The IRS International Campus Compliance Unit has improved international tax compliance of individuals to the tune of 18,000 audits conducted and approximately $36 million in additional taxes assessed for fiscal years 2011 through 2013.
When Freddie Mitchell entered his plea deal last March, he'd live to regret it, he now says. The former wide receiver thought the deal was the best way to go, after an investigation showed he was neck deep in tax fraud.
A new guide released on November 8 by the Financial Reporting Executive Committee of the AICPA provides accountants, auditors, and valuation specialists with guidance for impairment testing of goodwill.
The IRS doesn't always try to catch the biggest fish in the pond. Case in point: It has announced it will devote more resources to auditing various pass-through entities instead of focusing on the traditional corporate targets.
An updated print edition of the Governmental Accounting Standards Board (GASB) Codification of Governmental Accounting and Financial Reporting Standards was released by the GASB's parent organization, the FAF, on November 5.
UPDATE: Our recent article listed what NFL players can deduct on their taxes, and two of those deductions are making headlines in sports news this week: fines for personal behavior and rookie hazing expenses.
On November 12, the Private Company Council voted to finalize an alternative standard on variable interest entity guidance for private companies, which will be submitted to the FASB for a final decision on endorsement.
If the IRS is correct, NASCAR driver Juan Pablo Montoya owes the government a bit of money. Like $2.7 million. Montoya concedes he may have underreported some income, but he maintains the IRS is way off.
If you're being paid the same rate as five years ago and client demands have increased, it can lead to unprofitable client relationships and resentment. It may be time for your accounting firm to raise prices.
Now is the time to examine how you've been interacting with your prospects and customers. It's important to determine what did and didn't work this year in order to put tools in place to enhance and better monetize those relationships.
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.