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Latest Articles

  • Samsung Heirs Face $9.8 Billion Tax Bill, But Art Collection May Be Key

    By:
    Chris Gaetano
    |
    Apr 9, 2021
    The heirs of the Korean electronics giant Samsung are facing down a $9.8 billion inheritance tax bill after the death of the family scion, and they are running out of time to disclose their plan to pay it, which has led some in the country to consider letting them use the family's rare art collection to cover at least some of the cost.

  • Rampant Borrowing Boosts Stock Market Gains

    By:
    Chris Gaetano
    |
    Apr 8, 2021
    Based on recent data, the Financial Industry Regulatory Authority (FINRA), a self-regulatory organization, has found that the amount of money investors borrowed to make stock trades has reached levels not seen since the period right before the Great Recession.

  • White House Releases Specifics on Tax Plan to Fund Infrastructure

    By:
    Chris Gaetano
    |
    Apr 8, 2021
    The White House has released a document detailing some of the specifics of the tax reforms that would fund the roughly $2 trillion infrastructure plan that President Biden discussed last week.

  • NY Fed Data Indicates Americans Are Increasingly Hanging on to Their Stimulus Cash

    By:
    Chris Gaetano
    |
    Apr 8, 2021
    Based on recent data, New York Federal Reserve has found that Americans are saving their third stimulus payments at a higher rate than they're using them either for purchases or to pay down debt.

  • Report: Pandemic Shrunk Global Middle Class by 150 Million

    By:
    Chris Gaetano
    |
    Apr 7, 2021
    A recent report indicates that 150 million people worldwide have lost their middle class status and slipped down the socioeconomic ladder, the first such retrenchment in over 30 years.

  • PCAOB Inspections This Year to Focus in Particular on Pandemic-Related Matters

    By:
    Chris Gaetano
    |
    Apr 7, 2021
    The Public Company Accounting Oversight Board (PCAOB) announced that its inspections this year will focus in particular on financial reporting and audit risks posed by the COVID-19 pandemic, in light of the "substantial impact on preparers, auditors, audit committees, and others involved in the financial reporting process."

  • China Issues National Cryptocurrency

    By:
    Chris Gaetano
    |
    Apr 7, 2021
    Cryptocurrencies have come a long way since the early days of Bitcoin, when all one could buy with them was black-market items and the occasional pizza: China has now become the first major nation state to issue an all-digital currency in a move that is likely to challenge the dollar's global dominance.

  • IRS: Taxpayers' Recovery Rebate Credits Might Be Different Than Expected

    By:
    Chris Gaetano
    |
    Apr 6, 2021
    The IRS, having previously said that if taxpayers didn't get their stimulus payments, then they can just claim them as recovery rebate credits when they file, clarified that the amounts might be different than some may expect.

  • SEC Says CPA Never Registered Firm with PCAOB, Committed 'Wholesale Failures'

    By:
    Chris Gaetano
    |
    Apr 6, 2021
    A Texas CPA is facing administrative proceedings brought by the Securities and Exchange Commission (SEC) for falsely telling clients that his firm was registered with the Public Company Accounting Oversight Board (PCAOB), as well as for "wholesale failures in auditing and reviewing the financial statements of a public company client."

  • Analysis Finds 80 Percent of Ransomeware Extortion Linked to Handful of Large Players

    By:
    Chris Gaetano
    |
    Apr 6, 2021
    The world of ransomware extortion, like many other kinds of businesses both legitimate and not, is consolidating to a point where a small handful of big players pocket the vast majority of ill-gotten gains.
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