Speedy decision; trouble in paradise; diplomatic imbecility; and other highlights of recent tax cases. Waxahachie, Texas: Tax preparer Bachary Rushid McGruder, 45, has been sentenced to three years in prison and ordered to pay more than $6.7 million in restitution to the IRS. McGruder, owner of M&M Enterprises and Consulting,
The Public Company Accounting Oversight Board plans to host a series of five in-person forums this year, with different members of the board visiting cities including Chicago, Los Angeles, Denver, Miami, and Jersey City. The forums will focus on auditing in the small business environment and on auditing broker-dealers. The
The Internal Revenue Service is extending tax relief on required minimum distributions from retirement accounts not made in 2024 after providing similar relief in recent years. In Notice 2024-35, the IRS said Tuesday such relief was provided with respect to certain RMDs in 2021, 2022 and 2023, and is being
The Internal Revenue Service is waiving penalties to companies that fail to pay their estimated taxes for the first quarter for the corporate alternative minimum tax. In Notice 2022-33, the IRS said Monday the relief notice applies only for calculating the installment of estimated income tax of a corporate taxpayer
The Internal Revenue Service is getting ready for an onslaught of tax returns arriving by Tax Day on Monday, though many taxpayers will be eligible for automatic extensions due to natural disasters across the country. The tax deadline is April 15 for most taxpayers, but those in Maine and Massachusetts
The offices of KPMG in ChicagoTannen Maury/Bloomberg KPMG, New York, launched its 2024 CEO Outlook Pulse Survey, which features insights from 100 U.S. CEOs on the key challenges and opportunities driving business growth, available here. CohnReznick, New York, established a new digital advisory practice to help businesses navigate technology- and
Crowe LLP, a Top 25 Firm based in Chicago, is merging in KMJ Corbin & Co. a Southern California firm that offers accounting, auditing, tax and consulting services, in the third M&A deal it has announced this month. The deal is expected to close in mid-May. Financial terms were not
A comfortable majority of accountants in the U.S. and U.K. say they use AI at work and, through it, have saved hours of labor per week. Accountants in particular were found to be higher than average in terms of both AI adoption and hours saved. These were among the findings
Enjoy complimentary access to top ideas and insights — selected by our editors. Tax season is almost over and you’ve made it this far, so congrats. Now is certainly not the time for me to write a column with lofty ideas for the future, so I am providing a few
The top accounting firms took another bite of market share for public company audits in 2023. The 10 firms with the most public company audit clients accounted for 70% of the total market (excluding special-purpose acquisition companies), according to the latest edition of Ideagen Audit Analytics’ annual “Who Audits Public