The Latest

The owner of a brothel in Salzburg, Austria has found an innovative way to protest what he sees as punitive taxation and regulation of his industry: offering free sex and drinks to patrons all summer.

The Institute of Certified Public Accountants in Ireland has entered into a mutual recognition agreement with the Association of National Accountants of Nigeria, which represents more than 24,000 members in Nigeria, Africa’s largest economy.

The Internal Revenue Service reported Thursday that nearly 44,000 tax preparers have completed its voluntary education program in its first year.

Highlights of some of our favorite tax-related blogs from the past week.

The Internal Revenue Service issued a revenue procedure and regulations explaining how a multiemployer defined benefit pension plan that is in critical and declining status can apply for approval of a proposed suspension of benefits.

Republican Senator Rand Paul’s plan to overhaul the U.S. tax system calls for a 14.5 percent federal flat tax for consumers and companies, the elimination of almost all deductions and the abolition of several other levies.

Wal-Mart Stores Inc. owns more than $76 billion of assets through a web of units in offshore tax havens around the world, though you wouldn’t know it from reading the giant retailer’s annual report.

CohnReznick, one of the largest accounting, tax, and advisory firms in the U.S., announced on Wednesday that through its CohnReznick Foundation and CohnReznick CARES initiative, donated a total of $150,000 to the Special Operations Warrior Foundation (SOWF) and the Joe Torre Safe At Home Foundation at its 24th Annual Charity Golf Invitational held on June 15. Over the past nine years, CohnReznick’s golf outing has raised a combined total of more than $1.45 million for these two organizations.

Asia’s largest commodity trader Noble Group Ltd. took on its critics with an open letter defending its accounting methods and valuations of a coal asset.

Companies that plan to sell or spin off part of their business should be aware of some recent changes in accounting standards for “discontinued operations” that are taking effect this year.