Florida A&M University has been given a six-month window to straighten out its accounting problem or risk losing its accreditation by the Southern Association of Colleges and Schools. The school has come under fire after a state auditor revealed that the school's inspector general's office had gone 40 months without any formal reports on internal investigations, and that $39 million in transactions and budget amendments were made without approval of the school's board of trustees. In addition the school has some $1.8 million in missing receipts for athletic-event tickets and $11,000 in bad checks were written by the administration. Students attending an unaccredited school are typically not eligible for financial aid.
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The impending end of support for Windows 10 has been delayed, giving accounting firms a little more time to make upgrades before it is officially obsolete.
July 7 -
The Internal Revenue Service has declared 83 pieces of old guidance in the Internal Revenue Bulletin to be obsolete in accordance with Trump executive orders.
July 7 -
The Public Company Accounting Oversight Board gave reminders for auditors who audit smaller public companies in its latest staff publication.
July 7 -
The IRS's Criminal Investigation division needs to do a better job of keeping track of the billions of dollars in cryptocurrency, says TIGTA.
July 7 -
The American Institute of CPAs hopes to smooth the Trump administration's move away from paper tax refunds at the Internal Revenue Service.
July 7 -
Making use of refunds; playing defense; how to use thin air; and other highlights of recent tax cases.
July 3