WebCPA Staff

Treasury Secretary Timothy Geithner described a series of reforms that the Obama administration wants to make to executive compensation practices, including support for “say-on-pay” legislation that would give investors more input into executive pay packages at public companies.

Former BDO Seidman Chairman and CEO Denis Field, and a former BDO tax partner, along with five other lawyers and bankers from outside the firm, have been indicted in a tax fraud case involving tax shelters marketed by the firm that allegedly generated over $7 billion in fraudulent tax losses.

Washington D.C. –President Obama is expected to outlinenext week a proposal for a financial regulatory overhaul, a revamp designed toboth bolster investor protection while streamlining the current structure.

Despite glimmers of positive economic data on theeventual road to recovery, first quarter bankruptcy filings in the U.S. hit333,477, thehighest levels since2005 according to data released from The Administrative Office of the U.S.Courts.

Oldwick, N.J. - A new report from global rating agencyA.M. Best said that the mark-to-market guidance recently adopted by theFinancial Accounting Standards Board would not impact the balance sheets ofinsurance companies despite claims to the contrary by the those in the capitalmarkets sector.

Washington D.C. - As 10 financial institutions were giventhe green light to repay nearly $70 billion in TARP funds, the Congressional Oversight Panel urgedthat banks undergo another round of "stress test" examinations.

Host Analytics has introduced version 9.0 of its Web-based corporate performance management software, along with a discounted “team edition” that focuses on consolidations for midsized companies.

Former attorney and CPA Steven Krell has pleaded guilty to a tax charge in connection with the embezzlement of approximately $1,476,900 from two of his clients.

The board of the International Federation of Accountants decided at a meeting last week to hold a G-20 Accountancy Summit next month to get the perspectives of various accountancy institutes on how the profession can best contribute to strengthening the global financial system.

Accounting Today is seeking nominations for its "Killer VARs" issue in August.

The Treasury Department’s Inspector General for Tax Administration found errors and legal violations in nearly half the IRS taxpayer property seizures it studied for a new report.

A quarterly confidence measure compiled by Grant Thornton from polls of U.S. business leaders shows business optimism returning to pre-recession levels.

Intuit has laid off about 300 of its employees, mainly in the software developer’s Small Business Division, which sells QuickBooks.

The recession has not prompted many people to change their behavior and start saving more for retirement, according to a new survey by Charles Schwab.

Motor sports promoter International Speedway Corp. will get back $97 million of the $118 million it deposited with the IRS as part of a tax dispute, plus another $14 million in interest.

Amid complaints and confusion, the IRS is temporarily suspending a new reporting requirement for foreign bank accounts that would have extended the mandate to people who are not citizens or residents of the U.S.

A new academic study takes issue with claims that U.S. companies would benefit from adopting International Financial Reporting Standards.

The former chief executive of the investment company Quellos, along with two attorneys, have been indicted in a tax fraud and kickback scheme.

House Ways and Means Oversight Subcommittee Chairman John Lewis, D-Ga., criticized the IRS’s handling of taxpayer phone calls at a hearing that reviewed IRS operations and budget proposals, with IRS Commissioner Douglas Shulman in attendance.

The IRS has filed a tax lien of $819,848 on the 2004 presidential campaign of Sen. John Kerry, D-Mass., but his office claims the debt has long been paid.