Posts Tagged: Congress

Three Long Years!

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.

According to The New York Times, the Securities and Exchange Commission ended its investigation into former Senator Richard Burr, three years after he sold more than $1.6 million in stocks following Covid-19 briefings. Questions: Source: Kelly, K. S.E.C. Inquiry Into Former Senator’s Stock Sales Is Closed Without Charges. The New York Times, Jan. 6 (Retrievable… Read more »

Gig Workers, Listen Up!

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

According to the New York Times, most gig economy workers lag behind those with traditional jobs in saving for retirement. However, parts of a new federal law can help them catch up. Questions: Sources: Carnes, A. (2023). For Freelancers, New Federal Help in Saving for Retirement. The New York Times, Jan. 6 (Retrievable online at… Read more »

A New Way to Pay Less Tax (if you are rich).

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

According to the New York Times, opportunity zones appear to be providing new ways for the wealthy to cut their tax bills rather than to the direct money to people who live in designated zones.  Questions Often, advertising combines opportunity zones tax breaks with other tax breaks. What are some of these? How many opportunity zones… Read more »

The Chip Supply Chain: Addressing the Shortage

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, IFRS, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

No, it’s not Chips A’Hoy! According to Reuters, U.S. President Joe Biden met with executives from major companies on Monday to discuss the global chip shortage that has severely hurt U.S. automakers and spurred Intel Corp to announce it plans to make chips for car plants at its factories in the next six to nine… Read more »

If You Have Dollars, We’re On Standby

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According to the New York Times, lobbyists are waiting in the wings as the Federal government opens up for coronavirus business. Questions: Which agency has been battling a lot of fraudulent products related to the coronavirus outbreak? How much money did Congress allocate to the EPA to facilitate faster regulatory processing of coronavirus-killing disinfectants? Explain… Read more »

Bill seeks FASB Required Study

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According to the Wall Street Journal, Representative Luetkemeyer, a Republican from Missouri, introduced a bill on September 27 in Congress requiring the Financial Accounting Standards Board (FASB) to formally study the impact of new accounting standards before finalizing them.  Questions: What Act does the bill seek to apply? What are the three major effects that… Read more »

Hidden Blacklist

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According to Politico, the new tax law includes a little-noticed blacklist barring people working in certain fields, and earning more than $157,500, from claiming a new 20 percent deduction for unincorporated businesses called pass-throughs. Questions: Why did the Congressmen decide that pass-throughs should be limited? Who ultimately gets to make the decision? According to Acting IRS… Read more »

Who’s Scrooge this year? Ba-Humbug!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Income Taxes.

According to the Washington Post, who sources Senate staffers, the Treasury Department refuses to stop forcing permanently disabled people to pay taxes on student loans that have been canceled, leaving a vulnerable population susceptible to thousands of dollars in charges. Questions: 1. What is the financial problem associated with each dollar forgiven? 2. What is… Read more »

Lions Hunting Zebras! Oh MY!

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According to the New York Times, Wells Fargo would like to close the chapter on the sham account scandal, saying it has changed its policies, replaced its chief executive and refunded $2.6 million to customers. However, lawmakers and regulators say they will not let it go that quickly. Questions: 1. Who were the customers that… Read more »

The Shipping News

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

According to a study released last Tuesday, U.S. multinational companies are saving $100 billion a year by shifting their profits overseas to lower their tax bills. Questions: 1. Is this tax fraud? Why or why not? 2. Explain the mechanism they are using. 3. Which countries are companies shifting profits to and why (be specific)?… Read more »