Dollar General Pays Employees to Get COVID vaccination

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According to the Washington Post, Dollar General workers who get the COVID vaccine will be rewarded with four hours of pay. This makes the company one of the first major retailers to incentivize inoculations for its workforce. Questions: What is the base rate for Dollar General workers? What barrier does the company hope to break down… Read more »

New IRS tax law focuses on top paid coaches

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According to Accounting Today, highly paid college sports coaches (and some hospital executives) are are targets of a 21 percent excise tax by the IRS if these nonprofit employees receive $1 million or more in salary. Questions: What is the big loophole in the law? Who pays the tax? Employee or nonprofit organization? What is… Read more »

Watch this FDIC development

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According to Bloomberg, Amazon, Facebook, Walmart and other corporate giants may soon give Wall Street a run for its money as a key U.S. regulator smooths the path for nonbanks to get into lending. Questions: Why is the banking industry against this? List at least two reasons. What is the loophole that the article talks… Read more »

China’s New Tough Stance on Tech

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According to the New York Times, despite the fact that Jack Ma and other entrepreneurs have prospered under Beijing’s laissez-faire attitude toward the business side of the internet, new investigations by China’s authoritarian government indicate that the dynamic is shifting as the companies have grown in power. Questions: What is the investigation into Alibaba about?… Read more »

COVID Disclosures

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According to a new KPMG report, audit committees will have fuller plates than usual in the coming year as a result of managing agendas packed with new risk management responsibilities amid the fallout from the coronavirus pandemic and other crises of 2020 Questions How many issues has KPMG identified that audit committees will have to… Read more »

The IMA is Growing by Leaps and Bounds!

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According to Accounting Today, the Institute of Management Accountants reported record growth in 2020 despite the impact of the COVID-19 pandemic on the accounting profession. Questions: What is the 10-year compound annual growth rate for CMA candidates? How many global IMA members are there? In your opinion, why do you think that the IMA is… Read more »

GE owes $200 Million fine

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According to Accounting today, General Electric Co. was fined $200 million for allegedly misleading investors about the finances of its gas-power unit, as well as a run-off insurance business. Questions: According to the article, what did GE fail to explain to its shareholders? What is GE required to report for the first year to the… Read more »

SEC goes after COVID disclosures

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According to Accounting Today, the U.S. Securities and Exchange Commission (SEC) said it has settled charges against Cheesecake Factory Inc. over “materially false and misleading” statements after the restaurant chain failed to disclose the financial impact of the coronavirus pandemic earlier this year. Questions: What was the penalty? According to SEC’s order, how much was… Read more »

Scamdemic

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According to the Department of Justice, three family members were arrested in New York for misrepresenting employee payroll figures to receive COVID-19 loan funds for a chain of family-owned nail salons. Questions: According to the report, how was the payroll misrepresented by this family? What federal organizations were involve in the identification of these fraudsters?… Read more »

AICPA fires back!

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The AICPA takes issue with Charles Rettig, IRS Commissioner, for penalizing taxpayers and businesses when the IRS is failing to process returns on time. Questions: Who is the Congressional member who entered the AICPA letter into the Congressional Record, regarding this issue? What is the aggregate backlog of mail at the IRS? Why isn’t the… Read more »