Below please find daily updates pertaining to the latest in financial, business, and tax news:
IRS Official Lois Lerner Pleads the Fifth before House Oversight Committee
Posted: Wed May 22 13:07:44 PDT 2013Lois Lerner, director of the IRS Exempt Organizations division, chose to invoke her Fifth Amendment right against self-incrimination before the House Oversight and Government Reform Committee on May 22....
Crime Watch: May 22, 2013
Posted: Wed May 22 09:46:18 PDT 2013Michael Parker of Baltimore, Maryland, who was the COO of TransCapital Corporation, a tax-advantaged investments company based in Virginia, was sentenced May 20 to fifty-four months in prison in KPMG tax shelter case....
Jackpot! Ten Pieces of Financial Advice for New Powerball Winner
Posted: Wed May 22 06:38:21 PDT 2013There's one person ? or maybe a group of people ? who has yet to claim the largest Powerball jackpot in history: an estimated $590.5 million. The ticket was purchased on May 18 from a Publix supermarket in Zephyrhills, Florida. ...
IRS Extends Tax Deadlines for Oklahoma Tornado Victims
Posted: Wed May 22 05:11:45 PDT 2013Following Monday's disaster declaration for individual assistance issued by FEMA, the IRS announced May 21, 2013, that affected taxpayers in Cleveland, Lincoln, McClain, Oklahoma, and Pottawatomie counties will receive special tax relief....
US GAAP Financial Reporting Taxonomy Green-Lighted by SEC
Posted: Tue May 21 12:42:36 PDT 2013The US Securities and Exchange Commission (SEC) has adopted the 2013 US GAAP Financial Reporting Taxonomy, which allows companies to use eXtensible Business Reporting Language (XBRL) in reporting financial statements....
New York Accounting Foundation Awards $183,750 in Scholarships
Posted: Tue May 21 12:11:26 PDT 2013The New York State Society of Certified Public Accountants' Foundation for Accounting Education has announced the sixty-seven New York State students who will receive Excellence in Accounting Scholarships for the 2013-2014 school year....
Beyoncé's Father and Former Manager under Heavy Tax Debt
Posted: Tue May 21 09:53:19 PDT 2013Matthew Knowles, music executive, television producer, father, and former manager of Beyoncé Knowles, is into the IRS for more than $1.2 million. The tax debt relates to income earned in 2010 and 2011, the same years he managed his daughter's career. ...
Rapper Ja Rule's Tax Evasion Time Served, Mostly
Posted: Tue May 21 08:59:28 PDT 2013Rapper Ja Rule spent the last nearly two years in prison at Ray Brook Correctional Facility in upstate New York on charges that included illegal gun possession and tax evasion. Now he'll finish his sentence on home confinement....
LA Jeweler Pleads Guilty in KPMG Insider Trading Case
Posted: Tue May 21 08:20:07 PDT 2013Los Angeles jewelry store owner Bryan Shaw faces a maximum of five years in prison after he pleaded guilty May 20 for his role in an insider trading case involving a former senior audit partner at KPMG LLP....
CPA Firm Sponsors Yearlong Push for Employee Health, Fitness
Posted: Tue May 21 07:07:14 PDT 2013Healthy living is a year-round commitment at Herbein + Company, a 110-person CPA firm in Pennsylvania where employees are encouraged to participate in the firm's wellness program throughout the year....
