A former jet-setting Chicago billionaire was sentenced to seven and a half years in prison for a $1 billion fraud at an advertising startup that included investors such as Goldman Sachs Group Inc., Google parent Alphabet Inc. and Illinois Governor JB Pritzker’s venture capital firm. Rishi Shah, 38, the co-founder
Enjoy complimentary access to top ideas and insights — selected by our editors. Consider yourself a scholar of the latest tax fraud gambits and IRS policies? In this week’s Accounting Today news quiz, test your knowledge on windfall tax legislation, AI usage rates, and more! Click here to try out
The Treasury and the Internal Revenue Service issued final regulations Friday on reporting by brokers on dispositions of digital assets such as cryptocurrency for customers in certain sale or exchange transactions. The reporting will need to be made on the soon-to-be released Form 1099-DA beginning with transactions on or after
Fraud is no longer just a nuisance, but a significant economic threat estimated to escalate to over $250 billion by 2031. The need for a revolutionary approach in fraud prevention is clear. Rapid development of generative AI technologies promises immense potential, but also poses new risks, catalyzing a shift in
In the realm of accounting, data accessibility has undergone a remarkable evolution over the past four decades. From manual ledger entries to sophisticated cloud-based platforms, the landscape of accounting data accessibility has transformed significantly, shaping the way financial information is managed, analyzed, and utilized. Before exploring the opportunities this brings,
Enjoy complimentary access to top ideas and insights — selected by our editors. Artificial intelligence continues to tighten its grip on the way we engage with information both at home and at work, and the accounting profession is no exception. Despite fears about the ultimate impact on job security, accountants
Enjoy complimentary access to top ideas and insights — selected by our editors. Has the middle class been forgotten? Not when it comes to taxes. The middle class typically give a large portion of their paychecks to the government, along with low-income residents, but these tax burdens vary state by
Enjoy complimentary access to top ideas and insights — selected by our editors. Consider yourself a scholar of the latest tax fraud gambits and IRS policies? In this week’s Accounting Today news quiz, test your knowledge on state by state tax burdens, M&A, and more! Click here to try out
If you’re wondering whether your organization’s practices and procedures have left it open to a cyber-attack, there is a more than 98% chance the answer is yes. RSM, a Top Five Firm, analyzed the results of over 500 penetration tests for its middle- and upper-market clients between 2021 and 2023,
The U.S. Treasury Department provided formal notification to Russian authorities that it’s partially suspending a tax treaty as relations between the two countries continue to worsen over two years into the war in Ukraine. The IRS issued Announcement 2024-26 on Friday providing notice of the partial suspension of the U.S.-Russia