In a 3-0 ruling, a federal appeals court overturned a Securities and Exchange Commission ruling that required at least 75 percent of mutual fund directors to be independent of the fund company. According to published reports, the appellate court ruled that the regulator had the authority to adopt the rule; however, it maintained that the commission had not considered any alternatives and did not consider the costs of such a rule. Under that mandate, it was estimated that roughly 3,700 funds would have to seek new chairmen. The rule was to go into effect next year. With the decision, the matter will again to back to the commission, but it is not expected to be reviewed until a permanent replacement for Chairman William Donaldson is appointed. Donaldson will step down June 30.
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The Internal Revenue Service's criminal investigators have been on the lookout for tax evasion by businesses that don't pay employment taxes.
April 19 -
The Internal Revenue Service previewed a draft form for crypto brokers for reporting on the proceeds of digital asset transactions to their customers.
April 19 -
Seventeen percent of comment forms in 2021 and 2022 contained auditor evaluation deficiencies, according to the PCAOB.
April 19 -
KPMG enters $1.1 million partnership with Women's Health Access Matters; UHY releases nonprofit trends report; and more news from across the profession.
April 19 -
Plus, LeaseCrunch announces webinar on lease changes and remeasurements; and other accounting technology updates.
April 19 -
While still a minority in the accounting world, remote partners offer unique benefits amid talent shortages.
April 19