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The Securities and Exchange Commission has charged a China-based company and its CEO with fraudulently misleading investors about its financial condition by touting cash balances that were millions of dollars higher than actual amounts.

Italian fashion designers Domenico Dolce and Stefano Gabbana, founders of the Dolce & Gabbana couture business, were sentenced by an Italian court to a 20-month suspended prison sentence and a steep fine of approximately $670,000 for tax evasion.

The House Financial Services Committee has unanimously passed legislation prohibiting the Public Company Accounting Oversight Board from mandating the automatic rotation of a public company’s independent external auditor.

SAP has partnered with travel itinerary and booking product maker Traxo to integrate its offerings into SAP Cloud for Travel, which will allow travelers and corporations additional choice and efficiencies for travel and expense management.

David Bukzin has been named partner-in-charge of Marcum LLP's New York City office.

The IRS Electronic Tax Administration Advisory Committee's 2013 Annual Report to Congress recommends that the IRS work more closely with tax preparers, accountants and others to pursue its goal of improving compliance electronically.

The Internal Revenue Service’s string of video parodies unfortunately may be nearing an end, now that outraged lawmakers in Congress have put a series of IRS commissioners, acting commissioners, deputy commissioners and ex-commissioners on the hot seat.

The Internal Revenue Service may be nearing an agreement to pay unionized employees $70 million in bonuses that aren’t legally required, said Republican Senator Charles Grassley.

Intuit has released an iPad and iPhone app for Intuit Online Payroll, just a few months after unveiling a similar app for QuickBooks Online.

The European Commission has extended its cooperation agreement with the Public Company Accounting Oversight Board, allowing the PCAOB to continue exchanging confidential information with European audit regulators.

The Internal Revenue Service needs to improve its criminal fraud referral process as well as the timeliness of its evaluation process for referring cases of tax fraud for criminal prosecution, according to a new government report.

Sage North America has released Sage Inventory Advisor, a cloud offering that integrates with Sage ERP systems to provide users – primarily distributors and retailers -- with a daily diagnostic of inventory.

Leaders of the House Oversight and Government Reform Committee continued their battle over the release of transcripts of interviews with officials from the Internal Revenue Service’s Exempt Organizations division amid claims of what the transcripts indicate about White House involvement in the targeting of Tea Party and other conservative groups.

BCG Systems president Mark Goodson explains how firms considering partnering with a cloud vendor need to zero in on the operational challenges that are sure to come.

Acumatica has hired veteran channel development executive Dawn Jaeger to head up its partner recruiting team.

New York State has suspended Deloitte Financial Advisory Services from consulting work on financial institutions regulated by the state’s Department of Financial Services, and the firm has agreed to make a $10 million payment to the state as a result of problems with Deloitte FAS’s consulting work for Standard Chartered bank.

Hiring for accounting graduates is at a record level, according to a new study by the American Institute of CPAs, which also found the number of accounting graduates and enrollments in accounting education programs continuing their upward trend and reaching historic levels.

The RTRP program could serve as the base of a new voluntary credential.

The accounting profession was slightly more optimistic this month than last, according to the June edition of Accounting Today’s monthly Accountants Confidence Index.

Financial reporting technology provider Trintech has introduced an iPad app for automating the record-to-report process.