Watchdog

A&A

KPMG Resigns as Herbalife and Skechers Auditor Over Alleged Insider Trading

KPMG LLP has resigned as auditor at the nutritional products maker Herbalife Ltd. and the footwear retailer Skechers USA Inc. because a senior partner at the accounting firm who was involved with their accounts was being investigated for insider trading.
Tax

Shakespeare Was a Talented and Artful Tax Dodger

When you hear the name William Shakespeare, you probably think of world-class writing laced with cunning humor and powerful drama. That's the Shakespeare of our collective memory. But is it accurate?
A&A

KPMG Fires L.A. Partner Over Alleged Insider-Trading Tips

The partner in charge of KPMG's audit practice in Los Angeles was fired immediately after the firm learned late last week of the partner's involvement in providing nonpublic client information to a third party and using the information in stock trades involving several companies.
Tax

Tax Protester Wesley Snipes Is Free at Last

Actor and tax protester Wesley Snipes is almost a free man again, at age fifty. He was released from prison April 2, transferred to the New York Community Corrections Office, and will remain on house arrest till July 19.
Tax

New IRS Technology Will Track Online Activity

According to news reports filtering out of Washington, the IRS will begin employing new technology this year that can track a taxpayer's online activities ranging from Facebook and Twitter posts to credit card and PayPal transactions.
Tax

Update: Stephen Baldwin's Tax Case Moves On

Just a few months ago in December, actor Stephen Baldwin was arrested on charges of failure to pay state income tax in New York relating to income from 2008, 2009, and 2010. The tax debt, with interest and penalties, came to around $350,000.
Tax

Billion $ Tax Bill? No Problem for Zuckerberg

When your income is in the billions, it stands to reason your tax liability will top a billion dollars too. On May 18, 2012, Facebook founder Mark Zuckerberg took his company public, and his income shot to $13 billion . . . with a "b."
Tax

Dionne Warwick: "Say a Little Prayer" for Singer's Tax Woes

Singer Dionne Warwick's back taxes are paid up now, said her publicist. The taxes are paid, but because some of those taxes went unpaid for almost two decades, she still owes $10.2 million in penalties and interest. Ouch!
Tax

NFL's Freddie Mitchell Pleads Guilty in Tax Fraud Case

Former Philadelphia Eagles wide receiver Freddie Mitchell was back in the spotlight in early March, but he probably wishes he wasn't. This appearance wasn't on the field and not on an ESPN special, but in an Orlando federal court to enter a guilty plea for his role in a tax fraud case.
Tax

IRS Announces "Dirty Dozen" Tax Scams – Identity Theft Is Top Threat

The IRS has issued its annual "Dirty Dozen" list of tax scams for 2013 to remind taxpayers to use caution during tax season to protect themselves against a wide range of schemes, ranging from identity theft to impersonation of charitable organizations.
Tax

Ex-Chicago Bear Zorich Up Tax Creek without an Excuse

No excuses for former Chicago Bear Christopher Zorich. He simply told the judge in March that he didn't file his taxes for 2006 to 2009 "in a timely fashion." He pled guilty on four misdemeanor counts of not filing federal income tax on more than $1 million.
A&A

New Report Shows Changing Fraud Environment

The latest Kroll "Global Fraud Report" shows the incidence and cost of fraud have decreased over the last year, yet fraud still remains an important issue for all companies around the world. And a DOJ suit against Standard & Poor's highlights the need for oversight of the credit rating industry.
Tax

Crime Watch: March 15, 2013

A federal court has permanently barred Crystal Ireland of Detroit, who does business as Master Mind Preparation, from preparing federal tax returns that claim the earned income tax credit. According to the complaint, Ireland fabricated businesses and reported fake business income on her customers' tax returns in order to claim the maximum credit for them.
Tax

Crime Watch: March 11, 2013

On March 8, the IRS announced that its Office of Professional Responsibility obtained the disbarment of enrolled agent Lorna M. Walker for stealing a client's tax payments and for preparing tax returns with false deductions for multiple clients.
Tax

Crime Watch: March 4, 2013

Appearing before US District Judge Margaret M. Morrow, a Los Angeles woman was sentenced February 25 to three years in prison for her role in a scheme whereby she used the identities of others to defraud the federal bankruptcy and tax systems.
Tax

Hollywood Hands Michigan an Empty Bag

A few years ago, with giant auto manufacturing plants sitting empty and the economy dragging, Michigan threw open its doors, literally inviting Hollywood to come in and produce films economically. The bait was federal film credits, which movie producers covet.
Practice

Express Scripts Sues Ernst & Young Alleging Theft of Trade Secrets

Express Scripts, one of the nation's largest pharmacy benefits managers, has sued its accounting firm, Ernst & Young, and one of that firm's former partners, alleging theft of its trade secrets and confidential and proprietary business data.
Tax

Crime Watch: February 26, 2013

The United States has asked a federal court in Memphis, Tennessee, to permanently bar Ahmed Grant and Lillian Madyun from preparing federal income tax returns for others. The estimated harm to the government is over $2 million for the 2010 tax year alone, and may be as high as $5 million.
Tax

Is Pole Dancing a Tax-Exempt Art Form?

If the owners of the Upstate New York strip club Nite Moves have their way, the Supreme Court will be taking up that question. They are challenging a $124,921 tax bill levied by state tax authorities and affirmed by appeals court judges.
Education & Careers

CBIZ Looks to the Skies, Oceans, Mountains to Highlight CFOs

Every accountant knows the stereotype: the cautious, change-averse perfectionist more comfortable in the world of numbers than the messy world of people and experiences. CFOs suffer some of the same misperceptions.

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