Audit & Accounting

Two former KPMG managers received prison terms and multimillion-dollar fines in a long-running tax shelter case.

Accounting experts and industry organizations alternately praised and panned the Financial Accounting Standards Board’s decision to loosen the standards for fair value and mark-to-market accounting.

Lawmakers at a congressional hearing Wednesday pressed Internal Revenue Service Commissioner Douglas Shulman to ease up on audits of small businesses.

The Internal Revenue Service has issued guidance to clarify the COBRA benefits offered under the recently passed stimulus bill.

Under pressure from Congress to act quickly, the Financial Accounting Standards Board voted to approve substantial changes to fair value accounting.

The Internal Revenue Service has begun spreading the word about a special incentive for taxpayers to buy a new car this year: a hefty deduction next year.

The Center for Audit Quality plans to award $200,000 in research grant funds to academics working on topics related to auditing and accounting.

The Treasury Department has opened its ballyhooed Web site that will allow ordinary citizens to keep an eye on efforts to stabilize the financial system.

Private sector employment declined by 742,000 jobs last month, according to the latest monthly report by payroll giant ADP.

A new report suggests that companies adopting the Financial Accounting Standards Board’s recent proposals on modifying mark-to-market and fair value accounting standards should provide more extensive disclosures to help investors make sense of the impaired assets.