Like much of the financial world, Carolyn Wilkins, a former deputy governor of the Bank of Canada, was dismayed at the governance failures that led to the collapse of the FTX crypto trading platform. However, while there is much to be said about the specific missteps of those connected to
Sen. Elizabeth Warren, D-Massachusetts, and Senate Finance Committee chairman Ron Wyden, D-Oregon, are asking the Public Company Accounting Oversight Board to do more to regulate the audits of cryptocurrency companies in the wake of recent high-profile bankruptcies of companies like FTX. In a letter Wednesday to PCAOB chair Erica Williams,
EDITORS’ PICKComplimentary access to top ideas and insights — curated by our editors. I recently attended a friend’s destination birthday party in Cabo San Lucas, Mexico. He booked a large oceanfront house with room for all his guests to stay with him and his family. I don’t know how much
Both the Supreme Court and the Eleventh Circuit weighed in on the American Rescue Plan Act’s Tax Mandate, a.k.a. Tax Cut Ban, last week. The Supreme Court, on Jan. 17, 2023, declined to consider Missouri’s challenge to the Tax Mandate, which restricts states that receive federal aid from using the
I’m sure you’ve heard the radio ads telling business owners: “If you were impacted by COVID, you could be entitled to up to $26,000 per employee in refunds from the IRS. Call today! Don’t delay!” The breathless announcer is of course referring to the Employee Retention Credit, aka the Employee
EDITORS’ PICKComplimentary access to top ideas and insights — curated by our editors. Withum held its annual State of the Firm meeting on Jan. 10. It is one of our firmwide highlights. Over 1,200 partners and staff attended in person and the balance of our 2,100-member team did so virtually.
Tax departments are often forgotten as a big data consumer. To get a sense of what large companies deal with, just take a minute to reflect on your personal tax return. You need all your data organized and collated in a timely fashion, prior-year returns to do year-over-year line-item level
The Public Company Accounting Oversight Board is on the receiving end of a lawsuit filed by a civil liberties group for penalizing an unidentified accountant. The New Civil Liberties Alliance filed a complaint Thursday in the U.S. District Court for the Northern District of Texas seeking declaratory and injunctive relief
EY Chief Executive Officer Carmine Di Sibio said “it’s business as usual” when it comes to hiring, with a tight jobs market even as several big firms begin to cut staff. “We’re not struggling to source talent, but it’s not like we’re seeing a rash of talent that’s all of
The Internal Revenue Service has been steadily ramping up its enforcement of partnership tax compliance. The Bipartisan Budget Act of 2015 streamlined the framework for auditing of partnership tax returns and made it easier for the IRS to assess any resulting tax. The IRS also announced implementation of the Large