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Latest Articles

  • Supreme Court Rules for Chocolate Industry in Child Slavery Case

    By:
    Chris Gaetano
    |
    Jun 18, 2021
    The U.S. Supreme Court has ruled, 8-1, in favor of chocolate companies Nestle and Cargill, in a case brought by six Malian boys who had been forcibly trafficked to cocoa farms in Ivory Coast, where they were forced to pick cocoa beans under armed guard for no money.

  • FASB Proposes Letting Nonpublic Entities Use New Practical Expedient on Leases

    By:
    Chris Gaetano
    |
    Jun 17, 2021
    The Financial Accounting Standards Board (FASB) has proposed allowing nonpublic entities—including private companies, not-for-profit organizations, and employee benefit plans—to  make the risk-free rate election by class of underlying asset, rather than at the entitywide level, when applying the lease standards.

  • Panel of Managing Partners Say Remote Work Has Been Matter of Tradeoffs

    By:
    Chris Gaetano
    |
    Jun 17, 2021
    The managing partners at three major CPA firms, speaking at an event hosted by the Accountants Club of America today, said that the age of remote work has made managing staff easier in some ways and harder in others.

  • Accused by SEC of Accounting Fraud, Fashion Line Takes Unusual Stance: We're the Real Victims

    By:
    Chris Gaetano
    |
    Jun 17, 2021
    The Securities and Exchange Commission (SEC) has leveled accounting fraud charges against Sequential, the clothing line founded (but no longer owned) by former pop star and reality TV personality Jessica Simpson, but the company says that the case has no merit because the only people who were hurt were company insiders.

  • Gov. Cuomo Lifts Most COVID-19 Restrictions

    By:
    Chris Gaetano
    |
    Jun 16, 2021
    New York Gov, Andrew Cuomo, noting that the state has reached its goal of over 70 percent of the adult population receiving at least one vaccine dose, announced that he is lifting most pandemic restrictions that people have lived by over the past year and a quarter.

  • Eight States to End Federal Unemployment Supplements This Weekend

    By:
    Chris Gaetano
    |
    Jun 16, 2021
    About 417,000 jobless people in eight states will lose their federal unemployment supplements as their respective governors bow out of a pandemic-related program under the belief that it is responsible for a labor shortage in low-wage jobs.

  • On Global Minimum Tax Rule, Biden Administration Has Stick for Those Who Refuse Carrot

    By:
    Chris Gaetano
    |
    Jun 16, 2021
    The White House, in the thick of negotiations over a potential global minimum corporate tax, hopes that many countries will sign on to the agreement because it would discourage their own corporations from abusing international tax rules. But for those countries that don't sign on, the administration is prepared to deploy what it calls the Stopping Harmful Inversions and Ending Low-Tax Developments (SHIELD) rule.

  • NY Rep. Suozzi Mulling One-Time Wealth Tax, Dubbed 'Patriot Tax'

    By:
    Chris Gaetano
    |
    Jun 15, 2021
    Rep. Tom Suozzi (D-N.Y.), a member of the House Ways and Means Committee, is considering proposing a one-time wealth tax on the richest individuals in the country, which he dubbed a "patriot tax."

  • IRS Releases Tool for Non-Filers to Claim Expanded Child Tax Credit

    By:
    Chris Gaetano
    |
    Jun 15, 2021
    The IRS has released an online sign-up tool so that non-filers can still get the expanded child tax credit that was enacted as part of the American Rescue Plan Act.

  • PwC Reorganizes in U.S. to Split Tax Reporting and Audit From Consulting

    By:
    Chris Gaetano
    |
    Jun 15, 2021
    PwC has announced that it will be reorganizing its business model in the United States to separate out its consulting and advisory services from its tax reporting and audit services.
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