Regulators say that auditors of broker-dealers are lacking in their performance when it comes to compliance with independence requirements and other accounting rules, citing “disappointing” results for the second year in a row. The Public Company Accounting Oversight Board, which oversees audits of public companies, found deficiencies in a review of audit […]
In a previous post, we discussed how the requirement to make estimated tax payments applies to small businesses. As we mentioned in our July 2 post, self-employed individuals must also make estimated tax payments each quarter. In today’s post, then, let’s focus on the applicability of self-employment tax to individuals. […]
In the second quarter of 2013, a total of 1130 taxpayers renounced US citizenship in a bid to avoid new laws aimed at bringing taxpayers with foreign assets into compliance. This exceeded the total number of taxpayers who renounced citizenship in all of 2012. The huge increase is largely due […]
The issue of worker classification for tax purposes is one we’ve been following closely in this blog. In our June 28 post, we wrote about the incentives the IRS has offered for employers to voluntarily reclassify workers as employees rather than as independent contractors. The IRS remains very concerned about […]
This weekend, parents of school-aged children will cram Dallas-area shopping malls and department stores to take advantage of Texas’ “tax-free weekend.” Between Aug. 9 and Aug. 11, Texas will temporarily suspend the normal sales tax on most clothing, shoes and school supplies under $100. The idea is to give families […]
The SEC ended its formal investigation into Sprint Corp.’s sales tax practices without taking action. This decision comes as the New York Attorney General continues to move forward with a case that Sprint failed to collect and pay sales taxes. Sprint says that the SEC opened an investigation in July […]
Two “Real Housewives of New Jersey” stars were indicted Monday on federal fraud charges. Teresa Giudice, 41, and her husband Guiseppe “Joe” Giudice, 43, have been accused of exaggerating their income while applying for loans before their TV show debuted in 2009, then hiding their improving fortunes in a bankruptcy […]
Liechtensteinische Landesbank AG, located in Vaduz, will pay $23.8 million to settle a probe into its use of undeclared accounts to help U.S. taxpayers dodge taxes over a 10-year period. U.S. Attorney Preet Bhara announced the agreement, saying the bank will forfeit $16.3 million, representing revenue it earned for maintaining […]
President Barack Obama will extend a new offer to congressional Republicans today in which he would back an overhaul of the corporate tax system in exchange for a guarantee that resulting one-time windfall be used to underwrite various job creation proposals in an attempt to break an impasse. He plans […]
Bayern Munich president Uli Hoeness surprised Germany when he alerted tax authorities in January to a Swiss bank account he held. He was charged with tax evasion on Tuesday after several months of investigations. “A charge has been lifted against Ulrich H. for tax evasion,” Munich regional court spokeswoman Andrea […]