02/08/2012 - 21:17 - 1745 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.
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02/07/2012 - 14:54 - 580 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.
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02/06/2012 - 15:17 - 907 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.
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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.
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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.
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01/09/2012 - 21:02 - 787 reads
AccountingWEB's Weekly News Update for the week of January 9, 2012 is available in video format!
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01/06/2012 - 02:58 - 1160 reads -
New York tax preparer Howard Levine has pleaded guilty to filing false tax returns containing contained fictitious deductions, business expenses, and corporate losses.
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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.
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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.
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12/12/2011 - 10:39 - 1526 reads
Nicolas Cage has faced plenty of tax troubles in the past. According to the 'Business Insider,' he currently owes over $14 million. Now a new lawsuit is targeting the accounting practices of one of his films, 'Bad Lieutenant: Port of Call – New Orleans,' a crime drama released in 2009.
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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.
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09/29/2011 - 09:34 - 1937 reads
When will a small minority of tax professionals learn that crime doesn't pay? You would think they would know better.
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09/21/2011 - 11:21 - 3262 reads
The United States has sued Crystal Ireland and her business, Master Mind Preparation, to bar them from preparing tax returns for others.
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09/20/2011 - 08:29 - 2548 reads
The California State Assembly has approved Assembly Bill 1424, the Delinquent Taxpayer Accountability Act, aimed at the state's worst tax debtors. The bill delivers a clear message: pay your back taxes or we'll suspend your driver's license and/or professional licenses.
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09/15/2011 - 18:46 - 2392 reads
Do you tell your clients to comply with the tax law? Make sure you practice what you preach. In an extreme example, a tax return preparer in Washington D.C. is facing criminal charges in federal court for allegedly scamming the IRS out of almost $14 million.
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07/25/2011 - 10:28 - 2211 reads -
A self-proclaimed rap "gangsta" is going to jail for committing a white-collar crime: tax evasion. Multi-platinum selling artist Ja Rule (whose real name is Jeffrey Adkins) has been sentenced to 28 months in federal prison for failing to report more than $3 million in earnings from 2004 through 2006.
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06/29/2011 - 08:22 - 2112 reads -
Violence broke out at Glastonbury Festival on Friday night after members of direct action group Art Uncut clashed with security staff over U2's tax s...
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05/09/2011 - 20:10 - 2685 reads
A Texas attorney accused of willfully failing to file his federal tax returns has been disbarred from practicing before the IRS. The attorney argued that his failures to file and pay were not the result of willful conduct but were due to personal circumstances beyond his control.
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05/09/2011 - 17:33 - 2457 reads -
A Salt Lake City tax planner has been sentenced to 10 months of prison, 12 months of supervised release, and ordered to pay the costs of prosecution for willfully failing to file a federal income tax return for 2001.
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04/21/2011 - 13:24 - 3624 reads -
A federal court has barred Eddie Madrigal of San Antonio and his business, Madrigal Tax Express Inc., from preparing federal tax returns for others.
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