Attention Cryptocurrency Investors

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

According to the New York Times, the fall in Bitcoin was accelerated in recent weeks by the collapse of two major cryptocurrency projects; this sows doubts about the stability of the overall cryptocurrency market. Questions: Bitcoin dropped below $20,000 this week. This is the first time since when? From March 2020 to November 2021, what… Read more »

Two Sets of Books

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According to the New York Times, a congressional committee looking into wrongdoing within the Washington Commanders N.F.L. franchise referred the case to the Federal Trade Commission. Questions: What did the 20-page letter to the FTC allege? What is the basis of the team’s categorical denial of financial impropriety? If true, what would the allegations mean… Read more »

IRS destroys 30 M Paper returns due to Backlog

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Income Taxes, Managerial Accounting, Uncategorized, Video Updates.

According to Accounting Today, the IRS destroyed about 30 M paper-filed information returns in March 2021 due to its inability to process them. Questions: What does the IRS typically use the information returns for? Since 2014, what has been the overall percentage increase of business tax returns that are e-filed? In 2018, what was the… Read more »

The Future is EV Energy

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

According to The Verge, the Biden administration invoked the Defense Production Act for EV batteries and clean energy last week. Questions: What does this mean in the near term for certain types of mines in the U.S.? Are lithium batteries sustainable in the long-term? Discuss. What is the Defense Production Act? How do you see… Read more »

The New World of Autonomous Trucking

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According to Axios, autonomous trucks could one day replace more than 90% of all highway trucking, which could have a profound impact on as many as 500,000 long-haul truckers, a new study found. Questions: According to the study by researchers at the University of Michigan and Carnegie Mellon University, if automation is restricted to Sun… Read more »

Smart Thinking about Cryptocurrency

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According to Axios, cryto is no fad and it will change how, where and what people buy and sell.  Questions: According to the article, what is the unique investing relationship between millenials and cryptocurrency? According to the article, what is the relationship between crypto and blockchain? How is the value of crypto determined? If you… Read more »

Suspension of Automated Notices

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

According to Accounting Today, the IRS will suspend more than a dozen automated letters it sends out to taxpayers, including collection notices, balance due notices and unfiled tax return notices, until it catches up on its backlog of unprocessed returns. Questions: Why is it doing this? A coalition of tax professionals was instrument in promoting… Read more »

ID.me

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The IRS has implemented a new verification process for taxpayers who want to access their online tax accounts and self-help tools that includes taking a selfie and submitting a photo of their driver’s license or passport to the third-party service, ID.me. Questions: Why are they requiring this new authentication procedure? True or False: Selfies from… Read more »

So Can You Tell Me What The Tax Reg. Is For Deductible Tatoos?

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 year 2021 saw some pretty outrageous business deductions. Questions: Which deduction were you the most surprised about? Pick one of the deductions mentioned and write a paragraph to justify its legitimacy. What is the problem with a long-distance call to a client for $0.14? Source: Cohn, M. (2021) The craziest… Read more »

Another Ponzi Scheme

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, Fraud Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

A recent Department of Justice (DoJ) press release indicates that John Piccarreto, Jr., 38, of Rochester, NY, was convicted of conspiracy to commit mail fraud and filing a false tax return in connection with a Ponzi scheme. Questions: What was Mr. Piccarreto’s sentence and the amount of restitution required? How many investors were defrauded? What… Read more »