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Layoff Watch ’26: KPMG Cuts 4% From Consulting

We've got another RIF at KPMG, a consulting cull that went down yesterday (that's Wednesday the 29th for those of you reading this a week from now). Let's start with…

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The Department of War Broke Up with KPMG, KPMG Gives Up Federal Audits Altogether

The other day -- and by the other day we mean like more than a week ago -- we received a text on the tipline that read "KPMG US to…

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KPMG Shoves 10% of Its Audit Partners Out the Door

We're sure you've seen this FT headline floating around today: KPMG to axe 10% of US audit partners. And if you, like most denizens of the internet these days, read…

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PwC Tells Remote Tax Staff to Get Their Butts Into the Office

So much for PwC letting all their people work remotely forever. Remember when that got headlines five years ago? See: PwC Just Announced That You Never Have To Go Back…

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KPMG Plans to Hand Routine Testing Off to AI

Did you happen to see this WSJ article from the other day? In "In This Critical Part of Audits, the Accountant’s Role Is Shrinking Fast," we're given a look into…

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News

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Friday Footnotes: Maybe Deloitte Doesn’t Need Employee Trust and Retention; Minnesota Wants to Tax Fraud at 100 Percent | 5.1.26

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you're here, subscribe to our newsletter to…

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KPMG office exterior with scissors overlay

Layoff Watch ’26: KPMG Cuts 4% From Consulting

We've got another RIF at KPMG, a consulting cull that went down yesterday (that's Wednesday the 29th for those of you reading this a week from now). Let's start with…

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Aerial view of the Pentagon

The Department of War Broke Up with KPMG, KPMG Gives Up Federal Audits Altogether

The other day -- and by the other day we mean like more than a week ago -- we received a text on the tipline that read "KPMG US to…

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woman having coffee with her dog

Monday Morning Accounting News Brief: 990s to Get a Facelift; DOJ Gets Busy Busting Fraud | 4.27.26

Hey. Looking like this is gonna be a short news brief, it was a quiet weekend. In accounting, anyway. In this news briefEveryone Loves an Informative 990The Official IRS Shit…

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Friday Footnotes: Partners Taking Ls; PwC Eats a Big Ol’ Fine; A Post 4/20 IRS Surprise | 4.24.26

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you're here, subscribe to our newsletter to…

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Technology

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KPMG Plans to Hand Routine Testing Off to AI

Did you happen to see this WSJ article from the other day? In "In This Critical Part of Audits, the Accountant’s Role Is Shrinking Fast," we're given a look into…

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AI Will Be EY Auditors’ New BFF, According to EY

While staff in tax at EY US will soon be spending more time with their flesh-based colleagues due to a return-to-office mandate that requires them in the office for an…

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ICYMI: According to This AI CEO You Won’t Have to Go to Work in a Year

Commence to fantasizing about what you'll do with all that glorious free time when you lose your job to AI in 12-18 months because that's the confident prediction made by…

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Another Early AI Accounting Startup Just Bit the Dust

TIL that early AI accounting platform Botkeeper has died. I found out via this CFO Brew article which pointed to a post on Botkeeper's own site. Turns out r/accounting was…

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KPMG Brings Cheating Into the AI Age By Using AI to Cheat on AI Exams

The image is upside down because Australia. This story sounds like a joke but we assure you it is not. KPMG Australia has expanded KPMG's storied cheating repertoire by being…

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Practice Management

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Top Remote Tax and Accounting Candidates of the Week | October 16, 2025

Struggling to Find Remote Accounting or Tax Talent? We’ve Got You Covered.If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're…

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remote accountants to hire

Top Remote Tax and Accounting Candidates of the Week | October 2, 2025

Struggling to Find Remote Accounting or Tax Talent? We’ve Got You Covered.If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're…

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Top Remote Tax and Accounting Candidates of the Week | September 25, 2025

Struggling to Find Remote Accounting or Tax Talent? We’ve Got You Covered.If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're…

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tax hiring season

Top Remote Tax and Accounting Candidates of the Week | September 18, 2025

Struggling to Find Remote Accounting or Tax Talent? We’ve Got You Covered.If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're…

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Top Remote Tax and Accounting Candidates of the Week | September 4, 2025

Struggling to Find Remote Accounting Talent? We’ve Got You Covered. If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're not…

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Quick Reads

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Here Are Tax and Audit Salaries at Top 25, Top 300, and Regional Firms

