• NYS Arrests 9 Preparers in Tax Fraud Crackdown

    By:
    Chris Gaetano
    |
    Apr 17, 2017
    The New York State Department of Taxation and Finance announced nine arrests in a crackdown on unethical tax preparers, which uncovered fraud schemes involving inflated refunds, fake dependents, and excessive deductions. 
  • Senator Says Alpacas Basically Big, Fuzzy Tax Shelters

    By:
    Chris Gaetano
    |
    Apr 13, 2017
    While certainly cuter than the state of Delaware or a Swiss bank account, Senator Jeff Flake (R - Arizona) said alpacas in the U.S. are basically just living tax shelters that people buy not to get into the nascent alpaca wool industry but to take advantage of tax loopholes to lower their bills. 
  • Sylvester Stallone Sues Over Lack of Accounting for 'Demolition Man' Profits

    By:
    Chris Gaetano
    |
    Apr 13, 2017
    Action star Sylvester Stallone is suing Warner Brothers over how the studio accounted, or rather didn't account, for the profits of the 1993 film Demolition Man. 
  • Study: Need Something Done? Skip the Email, Ask Face-to-Face

    By:
    Chris Gaetano
    |
    Apr 12, 2017
    A recent study has found that you're more likely to get someone to do something if you ask them in person rather than through email. 
  • Poll: Firms Want More Involved Controllers, But Don't Always Know How

    By:
    Chris Gaetano
    |
    Apr 12, 2017
    Similar to the CFO, many companies are expecting the controller role to go beyond its traditionally operational functions and be a more active player in strategic planning and initiatives, but a a recent survey has found that many companies aren't exactly sure what that means. 
  • Poll: 20 Percent Would Get an IRS Tattoo If It Meant Not Having to Pay Taxes

    By:
    Chris Gaetano
    |
    Apr 11, 2017
    A recent poll has found that, if it meant never having to worry about taxes ever again, about 20 percent of people would get an IRS tattoo somewhere on their body. 
  • E&Y Leads Pack in Public Company Audits

    By:
    Chris Gaetano
    |
    Apr 11, 2017
    Big Four firm Ernst and Young currently does more public company audits than any other CPA firm, enjoying a generous lead over even its closest competitor in this arena, PwC. 
  • Regulatory Roundup: April 5-11

    By:
    Chris Gaetano
    |
    Apr 11, 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 the past week and put them here in one place to help you stay on top of regulatory issues or matters.
  • Head of KPMG Audit Practice, Five Others Fired Amid Probe of PCAOB Leak

    By:
    Chris Gaetano
    |
    Apr 11, 2017
    Scott Marcello, the head of KPMG's audit practice, and five others in the firm have been fired after the PCAOB began investigating the leak of its confidential inspection plan for the Big Four firm.
  • Indian Authorities Arrest Ringleader of IRS Impersonator Scam

    By:
    Chris Gaetano
    |
    Apr 10, 2017
    Indian authorities arrested a man they say was behind a wave of scam phone calls from people claiming to be from the IRS, which swindled millions of dollars from its victims in the U.S. 
  • SEC Cracks Down on Paid Advertisements Disguised As Independent News

    By:
    Chris Gaetano
    |
    Apr 10, 2017
    The Securities and Exchange Commission (SEC) filed enforcement action against 27 entities and individuals who hired writers to promote their stocks but then failed to disclose they had done so, leading readers to believe the paid promotions were impartial news. 
  • More Americans Work At Big Firms Than Small Ones

    By:
    Chris Gaetano
    |
    Apr 7, 2017
    For generations, if you were a worker in the U.S., it was very likely that you were employed by a small business with fewer than 100 people. In the wake of the economic crisis of 2008, however, this is no longer the case, as large and very large companies now employ a larger percentage of the population than mid-sized or small businesses. 
  • What's Your Tax Data Worth? About Fifty Bucks

    By:
    Chris Gaetano
    |
    Apr 7, 2017
    While identity theft can be a very expensive crime for its victims, it's actually quite cheap for its perpetrators, as buying packages of pilfered tax data will set them back only about $40 or $50 at the most, with some going as cheaply as eight dollars. 
  • Accounting-related Class Action Lawsuits Rose 33 Percent in One Year

    By:
    Chris Gaetano
    |
    Apr 6, 2017
    The number of class action lawsuits filed over accounting matters increased by 33 percent between 2015 and 2016, with the total number of 93 being the highest it's been since the height of the economic crisis in 2008. 
  • GAO Releases Proposed Changes to Yellow Book Auditing Standards

    By:
    Chris Gaetano
    |
    Apr 6, 2017
    The Government Accountability Office (GAO) released today its proposed changes for Government Auditing Standards, also known as the Yellow Book, which is meant to take into account new developments in accounting, auditing and financial review since 2011, the last time the standards received a major revision.
  • IRS to Revive Private Debt Collection Program This Week

    By:
    Chris Gaetano
    |
    Apr 5, 2017
    The IRS will be formally launching its revived private debt collection program this week when it sends letters to a few hundred taxpayers that their delinquent accounts have been assigned to a private sector collection agency. 
  • Study: Few IRS Anti-Structuring Law Seizures Involved Criminal Enterprises

    By:
    Chris Gaetano
    |
    Apr 5, 2017
    The Treasury Inspector General for Tax Administration (TIGTA) said that most of the assets seized by IRS Criminal Investigation for violations of anti-structuring laws involved funds that were legally sourced, even though the goal of such seizures is to disrupt criminal enterprises. 
  • Republican and Democratic Senator Propose Forbidding Companies From Writing Off Regulatory Penalties

    By:
    Chris Gaetano
    |
    Apr 4, 2017
    Today if a company is fined by a regulatory agency like the Securities and Exchange Commission, they're allowed to write off that loss on their taxes if it is not paid directly to the government as a penalty or fine. A bill proposed by Republican Senator Charles Grassley and Democratic Senator Jack Reed would end that by requiring that companies and regulators work out exactly what fines and penalties are punitive and therefore cannot be the subject of tax write-offs. 
  • Study: Gender Pay Gap Widened

    By:
    Chris Gaetano
    |
    Apr 4, 2017
    While there has been much progress on the gender pay gap over the decades, a recent study has shown a slight regression from 2011 to 2015, going from 97 cents on the dollar to 90. 
  • Regulatory Roundup: March 29-April 4

    By:
    Chris Gaetano
    |
    Apr 4, 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 the past week and put them here in one place to help you stay on top of regulatory issues or matters.

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