Watchdog | AccountingWEB.com

E&Y to Pay $2 Million to Settle Audit Failure Charges

02/08/2012 - 21:17 - 1773 reads

On February 8, the PCAOB announced a settled disciplinary order censuring E&Y LLP. It imposed a $2 million civil money penalty against the firm, which is PCAOB's largest civil money penalty to date. The PCAOB also sanctioned four of E&Y's current or former partners for violating PCAOB rules and standards.

IRS Casts Bait to Reel in Taxpayers with Offshore Accounts

02/07/2012 - 14:54 - 584 reads

The IRS has reopened its Offshore Voluntary Disclosure Program (OVDP). Similar programs were initiated in 2011 and 2009, from which the IRS has collected more than $4.4 billion. The OVDP is aimed at encouraging taxpayers who have stashed assets offshore to declare their outstanding tax liabilities.

Paging All Capitol Hill Staffers: Pay Your Taxes!

02/06/2012 - 15:17 - 942 reads

Mitt Romney isn't the only one in Washington, DC, with his tax returns under the microscope. According to new data released by the IRS, 3 percent of Senate employees and more than 4 percent of House members still owe tax for the 2010 tax year, adding up to approximately $10.6 million in unpaid taxes.

Lessons from Lehman: It's All about Confidence

02/03/2012 - 14:44 - 257 reads

The entire financial crisis of 2008 was about credit and confidence, and the same holds true today. That was the message delivered by the former general counsel of Lehman Brothers, Kevin Genirs, during his keynote address February 1, 2012, at the LegalTech® conference in New York City.

Teaching How to Cheat

01/30/2012 - 16:22 - 633 reads

Concerns about cheating in school are nothing new, but they usually don't include teachers. The widespread scandals of teachers cheating on standardized tests provide the wrong ethical guidance to those who will later staff and lead business organizations.

Video News Update for Week of January 9, 2012

01/09/2012 - 21:02 - 787 reads

AccountingWEB's Weekly News Update for the week of January 9, 2012 is available in video format!

Video

New York Tax Preparer Pleads Guilty to Filing Fictitious Tax Returns

01/06/2012 - 02:58 - 1160 reads - 1 comment

New York tax preparer Howard Levine has pleaded guilty to filing false tax returns containing contained fictitious deductions, business expenses, and corporate losses.

Pride of the Yankees? Hal Steinbrenner Sued by the IRS

01/03/2012 - 11:21 - 1209 reads

A lawsuit – filed by the IRS on December 27, 2011, in federal court in Tampa, Florida – aims to recover the funds issued to Hal Steinbrenner, managing general partner of the Yankees, on December 28, 2009. The refund resulted from a dispute between the Steinbrenner family and the IRS for the 2001 tax year as well as audits of the team's parent company for the 2001 and 2002 tax years.

IRS to MC Hammer: We Can Touch This

12/13/2011 - 10:41 - 2504 reads

It's Hammer time: The Internal Revenue Service (IRS) is going after MC Hammer for $779,585 it claims he owes in back taxes dating back to 1996 and 1997. According to entertainment news outlet TMZ, the federal government has initiated a lawsuit to recover the tax debt from Hammer.

Alabama Tax Preparer Gets Jail Time for Falsifying Tax Returns

12/01/2011 - 15:17 - 1684 reads

Chiquita Q. Broadnax, a resident of Montgomery County, AL, has been sentenced to 18 months in prison for her involvement in a fraudulent tax return perpetration scheme.