Recruiting firm Brewer Morris has released its 2025 US CPA salary guide and should you want to read the whole thing you can request it from them here. Perhaps you,…

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Friendly Reminder Not to Work Yourself to Death For This Profession

Saw this on the bird app yesterday and thought its message would be worth passing along what with 20 days remaining until April 15 and nerves as strained as ever…

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Accounting Firm Abruptly Nopes Out of Tax Season Early (UPDATE)

Ed. note: An earlier version of this article's headline stated the sheriff is investigating. The Alexander County Sheriff's Office informed us they are not investigating, only fielding calls from the…

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This Deloitte Office Has Eliminated Trash Cans at Desks to Make Staff Get Up Off Their Asses

Boston Business Journal wrote an article about Deloitte's new office in Boston and for some reason they chose to lead with this: You won’t find trash cans at the desks…

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The IRS Decided to Troll Tax Pros For 10/15

We realize the decision to run maintenance on IRS systems likely isn't made by anyone who understands deadlines but surely someone who does could inform the IT department of these…

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Top Remote Accounting Freelancers: February 3, 2024

Looking to staff up for a season or hire a freelancer for a project? Accountingfly is ready to partner with you! Gain full access to a pool of highly skilled…

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10 Essential Project Management Principles for Accounting Firms

Every accounting firm struggles with project management, with smaller practices that are rapidly expanding taking the brunt of the damage. As your firm adds new clients, takes on more work,…

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6 Ways Email is Secretly Destroying Your Accounting Firm

Email: The word itself sounds innocent, doesn't it? Kind of like "snail mail," but faster, sleeker, and without the slimy trail. But don't be fooled—email is secretly a sinister beast,…

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Don’t Grow Your Accounting Firm Out of Business! Break Up With These Unscalable Practices Now

Business growth is always a high priority for accounting firms, especially small-to-midsize practices. Take care, though, because growth can be a double-edged sword. If your firm expands too quickly or…

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Nicolas Cage’s Catastrophic Financial Situation May be Coming to End

God willing friends, this may mark the end of the financial tragedy that has plagued our hero for we’renotsurehowlong.

It only took putting homes from every continent, both poles, and a bungalow on the moon all on the market. He got sued by his ex-girlfiend, his former business manager and had more liens slapped on his ass than MC Hammer.

But NC is going to pay $14 million to the Service and he’s free and clear. Done. No more troubles. He’s confident this time. You know why? Because he told People about it:

While the government recently placed a tax lien on his real-estate holdings, including an additional $6.7 million from 2008, “over the course of my career I have paid at least $70 million in taxes, unfortunately, due to a recent legal situation, another approximate $14 million is owed to the IRS,” Cage tells PEOPLE in an exclusive statement. “However, I am under new business management and am happy to say that I am current for 2009, all taxes will be paid including any to be determined state taxes.”

$84 million is all it took friends and now that’s he’s got new business management, nothing like this will ever happen again. Plus, the next edition of the National Treasure franchise appears unstoppable. BACK. IN. THE. GAME.
[via the TaxProf]

UK Code Requires ‘Independent Non-Executives’ for Big 4

demand.jpgIn a development that will destroy the secret society of Big 4 management in the UK, a “radical” governance code has been implemented that will require the Big 4 to appoint outside “independent non-executives” that will oversee “public interest matters; and/or be members of other relevant governance structures within the firm.”
According to the code, these new independent non-executives will make us all feel way better about what audit firms by “enhanc[ing] shareholder confidence in the public interest aspects of the firm’s decision making, stakeholder dialogue and management of reputational risks including those in the firm’s businesses that are not otherwise effectively addressed by regulation.”
But that’s not all! According to the introduction, “It should also benefit capital markets by enhancing choice and helping to reduce the risk of a firm exiting the market for large audits because it has lost public trust.” In other words, everyone still is freaking out about who the next Andersen will be. Apparently this “should” help your concerns by encouraging companies to consider other audit firms.
What a coinky-dink, Grant Thornton was just asking for help on this last week! Not really sure if this what they had in mind for but hey, beggars can’t be choosers, right?


