WebCPA Staff

The federal government’s Financial Literacy and Education Commission has redesigned its financial literacy education Web site, www.MyMoney.gov, adding new calculators and checklists to help families with college savings plans, along with other features.

Corporate performance management software developer Prophix Software has partnered with XBRL software solutions vendor Semansys Technologies to create Prophix XBRL Reporting to automate complex internal and external financial reporting processes.

The IRS’s Criminal Investigation Division needs to improve the way it manages the criminal tax investigations it refers to the Justice Department for prosecution, according to a new government report.

The Internal Revenue Service has provided guidance on how tax-free health insurance coverage should now be provided for employees’ children who are under 27 years of age under the recently passed health care reform law.

A former UBS client who claimed he hid his money in a Swiss bank account because of his parents’ experiences fleeing the Nazis was sentenced to 10 months in prison.

An Arkansas tax attorney and an Oklahoma businessman he represented have each been sentenced to 15 years in prison for their involvement in a tax fraud scheme.

The Swiss bank UBS and its former auditor Ernst & Young have agreed to pay $250.5 million to settle lawsuits brought by shareholders of HealthSouth in the wake of the hospital operator’s accounting fraud.

The Internal Revenue Service is helping spread the word that the COBRA subsidy eligibility period has been extended to May 31.

The Internal Revenue Service has filed a tax lien against actress Christina Ricci, claiming she owes $179,568.30 in unpaid taxes from 2008.

A class-action lawsuit by former shareholders of Lehman Brothers has been amended to add the defunct investment bank’s auditing firm, Ernst & Young, as a defendant.

An estimated 1.2 million tax returns filed in 2007 reported wages earned by taxpayers who used another taxpayer’s Social Security number, according to a new government report.

David A. Costello, CPA, president and CEO of the National Association of State Boards of Accountancy, has announced his plans to retire from his executive role with NASBA, effective Jan. 1, 2012.

The Internal Revenue Service is reportedly investigating Florida senatorial candidate Marco Rubio’s use of a Republican Party credit card.

An IRS employee has been ordered to pay back taxes and penalties after she sold over $36,000 worth of merchandise on eBay without reporting it on her tax returns.

The Securities and Exchange Commission’s Office of Inspector General found that at least 33 SEC employees and contractors used government computers to view pornographic images in the past five years.

XBRL US and the Financial Accounting Foundation have inked a three-year agreement to conduct joint research on further developing interactive data tags for financial statements.

Business optimization provider b-pack Corp. has released the newest Software-as-a-Service version of its purchase-to-pay and e-procurement lifecycle management software suite for businesses in North America and Europe.

Santa Monica-based CPA Marlin R. Brinsky has agreed to pay a $20,000 civil penalty to settle SEC charges involving accounting fraud at a publicly traded adult Web site.

Cloud-based enterprise resource planning software maker Acumatica has released Acumatica 1.4, which includes dozens of new features designed to help midsized businesses with complex requirements automate their business processes.

The Center for Audit Quality, the CFA Institute, and the Council of Institutional Investors have written to leaders of the Senate Banking Committee asking them not to exempt smaller public companies from Sarbanes-Oxley internal controls audit requirements in the financial regulatory reform legislation.