Subject Root Tag

When I first started writing this post, it was going to be on Network Attached Storage (NAS).

Credit Suisse AG, which pleaded guilty Monday to helping Americans evade taxes, has so far avoided identifying thousands of customers who cheated the Internal Revenue Service. Instead, it promised to point investigators in the right direction.

The recently released discussion draft of the Tax Reform Act of 2014 by the House Ways and Means Committee is intended to simplify the existing tax code, make it fairer to taxpayers and strengthen the U.S. economy by lowering tax rates.

A new report from the advocacy group Citizens for Tax Justice finds that 301 Fortune 500 companies hold a combined $2 trillion offshore, collectively avoiding $550 billion in U.S. corporate income taxes, while a contrasting report from the Tax Foundation found that U.S. multinational corporations reported paying more than $128 billion in corporate taxes to foreign countries on $470 billion of taxable income in 2010—an effective rate of 27.2 percent before also paying U.S. taxes.

The economic benefits of the income exclusion for U.S. citizens working abroad are uncertain, according to a new government report.

The Securities and Exchange Commission charged the former chief risk officer at Deloitte LLP with violating auditor independence rules by accepting casino markers from a casino gaming company client.

Rep. Jim Renacci, R-Ohio, a CPA, has introduced a bipartisan bill to bring more accountability and transparency to the federal government’s financial statements by making the Federal Accounting Standards Advisory Board more independent.

The form for reporting foreign bank and financial accounts, or FBAR, must be filed by June 30 through the BSA E-Filing System, the IRS is reminding taxpayers.

The Third Circuit Court of Appeals has affirmed the Tax Court on an appeal arising out of nine consolidated cases regarding the tax implications of an S Corporation’s election to treat its subsidiary as a qualified subchapter S subsidiary, or Qsub, under Section 1361 of the Tax Code.

Thomson Reuters has released a tax act overview and monthly client marketing newsletter focused on the Affordable Care Act that tax, accounting and employee benefits firms can provide to clients, prospects and other contacts.

Democrats in the House and Senate introduced legislation Tuesday to tighten the restrictions on corporate tax inversions, limiting the ability of U.S.-based companies to avoid U.S. taxes by combining with a smaller foreign business and moving their tax domicile overseas.

Clark Schaefer Hackett has added the Columbus-based firm Schoonover Boyer + Associates to its firm. The new addition gives CSH’s Columbus office 87 associates, which brings the total staff to 394.

Trent Foster has joined Weaver as a partner in the firm’s Dallas-based assurance services practice.

The Internal Revenue Service needs to better adhere to requirements to justify and document noncompetitive contract awards, according to a new report.

The International Ethics Standards Board for Accountants has released for public comment an exposure draft on proposed changes to certain provisions of the ethics code related to non-assurance services for audit clients.

Credit Suisse AG agreed to pay $2.6 billion in penalties and pleaded guilty to helping Americans cheat on their taxes, making it the first global bank in a decade to admit to a crime in a U.S. courtroom.

The formula for profitability has been established for ages. Every business owner, CEO, freelancer and entrepreneur knows it. It is even supported—scratch that, mandated—by GAAP, which is enforced by the SEC in the United States.

A task force at the American Institute of CPAs is urging CPAs to embrace new ways of learning and professional development to compete better in a rapidly evolving global marketplace.

American Institute of CPAs president and CEO Barry Melancon discussed the need for greater diversity at CPA firms as efforts at greater inclusion seem to be running into some headwinds.

The American Institute of CPAs is pushing back against a proposal by Internal Revenue Service commissioner John Koskinen to offer a form of voluntary tax preparer certification after a series of court rulings invalidated the IRS’s efforts to require mandatory testing and continuing education of preparers.