The Latest

The Internal Revenue Service lost an estimated $90 million in revenue for tax year 2008 because of erroneously claimed foreign earned income tax exclusions, according to a new government report.

The Financial Accounting Foundation and the Securities Exchange Commission have released a proposed 2011 U.S. GAAP Financial Reporting Taxonomy that public companies will be expected to use when filing their financial reports with the SEC.

WorkforceChicago recognizes Chicago-area companies for their contributions and commitment to their employees’ learning and development – and yesterday, Stephen Chipman, chief executive of Grant Thornton, accepted an award on his firm’s behalf.

New York and Philadelphia have been provoking the ire of their residents lately by levying taxes on two formerly sacrosanct local products.

Residential home values dropped nearly 16 percent around the country from 2007 to 2008, but property owners in most states paid more in fiscal year 2008 than they did a year earlier, according to a new report.

The Securities and Exchange Commission has charged two former senior accounting professionals at headphone maker Koss Corp. with accounting fraud, books-and-records violations, and related misconduct arising from the embezzlement of more than $30 million from the company.

The Obama administration said that nearly 2,000 employers and unions have been accepted in the first round of the $5 billion Early Retiree Reinsurance Program created under the health care reform bill.

The Financial Planning Coalition has asked the Securities and Exchange Commission to extend the fiduciary standard of care to broker-dealers and other financial professionals who provide personalized investment advice to retail customers.

People filing for Chapter 7 and Chapter 13 consumer bankruptcy protection are facing as much as a 55 percent cost increase as one result of the 2005 comprehensive bankruptcy reforms, according to a new study.

Actor Wesley Snipes has filed documents with a Florida court requesting a new trial, claiming “jury misconduct.”