WebCPA Staff

The Motor City’s former mayor, Kwame Kilpatrick, has been indicted by a federal grand jury on 19 counts of fraud and tax evasion.

The median fraud loss for U.S. organizations is $105,000, according to a new study, with billing and corruption schemes the most common types of fraud reported.

Moss Adams plans to acquire Grant Thornton’s Albuquerque practice on July 31, 2010, after Grant Thornton’s senior leadership decided to exit the New Mexico market.

Senate Democrats have introduced the latest version of their mammoth tax extenders and unemployment benefits extension legislation, further modifying provisions such as the taxation of carried interest of hedge fund managers and private equity firm partners and reducing the cost to under $110 billion in part by scaling back Medicaid aid to states.

The Financial Accounting Standards Board and the International Accounting Standards Board have jointly published a draft standard to improve and align the financial reporting of revenue from contracts with customers and the related costs.

The Supreme Court has found flaws in the conviction of former Enron CEO Jeffrey Skilling on the basis of the “honest services” statute, and remanded the case back to a lower court to address them.

Public companies paid an average of $4.8 million in total audit fees in fiscal year 2009, according to a survey by Financial Executives International, with the average public company’s audit fees decreasing 2.4 percent from the prior year.

While it's still too early to know all the financial consequences the health care bill may have for business owners, they should start now to consider financial strategies to manage possible increased costs, taxes and borrowing rates.

A difficult economy and an expense charge of $18.7 million at payroll and benefits outsourcing provider Paychex Inc. forced an 11 percent plunge in its fiscal 2010 profits to $477 million for the year ended May 31.

An appeals court has overturned a $521.7 million jury verdict against BDO Seidman in a case brought by Portugal’s Banco Espirito Santo International.

Top companies were able to dramatically reduce their corporate risk profile, and maintain compliance with sales and use taxes and value-added taxes, by leveraging automated tax management tools, ranging from tax calculation engines, filing and remittance systems, to audit control solutions, according to a new report.

Robert Blake, the actor who played Baretta on the TV series of the same name, is facing a $1.1 million tax lien from the state of California.

Deloitte LLP CEO Barry Salzberg was named executive of the year in the services category at the 8th Annual American Business Awards gala ceremony in New York.

Senior finance executives are expected to provide more detailed information to corporate boards since the economic downturn, but the information is often not perceived as accurate by the executives themselves, according to a new survey.

Nearly 1,300 prisoners claimed over $9 million in First-Time Homebuyer Tax Credits, according to a new government report.

The Tax & Accounting business of Thomson Reuters has integrated the latest tax holidays into its Sabrix sales and use tax solutions.

The Securities and Exchange Commission voted unanimously to propose rule amendments to help clarify the meaning of a date in a target date fund’s name and enhance the information provided to investors in these funds as they invest for retirement.

Investors tend to pay heed to whistleblower reports of financial fraud despite company denials, a new study suggests.

The Governmental Accounting Standards Board has issued a document outlining its preliminary views on how to improve pension accounting and financial reporting by government employers.

New Orleans Saints running back Reggie Bush could be forced to pay back taxes on an estimated $300,000 that he allegedly received while playing football for the University of Southern California.