Finance & Accounting

The Financial Accounting Standards Board’s proposed update to its hedge accounting standard could help companies with their risk management, but they will probably need sophisticated hedging expertise to benefit. FASB issued the proposed accounting standards update in May to align a company’s hedge accounting more closely with its risk management strategies (see story). The proposals
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Democratic senators rejected any attempt by Republicans to set conditions for increasing the federal debt limit, showcasing an escalation in partisan bickering as a two-year suspension of the ceiling approaches expiration. “Nobody is going to hold the American economy hostage, period, full stop,” Senate Finance Committee Chair Ron Wyden said Wednesday following a meeting with
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Proper, a San Francisco-based provider of automated accounting and bookkeeping services for real estate property and asset managers, has scored $9 million in Series A funding from investors. Proper plans to use the extra funds to accelerate development of its automated accounting technology, build a new customer-facing platform, and hire strategic talent across all functions.
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Rage against the Machine; property casualty; herbal remedy; and other highlights of recent tax cases. Kissimmee, Florida: Tax preparer Joseph Amaya has been sentenced to a year in prison for aiding and assisting in the preparation of false returns. From 2014 through about 2018, Amaya co-owned and managed the tax prep business Tax Machine. Amaya
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The Internal Revenue Service posted new rules Friday for multiemployer qualified retirement plans that have run into funding problems and need extra financial help from the Pension Benefit Guaranty Corporation. The guidance in Notice 2021-38 also aims to help the participants and beneficiaries in such plans in accordance with provisions of the American Rescue Plan
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Part of Allen Weisselberg’s legal troubles began when his former daughter-in-law couldn’t get the numbers in her divorce proceedings to add up. Jennifer Weisselberg says she was befuddled. The lifestyle she’d shared with her ex-husband, Barry Weisselberg — including an apartment overlooking Central Park and tuition for two children at Manhattan’s Columbia Grammar and Preparatory
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National Taxpayer Advocate Erin Collins pointed to continuing backlogs at the Internal Revenue Service and difficulty reaching telephone assistance in a report to Congress Thursday. The Taxpayer Advocate Service’s midyear report to Congress praised the IRS for its efforts in processing most tax returns and issuing most Economic Impact Payments on a timely basis despite
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The Internal Revenue Service released a Data Book Thursday highlighting the IRS’s activities this past fiscal year, particularly in response to the pandemic. During the COVID-19 pandemic, the IRS developed new technology and furnished the equipment needed to allow thousands of its staff to work from home, enabling the IRS to resume processing returns and
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Implications of a big leak; taxing multinationals; better current than new clients; and other highlights from our favorite tax bloggers. Money troubles The Tax Times (https://www.thetaxtimes.com): A look at recent reports that private wealth clients, hedge fund managers, cryptocurrency traders and other well-heeled heels are skipping out to Puerto Rico for its tax breaks and
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Congress introduced bipartisan legislation Friday to recognize accounting as part of the STEM programs in schools, as part of the science, technology, engineering and mathematics curricula. Rep. Victoria Spartz, R-Indiana, and Haley Stevens, D-Michigan, introduced the Accounting STEM Pursuit Act, which would amend the Student Support and Academic Enrichment Grant program to promote career awareness
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The senior Republican on the House Financial Services Committee said he’s opening an investigation into the firing of the leader of the U.S.’s audit watchdog. In letters sent Tuesday, Rep. Patrick McHenry dismissed the move by the Securities and Exchange Commission as “partisan” and an “unprecedented attempt to politicize” the Public Company Accounting Oversight Board.
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Bait, switch and threaten; power corrupts; Herbal remedy; and other highlights of recent tax cases. Jacksonville, Florida: Tax preparer Kenyan Shondre Scott has been sentenced to 18 months in prison for aiding and assisting others with the filing of fraudulent returns and for filing fraudulent returns on his own behalf. Scott owned and operated a
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The Securities and Exchange Commission wants input from accountants on rules it is developing for disclosing climate risks and environmental, social and governance reporting. SEC commissioner and former acting chair Allison Herren Lee asked for feedback Monday during a webcast co-hosted by the Center for Audit Quality, the American Institute of CPAs, the Chartered Institute
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A sizable chunk of private companies still aren’t ready to implement the new lease accounting standard before the end of the year, despite postponements in the deadline due to the pandemic. Nearly one-fifth (19.8%) of executives at privately held organizations feel unprepared to comply with the Financial Accounting Standards Board’s lease accounting standard, according to
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