Stephen A. Favato, a resident of Point Pleasant Beach, New Jersey, and a former partner in BDO Seidman LLP's Woodbridge, New Jersey, office, was sentenced to eighteen months in prison for tax crimes, the Justice Department and the IRS announced April 16.
In an effort to jump-start the US economy and create more jobs, both the House and Senate passed the Jumpstart Our Business Startups (JOBS) Act, and President Obama signed the act into law April 8, 2012.
The Institute for Justice filed suit against the IRS on behalf of three independent, paid tax return preparers, challenging the IRS' authority to license and regulate paid tax preparers. The IRS instituted new requirements for paid tax preparers last year. The new regulations will be phased in over a three-year period.
In prosecution of wage and hour violations, the stakes are getting personal. In several recent cases, the government has penalized company owners and officers for failing to pay overtime, imposing stiff fines and even imprisonment.
In a unanimous decision, the New Jersey Supreme Court on February 16 reversed an Appellate Court decision in a case brought by a third party that found KPMG LLP guilty of negligence for failing to uncover accounting fraud by a former client, Papel Entities.
Lil' Kim, a famous rap artist who has been working to turn her life around, allegedly owes more than $1 million in state and federal taxes for the years 2002 to 2009. Celebrity news website TMZ reported that her 2009 debt of $86,347 was recently added to the total she already owed, bringing it to $1,026,862.
Small businesses created 50,000 new jobs in January but paid employees less and gave them fewer hours. The East Coast, especially New York, showed more weakness in employment than in other parts of the country. These are some of the results of Intuit's latest Small Business Employment Index.
Philadelphia accounting, tax, and business consulting firm, Citrin Cooperman, has been recognized by Philadelphia SmartCEO magazine as a 2012 Future 50 Award recipient. Led by the Philadelphia office managing partner Mark S. Carrow, Citrin Cooperman was honored at the magazine's awards ceremony in January.
Some Republican candidates' tax reform platforms have spurred discussion and controversy, but Mitt Romney's "Believe in America" plan for jobs and economic growth has drawn relatively little discussion. One CPA analyst argues that Romney is "staying status quo on the personal side of the tax equation."
The AICPA Scholarship for Minority Accounting Students program began in 1969, with the aim of increasing ethnic diversity in the CPA profession. Since the program's inception, the AICPA Foundation has awarded more than $14.6 million in scholarships to approximately 8,000 accounting students.
When fulfilling their continuing professional education (CPE) requirements for license renewal, CPAs need to keep their certificates of completion, even if their particular state boards of accountancy don't require the CPAs to file the forms.
There used to be a time when financial professionals at tax and accounting firms spent hours of their time in back offices copying returns in triplicate or communicating with their clients through daylong games of phone tag or trips to the post office.
According to reports from the New Jersey Society of CPAs (NJSCPA), some candidates for the CPA Examination in New Jersey recently had their applications rejected due to confusion over certain education requirements. But class hasn't been dismissed quite yet.
Even though any accounting auditor would tell you it seems like there are an awful lot of tax accountants out there, surely one-third of the country isn't made up of tax preparers, so it's rather startling news to learn that one-third of Americans like to do their taxes. Who knew?
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