An unlikely pair of lawmakers is teaming up to propose legislation to eliminate tax breaks for corporate M&A activity. Sen. Sheldon Whitehouse, D-Rhode Island, and J.D. Vance, R-Ohio, introduced Thursday the Stop Subsidizing Giant Mergers Act, a bill that aims to end tax-free mergers and taxpayer subsidies for acquisitions that
The gang’s all here; not in good hands; lack of redemption; and other highlights of recent tax cases. Jackson, Mississippi: Tax preparers Adam Earnest, James Klish, John Wells, Christopher Randell and Jonathan Barefoot have been sentenced for preparing and filing false returns. Convicted last year, they conspired to defraud the
It’s a great time to run an accounting firm — except for how hard it is. While many members of Accounting Today‘s Top 100 Firms and Regional Leaders are reporting record revenues, more work than they can handle and a number of exciting emerging opportunities, they are also facing a
The Public Company Accounting Oversight Board posted a settled disciplinary order Tuesday sanctioning an Israeli auditor and her firm for violating the PCAOB’s rules during several audits, imposing a $200,000 penalty. The sanctions involved Ilanit Halperin and her firm Halperin Ilanit CPA after the PCAOB accused her of violating its
The viability of the CPA profession is under pressure from significant demographic and regulatory forces. Now, we have to contend with the Public Company Accounting Oversight Board’s recent calls for more punitive regulatory enforcement actions and an aggressive standard-setting agenda. The PCAOB’s Non-Compliance with Laws and Regulations (NOCLAR) proposal is
Victor Ramsauer of LevitZacks Private-equity backed accounting platform Ascend has added San Diego-based CPA firm LevitZacks to its network of members. Ascend acquires the nonattest parts of entrepreneurial middle-market firms in the U.S., and then supports their growth with capital and a growing list of other resources in areas such
Most Americans find gathering paperwork, documents and information to complete their individual tax returns very stressful. Now imagine having to do that for a midsized or large business. Tax filing season can be an extremely trying time for corporate tax and accounting professionals as they have to navigate countless forms
Enjoy complimentary access to top ideas and insights — selected by our editors. The constantly changing numerical definition of “rich” carries direct implications for taxes and planning — and this year’s presidential election offers a choice between competing criteria. Every year, the IRS tweaks income tax brackets to keep up
Oracle announced the addition of over 50 new generative AI features to its Oracle Fusion Cloud Application Suite. These new capacities are embedded in existing business workflows across finance, supply chain, HR, sales, marketing, and service, as well as in an expansion of the Oracle Guided Journeys’ extensibility framework. Among
The Internal Revenue Service’s Criminal Investigation unit issued a warning Tuesday about the use of “money mule networks,” criminals who exploit networks of innocent people to move illicit funds between bank accounts, currencies and blockchains in an effort to evade law enforcement. The people who are exploited are referred to