• As Swiss Bank Accounts Gain Scrutiny, Swiss Gold Vaults On The Rise

    By:
    Chris Gaetano
    |
    Sep 30, 2016
    Since the treaty with Switzerland that opened up room for banks to disclose the identities of U.S. account holders, more people have been turning to literal giant vaults of gold, which are not subject to the same transparency rules as financial institutions, to stash money. 
  • Number of Female Fortune 500 CEOs Reaches Record High: 27

    By:
    Chris Gaetano
    |
    Sep 29, 2016
    Female representation among chief executives at Fortune 500 companies has increased to an all-time high of 27, a figure that shows progress but also that women still have a long way to go. 
  • As BlackBerry Moves to Outsource Manufacturing of Its Phones, More Write-Downs on Inventory Likely

    By:
    Dominic G. Diongson
    |
    Sep 29, 2016

    BlackBerry, the once-dominating force in the smartphone market, is giving up making handsets on its own after the proliferation of iPhone and Android-enable devices.

  • TIGTA: IRS Increased Total Tax Revenue, But Enforcement Is Down

    By:
    Chris Gaetano
    |
    Sep 29, 2016
    A report from the Treasury Inspector General for Tax Administration said that in 2015 the IRS was able to increase the amount of revenue it collected, despite staff turnover as a result of budget cuts, though in the same time period enforcement activity and examinations declined.
  • Hedge Funds in Crisis Amid Poor Performance, High Management Fees

    By:
    Dominic G. Diongson
    |
    Sep 28, 2016

    Hedge fund titans have recently sounded an alarm on their industry, pointing out to poor performance and a challenging environment for investment.

  • Martin Shkreli Auctions Chance to Punch Him in Face

    By:
    Chris Gaetano
    |
    Sep 28, 2016
    Ever look at Martin Shkreli, the man who dramatically raised the price of a life-saving AIDS drug, and wanted to punch him in the face? Well, for the right price, now you can: the infamous financier is auctioning off a chance to take your best shot at him for charity. 
  • FASB's James Kroeker: Board Will Account for Unexpected Pushback on Materiality Definition

    By:
    Chris Gaetano
    |
    Sep 28, 2016
    Vice-chair of the Financial Accounting Standards Board James Kroeker said that the board did not expect the level of pushback it received from its proposed definition of "materiality" and said it would take a step back and ponder the feedback it has received so far. 
  • IRS Private Tax Debt Collection Program to Begin This Spring

    By:
    Chris Gaetano
    |
    Sep 27, 2016
    The IRS has announced that the four agencies with whom it contracted to collect inactive tax debts will begin their work in spring, and reminded taxpayers that they are instructed to respect taxpayer rights. 
  • Nonprofits Get New FASB Standard Aimed at Simplifying Financial Reporting

    By:
    Chris Gaetano
    |
    Sep 27, 2016

    The Financial Accounting Standards Board (FASB) has released the first major update on reporting standards for nonprofit organizations in more than 20 years, with the new rules aimed at simplifying and improving how these groups present and release their financial information.

  • SEC Says Merrill Lynch's Poor Internal Controls Caused "Mini-Flash Crashes"

    By:
    Chris Gaetano
    |
    Sep 27, 2016
    While certainly not as dramatic as the 2010 flash crash where markets lost, then partially regained, a trillion dollars within the span of a few minutes, the SEC said that poor internal controls at Merrill Lynch caused a series of mini-flash crashes, for which the company has agreed to pay $12.5 million. 
  • SEC Charges Former NY Gov. Paterson Charged in Connection to Movie Studio Fraud

    By:
    Chris Gaetano
    |
    Sep 26, 2016
    Former New York Governor David Paterson settled with the SEC over failing to timely report stock transactions in the company while serving on the board of a company whose executives were charged with defrauding investors. 
  • So You Want to Chair the Fed?

    By:
    Chris Gaetano
    |
    Sep 26, 2016
    Aspiring central bankers waiting for their shot to set interest rates in order to increase employment and keep inflation under control can try their hand at a new game put out by the San Francisco Federal Reserve Bank that lets you fulfill all your fantasies about monetary policy. 
  • IRS Warns of Bogus Obamacare Notices

    By:
    Chris Gaetano
    |
    Sep 23, 2016
    Adding to the ever-lengthening bestiary of scams, scams and flimflams, the IRS is warning people not to fall for a bogus email asking tax filers to send an Obamacare-related payment.
  • FASB Proposes Shortening Amortization Date of Callable Debt Securities

    By:
    Chris Gaetano
    |
    Sep 23, 2016
    The Financial Accounting Standards Board (FASB) has released a proposal that, if implemented, would require the premium of callable debt securities to be amortized to the earliest call date, versus the current requirements that they be amortized to maturity. 
  • IRS Employee Pleads Guilty to Tax Fraud

    By:
    Chris Gaetano
    |
    Sep 22, 2016
    An IRS employee pleaded guilty to using taxpayer identities to file false tax returns to get inflated refunds for himself and his friends. 
  • Report: Gender Pay Gap to Close By 2152

    By:
    Chris Gaetano
    |
    Sep 22, 2016
    A recent report said that, if current trends continue, it will take 136 years for women to close the gender pay gap with men. 
  • Study: Your Power Point Presentation Probably Too Wordy

    By:
    Chris Gaetano
    |
    Sep 21, 2016
    A recent study has found that Power Point presentations generally have too many words, something that helps neither the presenter nor their audience, as both can lead people to disengage with the talk itself. 
  • Average Small Business Can Survive 27 Days With No Income

    By:
    Chris Gaetano
    |
    Sep 21, 2016
    A study by JPMorgan has found that your average American small business has about 27 days worth of reserve cash on hand to cover expenses if inflows suddenly stopped. 
  • NY Federal Judge: Bitcoin Is Money

    By:
    Chris Gaetano
    |
    Sep 20, 2016
    A New York Federal Judge has ruled that, at least for the purposes of criminal prosecution, the digital currency known as bitcoin, despite not being connected to any sovereign nation, is considered money. 
  • Wells Fargo CEO Faces Senate Hearing

    By:
    Chris Gaetano
    |
    Sep 20, 2016
    Wells Fargo CEO John Stumpf faced a hearing before the Senate Banking Committee, where he apologized for the scandal where millions of fake accounts were opened in customer's names, but insisted there was nothing systemic or deliberate going on. 

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