The Financial Times claims that “Accountants broadly welcomed the move, although some in the firms’ international networks were unhappy about the possibility the UK code might pave the way for ‘creeping regulation’ worldwide.” In other words, people in the U.S. don’t like it one bit.
Plus, the FT didn’t quote any accountants that “welcomed the move”. The exception, of course, is the chair of the group, Norman Murray, who said that the new code was “‘as user-friendly as possible but seen to have some teeth.'” Not sure what that means but it sounds like he’s a believer.
Another member of the board, John Griffith-Jones, co-head of KPMG Europe, was less enthused. All he could manage was that he hoped that the move would put the “‘Enron query to bed.'”
Something tells us your hopes will be dashed, JGJ. Enron is the story that never ends. Especially in the MSM. Plus it’s on the stage now. Those tunes will be in your nightmares.
Auditors required to adopt UK code [FT]
audit firm governance code.pdf

Job of the Day: BlackRock Needs a VP in Its Finance Group

Thumbnail image for Thumbnail image for hire me2.jpgThe Company’s Finance Group is comprised of three units: Accounting Policy and Controls, Business Finance and Corporate Controllers. General functions include financial accounting, financial reporting, management accounting, treasury, tax, compensation/payroll accounting, auditing and certain other compliance functions.
Check out the details for the VP of General Accounting in New York, after the jump.


Company: BlackRock

Title: Accounting Manager

Location: New York, NY

Minimum experience: 7 years

Description: Responsible for the supervision of eight professionals overseeing selected day to day responsibilities of the general accounting group at BlackRock. Responsibilities include closing of books and detailed review of financial statements.

Responsibilities: Responsible for overseeing the activities of all broker-dealers including financial reporting and regulatory filings; Oversee the maintenance of fixed assets sub-ledger. (Add new assets, record depreciation and reconcile sub-ledger); Assess impairment issues relating to leased properties and certain long lived assets; Oversee all cash processing for company; Oversee the reconciliation and settlement of inter-company balances processes; Review monthly balance sheet reconciliation for selected accounts; Review accounting of all debt and related interest expense; Oversee recording of occupancy expenses and accruals.
Liaise with internal and external auditors; Balance sheet and income statement variance analysis; Coordination with a variety of Finance departments including: forecasting/budgeting, management, financial reporting & accounts payable.
Requirements: CPA is a must; 7-10 years of related experience in a publicly traded, multi-entity environment; “Big 4” public accounting experience a strong plus; Excellent accounting operations and GAAP skills; Thorough knowledge of internal controls as they relate to the accounting operations of a publicly traded entity; Knowledge of SOX process helpful; Current and previous supervisory experience required.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Layoff Watch ’10: More Details on Ernst & Young

Thumbnail image for ey8ball.jpgWe have some additional details to share with you to supplement last Friday’s post on E&Y’s New Year layoffs.
While we were surprised at the timing, a source has indicated to us that IT Risk and Assurance layoffs have occurred at the firm each January since 2008. This is due to a serious drop off in utilization in the new year after high utilization in the fall months with the exception of especially in the audit heavy ITRA practices.
In regards to the audit practice, we spoke to another source over the weekend that told us that layoffs would not occur until after busy season but assured us that they are being planned.
Finally, in response to one comment asking about severance details, we were informed that the severance for those let go is a week’s pay for each year of service with a minimum of 4 weeks pay. This seems to be fairly standard (with a few variations) amongst the Big 4.
We’ve received word on some positions cut but we’re still awaiting further details so if you have any information or can provide more insight discuss below or get in touch and we’ll update them here.
UPDATE: A source has indicated that three IT Advisory managers in FSO in New York were included in the cuts.

MLK Day: You’re Working, We Know

MLKJr.jpgAs we mentioned in the prelims, today is Martin Luther King, Jr. Day and we’re assuming that nearly all of you are serving clients today as opposed to enjoying a day off observing the holiday as you see fit.
While it may cause some bellyaching among the newbies, the more seasoned of you have come to accept the fact that because it’s busy season, you are expected to work today.
So let this function as the sounding board for your frustration or acceptance of working today while many are not. Since we’re feeling nostalgic, we’ll hang in there with you today (as long as possible anyway).

The Big “Regulation” Joke

laughing.jpgEditor’s Note: Want more JDA? You can see all of her posts for GC here, her blog here and stalk her on Twitter.
In an uncharacteristic move by one of our favorite accounting professors, Prof Albrecht went off on regulation over at The Summa yesterday and personally, JDA was stoked.
The Economic and Regulatory Shadow is recommended in its entirety but here’s a juicy tidbit for you to suck on:

It is frustrating to be an accounting professor and to live in the United States of America. A mind set that triumphs the interests of corporations and auditors over those of investors is entrenched in the regulatory shadow. Consequently, any policies that might favor populist policies have little chance of success.


