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  • IRS Freezes Hiring, Warns of Busy Signals after Budget Cuts

    December 18, 2014

    The IRS is freezing hiring, stopping most overtime pay and warning that it wonít answer about half the calls it will receive during the upcoming tax-filing season.

  • FASB Releases 2015 GAAP Taxonomy in XBRL

    December 18, 2014

    The Financial Accounting Standards Board said Thursday the the 2015 GAAP Financial Reporting Taxonomy is now available, although it is pending final acceptance by the Securities and Exchange Commission.

  • IRS Partners with Tax Preparer Groups, but Warns of Rogue Preparers

    December 18, 2014

    The Internal Revenue Service is joining with several national tax and accounting organizations to give taxpayers new options and tips on selecting reputable tax professionals and avoiding unscrupulous preparers.

  • IRS Oversight of Charities on the Decline

    December 18, 2014

    The Internal Revenue Service has decreased its oversight of charities in recent years due to budget cuts and political pressure.

  • Accountants Targeted in Wave of Wire Transfer Scams

    December 18, 2014

    In the past few months there has been a significant increase in the frequency of wire transfer scam attacks against accounting firms, according to Rickard Jorgensen, president of Jorgensen & Company, with more than a dozen CPA firms successfully targeted.

  • Business Owner Can Deduct Payments for Son’s Racing Activities

    December 18, 2014

    The Tax Court held that the owner of a construction company who paid to sponsor his sonís motocross racing activities could deduct the payments since he was able to show that this helped him bring in business.

  • SEC Sanctions Baker Tilly Hong Kong for Audit Failures

    December 17, 2014

    The Securities and Exchange Commission has imposed sanctions against Baker Tilly Hong Kong Limited and two of its accountants for failing to properly audit year-end financial statements of a company that the SEC has charged with fraud.

  • Gallina Expands to Utah by Merging in Leverich

    December 17, 2014

    Gallina LLP is expanding to Utah by combining with the public accounting firm Leverich Group in Midvale, near Salt Lake City.

  • SASB Proposes Sustainability Accounting Standards for Service Industries

    December 17, 2014

    The Sustainability Accounting Standards Board has released a set of provisional sustainability accounting standards for 10 industries within the services sector.

  • Passage of Tax Extenders Contains Key Tax Breaks

    December 17, 2014

    Congressís long-awaited passage of tax extenders legislation provides a short-term extension through only the end of this year of dozens of familiar tax breaks for businesses and individuals, along with a new savings program for the disabled.

  • Congress Requires Self-Preparers and Consumer Tax Software to Check for Improper Tax Credits

    December 17, 2014

    The $1.1 trillion spending bill passed by Congress this week and signed into law by President Obama on Tuesday contains a provision directing the Treasury Department to implement uniform standards for taxpayers claiming refundable credits such as the Earned Income Tax Credit to stem improper payments.

  • PCAOB Settles with Grant Thornton Japan Partner

    December 17, 2014

    The Public Company Accounting Oversight Board announced a settled disciplinary order Wednesday against a partner of Grant Thornton Taiyo ASG LLC, Grant Thorntonís member firm in Japan, for his failure to properly address numerous risks of material misstatement of which he was aware in a 2010 audit of Baldwin-Japan Limited.

  • Dealing with Faulty IRA Trusts

    December 17, 2014

    Naming a trust as an IRA beneficiary may offer many benefits. If drafted properly, a trust can protect the account from creditors and reduce the risk that money will be mishandled.

  • China Auditors See Settlement Nearing in Standoff with SEC

    December 16, 2014

    U.S. regulators and Chinese affiliates of Big Four said they can probably reach an agreement within a few months to end a standoff.

  • U.K. and Australian Accounting Groups Join Forces

    December 16, 2014

    Members of the Institute of Financial Accountants in the United Kingdom have voted to amalgamate with Australiaís Institute of Public Accountants to form one of the largest international organizations of accountants who focus on small and midsize enterprises and accounting practices.


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