WebCPA Staff

The American Institute of CPAs criticized overly broad and disproportionate tax penalties levied on both tax preparers and taxpayers in a report submitted to Congress’s tax-writing committees, the Treasury Department and the IRS.

The Financial Accounting Standards Board has issued a set of proposed changes to fair value measurement rules that would require companies to provide more information about illiquid assets.

A former IRS compliance officer in Las Vegas has pleaded guilty to accepting a bribe in exchange for preparing a false audit report for a taxpayer.

Hedge accounting software developer Reval has acquired FXpress Corp., a treasury software provider.

Management Information Systems has introduced version 4.0 of its MISys small business manufacturing software with a new shop floor control module that helps manufacturing businesses analyze production costs more accurately.

Accounting firm Anderson ZurMuehlen and software developer Forepoint have created a QuickBooks Conference Kit that allows CPA firms, QuickBooks ProAdvisors and others to host their own QuickBooks users conferences.

The Securities and Exchange Commission has charged Las Vegas accountant Michael J. Moore and his auditing firm Moore & Associates with issuing false auditing reports prepared by high school graduates who had little to no experience with accounting or auditing.

Yaeger CPA Review has announced a partnership with 360training.com to offer CPE online courses after CPA candidates pass their exams.

The Basel Committee on Banking Supervision, an influential group of international banking regulators, has released a set of guiding principles to help the International Accounting Standards Board set new standards for financial instruments to deal with the aftermath of the financial crisis.

A former IRS district director who worked for a company that promised to reduce the tax liabilities of home-based business owners has been sentenced to two years in prison.

Grant Thornton is ramping up its plans to expand internationally with the upcoming promotion of the U.S. member firm’s CEO Ed Nusbaum to chief executive of Grant Thornton International on Jan. 1.

The former CFO of Stanford Financial Group has pleaded guilty to fraud and obstruction charges in a scheme involving the sale of $7 billion in certificates of deposit issued by the Antigua-based bank.

The major federal banking regulatory agencies are asking for comments on a proposed rule for banks’ minimal capital requirements, stemming from two accounting standards that would change how banks will account next year for many items they currently keep off their balance sheets.

The Association of Chartered Certified Accountants has created an online training resource to help accountants hone their career development plans.

The Taxpayer Advocacy Panel, a federal advisory committee of 99 citizen volunteers, made a series of recommendations to the IRS on improving payment installment agreements, the scheduling of audits, fixing problems in 1009 forms and other areas.

A House subcommittee heard from a panel of small business owners concerned about the disappearance of popular tax deductions at a hearing in Tulsa, Okla., during the congressional recess.

IRS data shows an increase in the number of sole proprietorships and S corporations in recent years.

Forty-one percent of small businesses pay their employees just to show up for work, hurting their profitability, according to a new survey.

SmartVault has unveiled an Accountant Edition of its Web-based document management system for QuickBooks.

Most CPA executives do not support a major government role in health care reform, according to a new survey.