The federal government’s financial and economic regulatory apparatus is comprised of the Treasury Department (Treasury), the Federal Reserve (Fed), and the Securities and Exchange Commission (SEC). The top positions are political appointees, but the bulk of the work is performed by career and long-term personnel. It is a lot like the situation at the State Department (State), Department of Defense (DoD), and the National Security Agency (NSA).

Know what’s really funny about Professor Albrecht’s timing? The Fed is facing this same regulatory dilemma, even if major financial bloggers missed the point over the weekend. Sure, they care about the spectre of an audit but mostly right now they don’t want the President being the one who puts regional Fed presidents in their positions. I don’t blame them for tripping on that.
So? Our dear Professor has gone out on one hell of a limb here, nearly unheard of when it comes to accounting professionals. The glossy marketing materials CPAs outnumber those who keep it real like Francine, Dennis, Skeptical CPA, and now Professor Albrecht but we’re making progress (he did always get the IFRS thing so this isn’t really all that surprising of a position).
I’m constantly thrilled to see outrage. Maybe that’s because I’m a shit-disturber but I think it is about time the industry get worked into a lather over perceived imbalances in the very regulatory system that we have to tip-toe around. All that tedious stuff you little CPAs do each and every day? It means nothing without the backbone of a regulatory system and as Professor Albrecht so astutely points out, we are sort of lacking in that department these days.
And? WTF are we supposed to do about that? Heads down and keep ticking and tying, kids, there’s not much else to do at this point.

Preliminary Analytics | 01.18.10

Thumbnail image for dubai-the-world.jpgDefending Koss And Their Auditors: Just Loopy Distorted Feedback – Francine’s take on the Koss fraud. [Re: The Auditors]
Koss Corp. Fraud: Defending Grant Thornton? No. &ndsah; Tracey Coenen says Koss’ incestuous management deserves the blame regardless of GT’s obvious BFMs. [Fraud Files Blog]
Creditors put Dubai World debt up for sale – Some aren’t crazy about the whole Dubai World debt restructuring and are looking to dump the credit for “70 per cent of face value.” [FT]
Now and in the Future – Are people changing their maxed out credit card ways for good? [Financial Armageddon]
Wired on Wall Street: Trader Betrays a Friend – David Slaine is a mole for the Feds that “has provided leads on possible insider trading by others not yet implicated in a sprawling case involving hedge fund Galleon Group, people familiar with the matter say.” And he’ll definitely nail you if you don’t like to share: “In 1993, he triggered a fist-fight with a colleague on the trading floor after needling him because he wouldn’t share his french fries.” [WSJ]
Martin Luther King, Jr. Day – We assume most of you are working but If you’re not, go volunteer. It won’t kill you. [MLKDay.gov]

Layoff Watch ’10: Grant Thornton January Edition

We’ve confirmed that an all-personnel call went out at Grant Thornton today warning everyone at the firm about upcoming layoffs.
One of our sources told us that the audit practice leader stated that it would primarily be cuts at the senior manager and partner level and that they are to take place “immediately”. Our source indicated that non-client serving personnel would also be affected.
Another source told us that there would be restructuring at the partner level which could be coming down from the new senior leadership team that the firm announced yesterday.
We are still trying to obtain details about the timing and number of professionals that may be affected. A Grant Thornton spokesperson has yet to return our email seeking comment. If you’ve got more details to share about the call discuss below or if you prefer to send us the details, get in touch.
Earlier coverage of Grant Thornton Layoffs:
Layoff Watch ’09: Grant Thornton December Edition
Layoff Watch ’09: Grant Thornton Update
Layoff Watch ’09: Grant Thornton

Review Comments | 01.15.10

paulson2.jpgPaulson, Friedman Asked to Testify on AIG Bailout – Whether HP complies with the request is another matter completely. [Bloomberg]
Groups Seek Presidential Pardon for UBS Tax Whistleblower – Looks like the 60 Minutes appearance didn’t quite do the trick. [TaxProf Blog]
JPMorgan Chase Earns $11.7 Billion in Year – $26.9 billion is earmarked for employees, much of which will be bonuses. Somewhere torches are being lit. [NYT]
Indian-American fired over $20 mn embezzlement charge – The Economic Times of India says that Sue is claiming to be a shop-aholic, the first we’ve heard of that particular diagnosis. Nothing about her claiming to be a thief though. [The Economic Times]

Grant Thornton Wants Help Breaking Into the Global 6

Thumbnail image for Thumbnail image for Grant-thornton-logo.JPGBoy, a firm gets fired a couple times and you’d think the sky was falling.
GT isn’t literally saying, “Help us, for the love of God, the Big 4 is just too powerful” but it’s close enough for us:

Mid-tier accounting firm Grant Thornton has described the current audit market as unsustainable and is calling for new rules to promote greater competition.
In a letter to the International Organization of Securities Commissions, the firm put together a four point plan aimed at increasing diversity in the concentrated audit industry.


