The Financial Accounting Standards Board, at its Aug. 31 meeting, decided to narrow the proposed scope of its digital assets project — formally launched in May — to focus specifically on cryptocurrencies. The board agreed to five specific criteria for what the yet-to-be-determined guidance covers. To be within the proposed
Forgiveness; great sums of money; shell game; and other highlights from our favorite tax bloggers. Learning curves Taxable Talk (http://www.taxabletalk.com/): How will the IRS tax forgiven portions of student loans? How will states? When’s the guidance coming and when should taxpayers file? We have answers to some of these but definitely not
The Public Company Accounting Oversight Board levied a $200,000 penalty Monday against KPMG’s member firm in South Africa and a combined $75,000 in penalties against two of its partners for improperly using and misreporting a KPMG member firm in Zimbabwe that wasn’t registered with the PCAOB to help with its
Intuit, the company behind products like TurboTax and QuickBooks, announced a new logo that it says better reflects the evolution of its product line. The new logo is part of a refreshed identity that will also include a refreshed core blue color, an evolved visual identity system, and an updated
The Public Company Accounting Oversight Board has signed a long-awaited deal with the China Securities Regulatory Commission and China’s Ministry of Finance to allow PCAOB inspectors to enter China and Hong Kong to inspect audit firms and work papers, but cautioned Friday that it is only the first step. Under
Concerns have mounted over the last few days about the tax ramifications of President Biden’s forgiveness of student loan debt. Biden announced Wednesday he would forgive $10,000 in federal student debt for borrowers making less than $125,000 per year, or $250,000 for married couples filing together or heads of households.
Turn Two-timer; framed; the 30% solution; and other highlights of recent tax cases. Las Vegas: Real estate professional Scott Lawrence has pleaded guilty to evading federal taxes. From about 2009 through 2019, Lawrence owned and operated Turn Two Inc., a real estate company. In 2010, the IRS levied Lawrence’s personal
The purpose of a family office is to organize and centralize the management of a family’s personal and business financial affairs, and to maintain the financial house in as good an order as that of a well-run public company. The origin of the family office concept came from extremely wealthy
Grant Thornton LLP has sold its public sector advisory practice to Guidehouse, a consultancy owned by private equity fund Veritas Capital. The move is part of Chicago-based Grant Thornton’s strategy of divesting some of its practice niches to focus more on audit, tax and advisory services. Guidepost will be gaining
Deloitte’s Center for Controllership released a new poll highlighting why accounting firms are looking for new talent, and why accountants are leaving their posts. The poll, released Monday, found that public companies have been more challenged with talent retention than their private counterparts. Last year, 82% of public firms said
