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Newswire

• M&A Business Charged with Tax Evasion

  July 2, 2009

  A federal grand jury has returned an 11-count indictment charging four Salt Lake City residents with conspiring to conceal profits stemming from their mergers and acquisition business from the IRS and under-reporting or not reporting income over a span of approximately seven years.

• CCH Incorporates New FASB Codification

  July 2, 2009

  CCH said it is supporting the new FASB Accounting Standards Codification in its CCH Accounting Research Manager service.

• Sageworks Handles Government and Bank Audits

  July 2, 2009

  Sageworks has released two new analytical procedure modules for auditing government entities, banks and other financial institutions.

• Brown Smith Wallace Aces Peer Review

  July 2, 2009

  Brown Smith Wallace said it has successfully completed all of its peer review examinations and received the best possible rating for its third consecutive review.

• Amazon, Overstock Drop Affiliates in Three States

  July 2, 2009

  Both Amazon.com and Overstock.com have stopped using affiliate Web sites in three states that have passed laws requiring sales tax to be collected on Internet sales if companies have local affiliate partners.

• SEC Charges Ex Beazer Accounting Chief with Fraud

  July 2, 2009

  The SEC has charged the former chief accounting officer of Beazer Homes with conducting a fraudulent earnings management scheme for over five years and misleading the home builder’s outside auditors and internal accountants.

• CFOs Get More Involved in Business Strategy

  July 1, 2009

  The economic downturn has raised the profile of senior executives worldwide, with CFOs becoming more involved in developing business strategy and prioritizing risk management.

• Guidebook Helps Manage Spreadsheet Risk

  July 1, 2009

  A new guidebook aims to help companies mitigate the risks of spreadsheets being misused for corporate fraud or causing multimillion-dollar reporting errors.

• Private Sector Lost 473,000 Jobs in June

  July 1, 2009

  Private sector employment decreased by 473,000 last month, according to payroll figures from ADP, but the pace of job losses seems to be easing up compared to earlier in the year.

• Feds Break up ID Theft and Tax Fraud Scheme

  July 1, 2009

  Eleven defendants have been charged in a massive scheme to file fraudulent tax returns using the stolen identities of Puerto Rican residents in an attempt to collect more than $18 million in tax refunds.

• CBIZ Acquires Employee Benefits Firm

  July 1, 2009

  CBIZ has acquired EAO Consultants, an employee benefits firm also known as Egan, Amato & O’Connor, expanding the accounting provider’s benefits-consulting expertise in the Northeast.

• FASB Debuts Accounting Standards Codification

  July 1, 2009

  The Financial Accounting Standards Board has officially launched its FASB Accounting Standards Codification, an online interactive research tool that will serve as the single source of authoritative nongovernmental U.S. generally accepted accounting principles.

• KPMG Hires International Corporate Services Partner

  June 30, 2009

  KPMG LLP has named Chris Housman as a new partner in the U.S. firm’s International Corporate Services practice.

• House Committee Clears Bill on Hidden 401(k) Fees

  June 30, 2009

  The House Education and Labor Committee has approved a bill that would require 401(k) plan providers to provide clear, complete information about the fees they charge.

• D.C. Tax Scam Ringleader Sentenced to 17 ½ Years

  June 30, 2009

  Harriette Walters, the former tax office manager for the District of Columbia, was sentenced to 17 and a half years in prison for masterminding a tax scam estimated to have cost the district $48.1 million.

• Deloitte Tries to Help Canada Find Missing Gold

  June 30, 2009

  Deloitte & Touche has conducted a review for the Royal Canadian Mint to try to account for a $15.3 million discrepancy between a rolling inventory and a physical count of gold owned by the mint and its customers, and Goldfinger is apparently not to blame.

• H&R Block Fiscal 2009 Swings to Profit

  June 30, 2009

  H&R Block saw its first profitable year in four years, after the tax prep giant shed its money-losing mortgage operation.

• BizActions Offers Online Tax Guide

  June 30, 2009

  E-mail newsletter provider BizActions has introduced an Online Tax Guide that CPAs can link to from their own Web sites and brand with their own firm’s name and logo.

• Taxpayer Advocate to Focus on Tax Preparer Regulation

  June 30, 2009

  National Taxpayer Advocate Nina Olson plans to make oversight of tax return preparers one of her office’s main priorities in the coming fiscal year.

• Obama Proposes Consumer Finance Agency Bill

  June 30, 2009

  The Obama administration has sent legislation to Capitol Hill to create a new Consumer Financial Protection Agency.

• IRS Excludes Mortgage Modification Payments

  June 29, 2009

  The IRS has excluded pay-for-performance success payments made under the federal government’s new Home Affordable Modification Program from counting as income.

• IRS Offers Disaster Relief in Alabama, Missouri, Oklahoma

  June 29, 2009

  Victims of recent storms in Alabama and Missouri and wildfires in Oklahoma may qualify for tax relief from the IRS.

• Accountant Pleads Guilty in UBS Tax Case

  June 29, 2009

  A UBS client and chartered accountant has pleaded guilty to filing a false tax return for his 2004 taxes in the latest sign of the IRS’s stepped-up enforcement efforts against the Swiss bank’s U.S. customers.

• AccuFund Enhances Accounting Suite

  June 29, 2009

  AccuFund has upgraded its financial reporting software for nonprofit, municipal and government organizations with new features for budget development, allocations and financial reports.

• Adaptive Planning Adds Multidimensional Planning

  June 29, 2009

  Adaptive Planning has released version 6.0 of its eponymous product, with new multidimensional business financial planning features and integration with NetSuite.

• PCFRC Works on Revenue Recognition

  June 29, 2009

  The Private Company Financial Reporting Committee met to discuss topics ranging from revenue recognition to FIN 48-d and loan-loss contingencies.

• Herz: Accounting Did Not Cause the Crisis!

  June 29, 2009

  Financial Accounting Standards Board Chairman Robert Herz refuses to accept the inevitability of another financial system collapse.

• Plante & Moran Merges in Jackson Rolfes

  June 29, 2009

  Accounting firm Plante & Moran plans to merge with Jackson, Rolfes, Spurgeon & Co., extending Michigan-based Plante to the Cincinnati market.

• Madoff Receives 150-Year Sentence

  June 29, 2009

  Former investment manager Bernard Madoff was sentenced to the maximum term of 150 years in prison for running a Ponzi scheme estimated to have totaled $65 billion.

• Protiviti Unveils New GRC App

  June 29, 2009

  Global risk and internal audit consulting concern Protiviti Inc. has released Governance Portal version 3, a governance, risk and compliance application.