Accounting News Roundup: Working Late; Paying For the CPA Exam; This Means War | 02.25.15

IRS won't collect on bad returns from Obamacare glitch [Politico Pro]
The 50,000 taxpayers who filed returns based on inaccurate subsidy data they got from the government will not need to file amended returns and the IRS won’t collect for any underpayment, the Treasury Department said. Taxpayers who are owed a larger subsidy can file an amended return.

How a Small Accounting Firm Became Jewish Charities' Auditor of Choice [The Jewish Daily Forward]
Despite having just 19 partners, Loeb & Troper audits the financial reports of far more New York Jewish charities than any other firm. Long embedded in the tight network of social and communal bonds that weaves together New York’s Jewish charities, the firm prepared the most recent financial reports of at least 28 Jewish not-for-profits, according to a Forward analysis.

That's one way to do that [Twitter]

Big companies need to spend: Deloitte [The Daily Telegraph]
Accounting and financial services provider Deloitte says record unused cash reserves held by companies are leading to underperformance and destroying shareholder value. Instead, companies should be using their spare cash to focus on growth, and mergers and acquisitions.

Opinion: The U.S. government’s stupid tax war on expatriates [MarketWatch]
London Mayor Boris Johnson, a dual British and American national, says he will join the growing lines of Americans overseas who are now being driven to renounce their U.S. citizenship by the federal government for no good reason. Johnson, a possible future British prime minister, was born to British parents in New York. His case is not important individually, but it is illustrative. A record number of Americans abroad renounced their citizenship last year, and the numbers are escalating fast. That’s in response to a growing set of U.S. financial laws that make it nearly impossible for them to keep two passports.

FYI, this was posted after 11 PM [Twitter]

 

San Gabriel Valley executive arrested in $9-million bank fraud case [LA Times]
Prosecutors allege that Yeung, Fan and others set up about 20 shell companies with bogus business name statements, post office boxes, bank accounts and telephone numbers to give the appearance that the company was conducting a lot more business than it actually was.

The Enemy Has Been Living With Us the Whole Time and It's Gerbils [Gawker]
Here we thought rats killed so many of us in the Black Plague. Nope.

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