The Internal Revenue Service mistakenly posted information from approximately 120,000 individuals on its website before discovering the error on Aug. 26 and taking it down. The information came from the Form 990-T, the business tax returns filed by tax-exempt organizations. “The IRS recently discovered that some machine-readable (XML) Form 990-T
Two-buck chuck; easement does it; mismanagement; and other highlights of recent tax cases. Swampscott, Massachusetts: Tax preparer Boris Shadari, 46, has been sentenced to 30 months in prison and two years of supervised release in connection with a scheme to inflate federal refunds and divert a portion to accounts that
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.
Fathom — a popular reporting, analysis and forecasting software used by many accountants — has been acquired by the Access Group, a British provider of business management solutions for small and midsized organizations. Kerry Agiasotis, president of The Access Group Asia Pacific, said in a statement that her company admired
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