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  • 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.

  • 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.

  • Passage of Tax Extenders Contains Key Tax Breaks

    December 17, 2014

    Congress’s 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.

  • 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.

  • 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 Thornton’s 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.

  • 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.

  • 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.

  • Paychex Provides Year-End Tax Tips for Small Businesses

    December 16, 2014

    Payroll service provider Paychex has highlighted five key tax provisions that small business owners should evaluate before the end of the calendar year that could benefit their businesses.

  • 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 Australia’s Institute of Public Accountants to form one of the largest international organizations of accountants who focus on small and midsize enterprises and accounting practices.

  • Art of Accounting: Pricing by the Hour

    December 16, 2014

    When I was starting out I read a number of books by master salesman Elmer Wheeler, who said, among many other things, “Sell the sizzle, not the steak.” This left me with thoughts of always telling clients, or whoever I interacted with, about the value and benefits of dealing with me while de-emphasizing the cost.

  • 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.

  • Congress Passes Tax Extenders

    December 16, 2014

    The U.S. Senate sent a $42 billion package of tax incentives to President Obama for his signature, reviving dozens of lapsed breaks for 2014 and setting them to expire two weeks from tomorrow.

  • American Realty Capital Surprise Departures Open Void after Accounting Errors

    December 16, 2014

    The shakeup at the top of American Realty Capital Properties Inc. has left a void in leadership as the landlord tries to recover from accounting errors, leaving investors with more questions about the company’s future.

  • IRS Phone Service Lags Due to Budget Cuts

    December 16, 2014

    The Internal Revenue Service received fewer phone calls from taxpayers this year than in recent years, according to a new government report, but the percentage of callers seeking help who received it remained low while wait times remained high compared to prior years.

  • Lawsky Urges Lew to Order IRS Review of Insurance 'Loophole'

    December 15, 2014

    U.S. life insurers take billions of dollars in undeserved tax deductions by shifting capital to states with looser reserve requirements and the practice should be halted by the Internal Revenue Service, a New York regulator said.


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