Band of brothers; heavy Metal; gone underground; and other highlights of recent tax cases. Dublin, California: Kishore Kethineni, CEO of multiple software development and IT services companies in the Bay Area, has been sentenced to two years in prison for a conspiracy to commit bank fraud and for failure to
The Securities and Exchange Commission (SEC) has proposed security and access control upgrades to its EDGAR system, where public companies file their documents with the regulator. Among the more notable changes is shifting from a one login per company system to a one login per individual. This means that, rather
The Public Company Accounting Oversight Board imposed a $30,000 civil penalty against K.R. Margetson, a firm in North Vancouver, British Columbia, and its sole partner, Keith R. Margetson, for quality control violations and revoked his firm’s registration for a year. The PCAOB said in its settled disciplinary order that the
The U.S. firm of PricewaterhouseCoopers plans to stop offering some types of consulting services to its SEC-registered audit clients to provide greater independence, and will cut the compensation of top leaders if the firm’s audits fall short on quality. PwC unveiled the changes as part of a series of actions
Using funding provided by last year’s Inflation Reduction Act, the IRS said it will place more attention on wealthy individuals, large partnerships and corporations, including hedge funds and other business entities that have seen sharp drops in audit rates over the past decade. “The changes will be driven with the
The Securities and Exchange Commission’s recently finalized rule on private fund advisors will impose new disclosure and audit requirements on private equity firms, hedge funds and venture capital firms, even if they’ve already been providing some of this information. The SEC’s long-standing custody rule has required private funds to disclose
In recent years, the integration of artificial intelligence has significantly impacted numerous professions, and accounting is no exception. AI in accounting has emerged as a game-changing technology, promising to revolutionize the accounting landscape and transform the way professionals approach their work. But despite the tremendous buzz around solutions like OpenAI’s
Each year, Accounting Today and Best Companies Group select the Best Accounting Firms to Work For. This slideshow includes the best in the Midsized Category (firms with between 50-249 employees) and the Large Category (250 or more employees) with their rankings and select information on the firms, as well as
Wipfli LLP, a Top 20 Firm based in Milwaukee, has acquired the risk management and loan review services divisions of Sheshunoff Consulting + Solutions. The deal will add 79 associates, but no partners, to Wipfli’s risk management and loan review services team, expanding it to over 210 associates. It will
Despite the numerous warnings from the Internal Revenue Service, the American Institute of CPAs, and various tax practitioner groups, advertisements for employers to take advantage of the Employee Retention Credit continue to proliferate. Unscrupulous promoters advertise that just about anybody qualifies. Stories abound of employers “ERC shopping” where, after a