The Financial Accounting Standards Board will evaluate the need for accounting rule changes relating to repurchase transactions following the Securities and Exchange Commission’s review of how financial institutions other than Lehman Brothers use these transactions.
Pamela Anderson shares something in common with a few of her fellow celebrity contestants on Dancing with the Stars. At least three others also have made headlines for being in hot water with the tax authorities.
The Internal Revenue Service should improve the way it deals with balance-due payments from delinquent taxpayers, according to a recent TIGTA report. Unnecessary delays are resulting in extra penalties and interest costs to taxpayers.
Thomas “Hitman” Hearns, who earned more than $40 million in his legendary boxing career, may find himself homeless soon, proving that it’s not just ordinary folks who are dealing with the threat of foreclosure.
Ernst & Young defended its audit work for client Lehman Brothers in a letter sent last week by several audit partners to the firm's key clients, and vowed to fight any legal action from regulators or creditors.
The controversy surrounding the demise of Lehman Bros. spells trouble for the audit profession as it, once again, finds itself in the spotlight for all the wrong reasons. How was such a large investment bank allowed to collapse?
Massachusetts Tax Attorney Kevin Kilduff has been barred from practicing before the Internal Revenue Service for 48 months for failing to file a federal tax return, and for filing another five returns late.
In Washington, D.C., Nick Cho is a local celebrity – at least among the coffee-loving crowd. He was the owner of a popular Capitol Hill hangout called Murky Coffee. Unfortunately for Cho, he’s been gaining fame for a less stimulating reason.
Florida’s North Bay Village mayor allegedly hasn’t made a mortgage payment in nearly two years, lives in a house on which he had built an illegal second story, and owes the Internal Revenue Service more than $200,000 in back taxes.