New York Audits of Remote Workers

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Financial Accounting, Income Taxes, Managerial Accounting, Uncategorized.

According to Accounting Today, the New York Tax and Finance Authority sent out thousand of notices since the filing season ending in May to individuals earning as little as $100,000 a year. What do these individuals have in common? They have claimed to have left the state during the COVID-19 pandemic and New York wants… Read more »

The Employee Retention Tax Credit for Employers

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According to Accounting Today, IRS and Treasury Department guidance was released for employers who paid qualified wages after June 30, 2021, and before Jan. 1, 2022, as part of the CARES Act. Questions: What was the objective of including employee retention credits (ERCs) as part of the CARES Act? During the COVID pandemic, what program… Read more »

What are NFTs and why should tax accountants care?

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According to Accounting Today, tax rules surrounding NFTs or nonfungible tokens are not clear. NFTs are basically digital assets whose data is stored in a blockchain, similar to cryptocurrency like Bitcoin and Ethereum. Questions: What can NFTs digitally represent? Why are NFTs a kind of a goldmine for the IRS? What Internet sites specialize in… Read more »

E & Y Charged

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Ethical Dilemma, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to Accounting Today, the Securities and Exchange Commission (SEC) charged Ernst & Young (EY), one of its current partners, and two of the firm’s former partners Monday with violating auditor independence rules and improper professional conduct. Questions What was the public company audited by EY according to this charge? What were the auditor independence… Read more »

Another Big Cyberattack

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According to the New York Times, hundreds of businesses around the world are grappling with potential cybersecurity vulnerabilities after a software provider to more than 40,000 organizations has been the victim of a “sophisticated cyberattack.” Questions: What types of organizations in Sweden have been hit? What is the name of the software company that has… Read more »

Big Woes for the Cavendish Banana

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While the popularity of the Cavendish banana that you buy at the grocery store is on the rise, there is a disease that is threatening its extinction. Questions: Why might the most popular bananas go extinct? Which country economies depend on the banana? What percentage of bananas exported to supermarkets around the world are of… Read more »

Facebook’s Victory

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Financial Reporting and Analysis, Fraud Accounting, Income Taxes, Managerial Accounting, Uncategorized, Video Updates.

According to Reuters, Facebook hits $1 trillion value after the judge rejects antitrust complaints. Questions: Federal and state antitrust complaints sought to have Facebook sell what apps? Where did the judge find flaws in the arguments? What was the bright spot for the FTC in the case? Source: Bartz, D. and E. Culliford. (2021). Facebook… Read more »

Inconsistent Sustainability Assurances

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According to Accounting Today, a new report posits that sustainability reporting standards, as well as assurance services to verify that reporting, vary widely across jurisdictions and individual practitioners and require better standardization. Questions: Which organizations presented the report? According to the report, what percentage of companies report some level of sustainability information, and what percentage… Read more »

KPMG’s Most Recent Fine

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According to Accounting Today, KPMG faces a 15M pound fine (or $21M), for gross misconduct in the U.K. Questions: What were the name of the company and the private equity firm that relied on misstatements by KPMG? What was the name of the partner at the head of the consulting engagement? How many times did… Read more »

Disturbing trend

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According to Benefits Pro.com, life insurers will have to prepare for the possibility that the life span of life insurance policyholders, annuity holders and pension plan participants could fall. Questions: According to the article, the provisional life expectancy at birth in the first half of 2020 was at its lowest level since what year? Is… Read more »