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Accounting Newswire

  • CFOs Abroad More Aggressive on Spending, Investment

    June 12, 2014

    CFOs around the world are taking a more aggressive approach to spending and investment over the next year, but CFOs in the U.S. remain cautious amid concerns about regulations and political gridlock, according to a new survey by American Express.

  • PCAOB Dings Ernst & Young and Grant Thornton for Not Fixing Audit Problems

    June 11, 2014

    The Public Company Accounting Oversight Board has made public additional portions of a 2010 inspection report on Ernst & Young and 2008 and 2009 inspections of Grant Thornton because the firms failed to adequately address some of the quality control problems that the PCAOB had identified within a year, although Grant Thornton claims the problems have since been addressed.

  • Kennedy and Coe and Matson and Isom to Merge

    June 11, 2014

    Kennedy and Coe LLC plans to combine with Chico, Calif.-based firm, Matson and Isom. The merger, which is pending final approvals, is scheduled to close on Jan. 1, 2015.

  • IRS Provides Safe Harbor for Indian Tribal Benefits

    June 11, 2014

    The Internal Revenue Service has issued a revenue procedure providing safe harbors for applying the general welfare exclusion to Indian tribal government programs.

  • Thomson Reuters Debuts Checkpoint Catalyst for Tax Research

    June 11, 2014

    Thomson Reuters has introduced Checkpoint Catalyst, the latest generation of its online tax research system.

  • Genworth Offers Long Term Care Information Site

    June 11, 2014

    Genworth Financial has created a new Web site with information on long term care.

  • IRS Finalizes Regulations on Written Tax Advice

    June 11, 2014

    The Internal Revenue Service has issued final regulations that modify the standards governing written tax advice and update related provisions.

  • Tax Breaks for Apple to Starbucks Probed by EU Watchdog

    June 11, 2014

    Tax breaks for Apple Inc., Starbucks Corp. and Fiat Finance & Trade SA in three European Union countries are under investigation by EU competition regulators in a clampdown on special treatment for companies.

  • IRS Backs Investors Seeking to Alter Hedge-Fund Fees

    June 11, 2014

    The Internal Revenue Service issued a ruling yesterday clearing the way for institutional investors to seek changes to incentive fees assessed by hedge funds, which may make it cheaper for them to invest in such offerings.

  • Doeren Mayhew Spins Off Investment Banking Practice

    June 10, 2014

    Doeren Mayhew, one of the top 100 CPA and advisory firms, has spun off its investment banking practice into a new investment bank, Doeren Mayhew Capital Advisors, to accommodate the firm’s growing mergers and acquisitions client base.

  • FASB Aims to Simplify Accounting Standards

    June 10, 2014

    The Financial Accounting Standards Board has added two short-term projects to its agenda to simplify U.S. GAAP as part of its initiative to reduce complexity in accounting standards.

  • Accountants’ Confidence on the Upswing

    June 10, 2014

    After several months of decline, accountants’ confidence in the prospects for economic growth saw a sharp uptick, according to the June edition of Accounting Today’s Accountants Confidence Index.

  • IRS Adopts Taxpayer Bill of Rights

    June 10, 2014

    The Internal Revenue Service has adopted a "Taxpayer Bill of Rights" that it said would become a cornerstone document to provide the nation's taxpayers with a better understanding of their rights.

  • Permanent Resident Can’t Exclude U.N. Wages

    June 10, 2014

    The Tax Court, in a division opinion, has concluded that a Finnish employee of the Finnish Mission to the United Nations waived her treaty right to exclude income from a foreign government from taxation, because she had become a permanent resident of the U.S.

  • PCAOB Adopts Standard on Auditing Related-Party Transactions

    June 10, 2014

    The Public Company Accounting Oversight Board adopted a new auditing standard Tuesday, along with amendments to other auditing standards, to require auditors to pay more attention to three critical areas of the audit: related-party transactions, significant unusual transactions, and a company’s financial relationships and transactions with its executive officers.

  • FASB Releases Standard on Development-Stage Entities

    June 10, 2014

    The Financial Accounting Standards Board issued an accounting standards update Tuesday to improve financial reporting for development-stage entities, eliminating the inception-to-date information and differences in consolidation guidance.

  • Repatriation Tax Break Costs $96 Billion, Estimate Concludes

    June 10, 2014

    A temporary tax holiday for U.S. companies to repatriate offshore profits would cost the government $95.8 billion in revenue over a decade, said the Joint Committee on Taxation, Congress’s nonpartisan scorekeeper.

  • Ex-BDO Vice Chairman Bee Gets 16 Months in $1 Billion Fraud

    June 10, 2014

    Former BDO Seidman LLP Vice Chairman Charles Bee’s cooperation with prosecutors in a $1 billion tax fraud probe didn’t spare him from prison, as a judge, citing the magnitude of the crime, sentenced him to 16 months.

  • 5 Steps to Accountability

    June 9, 2014

    Developing accountability in your staff is simple, consultant John Spence told a gathering of accountants here -- but that doesn’t mean it’s easy.

  • Senate Leaders Plot Path for Tax Reform

    June 9, 2014

    Amid continuing gridlock in Congress that has held up agreement between Democrats and Republicans on tax reform, the leaders of the Senate Finance Committee outlined a series of hearings this summer aimed at moving forward on the effort.


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