a settlement to 200 taxpayers currently under audit for abusive micro-captive insurance transactions following three court wins backing the government's position. 
  • SEC Charges Firm With Surreptitiously Counting Future Revenue as Current

    By:
    Chris Gaetano
    |
    Sep 17, 2019
    The Securities and Exchange Commission has announced that Marvell Technology Group, Ltd. will pay $5.5 million to settle charges that it misled investors when it engaged in an undisclosed revenue management scheme in order to meet publicly ​issued revenue guidance. 
  • L’Oréal CEO: Pollution is Good for Business

    By:
    Chris Gaetano
    |
    Sep 16, 2019
    The CEO of L’Oréal, the company behind brands such as Maybelline, Garnier and Lancôme, recently said that environmental pollution was good for its bottom line. 
  • Former Wells Fargo Staffers Find New Jobs Hard to Come By Amid Scandals

    By:
    Chris Gaetano
    |
    Sep 16, 2019
    Rank-and-file Wells Fargo workers fired in the wake of the bank's massive sham accounts scandal said that they have found themselves effectively blacklisted from the industry, even if they had nothing to do with the opening the accounts. 
  • Regulatory Roundup: Sept. 10-16

    By:
    Chris Gaetano
    |
    Sep 16, 2019
    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.
  • FASB Releases Revised Balance Sheet Debt Classification Guidance

    By:
    Chris Gaetano
    |
    Sep 13, 2019
    The Financial Accounting Standards Board (FASB) has released a revised proposed standard for balance sheet debt classification guidance, which it said replaces the current rules-based, face-specific guidance with a more overarching principle for determining whether debt is current or noncurrent as of the balance sheet date. 
  • U.S. Deficit Reaches Highest Levels in Seven Years

    By:
    Chris Gaetano
    |
    Sep 13, 2019
    For the first time since 2012, the U.S. budget deficit has exceeded $1 trillion. 
  • TIGTA: IRS Has No Tax Compliance Strategy for M&A Transactions

    By:
    Chris Gaetano
    |
    Sep 12, 2019
    The Treasury Inspector General for Tax Administration (TIGTA) endeavored to see whether the IRS had an effective strategy for dealing with tax compliance in M&A transactions, only to find that the service doesn't have one at all. 
  • Former KPMG Managing Partner Sentenced to a Year and a Day in Prison for PCAOB Cheating Scandal

    By:
    Chris Gaetano
    |
    Sep 12, 2019
    David Middendorf, a former managing partner with KPMG, was sentenced to 366 days in prison for his role in a scheme that saw the firm coordinating with former and current staffers at the Public Company Accounting Oversight Board (PCAOB) to get information about what its inspectors would be focusing on during its routine examinations. 
  • Study Finds Preparing for Critical Audit Matters Requirement a Substantial Time Commitment

    By:
    Chris Gaetano
    |
    Sep 11, 2019
    Compliance solutions firm Intelligize said in a recent report that companies preparing to implement the new critical audit matters rule have a significant time commitment on their hands and are advised to begin planning early.