The firm want regulators to require companies to disclose third party agreements that limit auditor choice, discourage companies and financial intermediaries from entering agreements containing restrictive clauses, and publish balanced findings of their inspections of individual audit firms.
The firm claims that in the event of a Big Four collapse, 20% of the 7200 largest businesses in the G20 would be left stranded without an auditor.

Hell, maybe they have a point? If their claims are legit, we are talking over 1,000 companies that just up and don’t have an auditor any more. And the firm can’t instantly quintuple its global revenue.
We asked a frequent commenter on the subject of Big 4 failure, Jim Peterson of Re:Balance, for his thoughts and he told us:

[W]hen the next of the Big Four goes down — which will be in a highly visible and ugly burst of flame and wreckage — the other 3 will quickly enough leave the assurance business themselves. What incentive would they have to stay? They would not have the resources or the political agility to take up the slack, and there would be no upside for them in the face of relentless attacks from the blame-mongers.
So it’s not 20% — it’s 100% — and then the re-building process starts with a blank page.

That sounds kinda serious. Maybe governments do need to get involved. Seems like the going trend these days anyway.
Global audit industry is unsustainable: GT [Accountancy Age]

Pictures of the Day: One Idea to Help Keep the Utilization Up

As you well know, it’s key for all of you to stay as fully utilized as possible this busy season, and sometimes little things make all the difference.
A reader provided us with the following idea:
bathroom23.jpg
The strategically placed marker board will come in handy when all those great ideas pop into the grey matter.
bathroom3.jpg
Or you can just memorize Giants statistics.


bathroom10.jpg
Say what you will about the impracticalities of this set up but at least you won’t have to chase down a key.
We strongly encourage you to submit any chicanery that you might cook up this busy season. We’re here to help you stay sane.

Which One of You Was Sending Out Bogus PwC Checks?

Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for pwclogo.thumbnail.jpgRight before the holidays even! The worst part of the scam is that they forged the timeless P. Dubs logo. As in the KPMG Letterheadgate case, this calls for a complete rehaul of the firm’s image. Your suggestions are encouraged. Our preference would obviously involve something around this.
Sounds like the entire firm is at DEFCON 1 so if you happen upon one of these checks, we suggest you notify someone in your office that handles these things after you take a picture of it and send it to us of course.
The firm issued a press release today giving us details about the scam, you can read it after the jump.

The checks began arriving in people’s mail boxes just before the Christmas holidays. They looked so good, they could have been real. But they weren’t.
In a new twist on an old crime, scam artists created bogus checks bearing the logo of PricewaterhouseCoopers. Accompanying the checks was a letter advising the recipients that they had been selected to be “secret shoppers.” The letters guided the potential scam victims to cash the checks at specific banks, then wire the funds to another address for use by a second “secret shopper.”
As soon as the first report about the checks surfaced, PwC’s US Security team began working with the banking community and law enforcement agencies to shut down the scam. “Besides working with law enforcement, we put all of our local offices on alert. We prepared our telephone operators and receptionists to provide guidance for anyone who might call,” said Rose Littlejohn, head of US Security. “We put all of our people on notice, in case they saw or heard anything.”
The checks were dated December 21, 2009. Because the scam took advantage of the US Postal Service, a Postal Inspector has been assigned to the investigation. Anyone who has received one of the solicitations should contact Doug Smith, Postal Inspector at (813) 281-5228. If they have the capability to fax information, they should fax a copy of the bogus check and any instructions they received with it to 813-375-8047. They should then keep the originals as law enforcement will have separate instructions for what to do with them.
“Since the first batch of checks went out in December, we suspect those recipients have either reported the issue or thrown out the materials,” said Littlejohn. “But right now there is nothing to prevent the scammers from making another attempt. We hope people will be skeptical about any kind of offer like this they receive in the mail. Meanwhile, we’ll keep trying to track down and bring to justice the perpetrators of this scam.”