The guidance issued by the Internal Revenue Service this week treating virtual currencies such as Bitcoin as property rather than currency for federal tax purposes may end up helping Bitcoin investors, even though it means Bitcoin users will need to be extra careful to report their transactions from now on.
Foreign banks and other financial institutions are facing a number of deadlines this year for complying with the Foreign Account Tax Compliance Act, or FATCA, which is forcing many of them to wake up belatedly to the complex demands thrust upon them by the new reporting regime.
A majority of public companies may be able to avoid the need to file their financial reports using Extensible Business Reporting Language, or XBRL, technology if a congressional bill gets signed into law.
CCH is warning participants in the NCAA college hoops March Madness brackets that any of their winnings in the office pool will be subject to taxes.
Last November, the Financial Accounting Standards Board endorsed simplifying the accounting standards that private companies use in measuring and reporting goodwill, and FASB is currently looking into the possibility of changing the standards for public companies too.
Deloitte held its board meeting in New York this past week and also took time to meet with some members of the press to discuss its diversity and recruiting efforts.
Credit card and bank card skimmer fraud has spread around the world, stealing from consumers and banks at locations ranging from gas stations to ATMs and restaurants, according to a report from ACCA USA, the U.S. arm of the Association of Chartered Certified Accountants, and Pace University in New York.
For the last few weeks the accounting profession’s rumor mill has been buzzing with stories that Rothstein Kass is about to be acquired by KPMG. Is this all just a matter of frantic speculation, or could this rumor actually have some truth to it?
The internal control framework that was unveiled last year by the Committee of Sponsoring Organizations of the Treadway Commission, also known as COSO, will take some time to adjust to, but the Securities and Exchange Commission is encouraging companies to transition to it by the end of this year.
The tax reform proposal issued this week by House Ways and Means Committee chairman Dave Camp, R-Mich., is continuing to generate plenty of discussion.