WebCPA Staff

Singer and actress Cher, and the heirs of her late husband Sonny Bono, have sued Universal Music Group for $5 million, claiming the record company did some creative accounting in hiding revenue from two of her greatest hits collections.

Clifton Gunderson, with a new CEO and headquarters, has now shuffled its top management.

Former BDO Seidman vice chairman Charles W. Bee Jr., has pleaded guilty to tax fraud charges stemming from tax shelters marketed to the firm’s wealthy clients.

IRS Commissioner Doug Shulman intends to propose a comprehensive set of recommendations by the end of 2009 to ensure “uniform and high ethical standards of conduct for tax preparers” in order to increase taxpayer compliance.

Employment in the private sector fell by 532,000 jobs in May, according to payroll figures from ADP.

The Financial Accounting Standards Board voted Wednesday to approve the FASB Accounting Standards Codification as the single authoritative, nongovernmental source of information on GAAP, with an official launch date set for July 1.

The majority of companies don’t plan to add more accounting and finance employees in the third quarter, according to a new survey.

Companies paid a bit more in audit fees in fiscal year 2008 compared to the previous year, according to a new survey.

CPA2Biz, the business arm of the American Institute of CPAs, has teamed up with the Sleeter Group, a small business and accounting software consultancy, to resell Bill.com’s online accounts payable service through Sleeter’s network of accountants and consultants.

Intuit has signed a deal to acquire online payroll service PayCycle for approximately $170 million in cash, boosting the accounting and tax software vendor’s presence in the payroll business.

IRS Commissioner Douglas Shulman laid out the Obama administration’s plans for cracking down on offshore tax evasion, including extending the statute of limitations.

New England regional accounting firm Caturano and Co. has named Christopher MacKenzie as its new chief operating officer in an effort to rebuild its leadership.

A survey of a group of more than 700 accountants found that they see productivity as the top challenge facing leaders during poor economic times.

Intuit has narrowed down the applicants for its “Power to Get More Done” competition to 25 accounting and tax professionals from 19 states.

A California businessman was sentenced to a five-year jail term for tax evasion and ordered to pay a $75,000 fine, as well as given a tongue lashing by the judge, after he failed to report the profits from his marble tile company on his personal income tax return, claiming the business was owned by a “pure trust.”

Minority-owned businesses were less successful in obtaining awards from the Treasury Department’s New Markets Tax Credits program than non-minority entities in recent years, according to a new government report.

Clifton Gunderson has moved its headquarters from Peoria, Ill., to Milwaukee, making it the largest accounting firm to be based in Wisconsin, as new CEO Krista McMasters takes the reins.

Accounting firm LarsonAllen has expanded its presence in Arizona by combining with Scottsdale-based Cronstrom, Osuch & Co.

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The Internal Revenue Service said that 112 U.S. companies, partnerships, individuals and other entities reported receiving almost 2,300 requests to participate in boycotts unsanctioned in the U.S. in 2005 and 2006.