The Securities and Exchange Commission is preparing to fine telephone-equipment giant Nortel Networks as much as $100 million for accounting fraud, according to published reports. The reports also noted that SEC attorneys sought permission from the commissioners to inflict a fine of less than $100 million -- the first instance of a new policy that gives the politically appointed commissioners more say in corporate penalties. Previously, attorneys negotiated settlements without consulting the commissioners. Toronto-based Nortel inflated its earnings by $3.4 billion between 2001 and 2004, when the SEC began an investigation of the company's accounting. As an indicator of the scale of the possible fine, late in 2006, federal judges signed off on an estimated $2.4 billion payout by Nortel to settle a shareholder lawsuit.
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Farming it out; short circuited; California dreamin'; and other highlights of recent tax cases.
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The Public Company Accounting Oversight Board sanctioned PricewaterhouseCoopers' member firms in the U.S. and Australia over auditing quality control violations, imposing a $2.75 million and $600,000 penalty.
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Experts share what young accountants should look for in a firm and how to approach their careers.
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The ERP software provider is expanding its generative AI-driven feature to over 200 new places.
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The campaign is part of a larger effort by the IRS to increase its scrutiny of high-income taxpayers and large businesses to help close the tax gap.
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The Top 25 Firm is adding a tax, assurance, advisory and real estate consulting firm in Birmingham, Alabama.
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