What are NFTs and why should tax accountants care?

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

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 »

Scamdemic

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 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!

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

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 »

The Last Big Push

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

According to the Washington Post, the IRS is pushing to finish distributing payments to people who have yet to receive relief funds authorized earlier this year. Questions: What is the act that provides for these stimulus checks? What is the deadline that the IRS set for people to use the non-filers tool? What is the… Read more »

Why Aren’t the Rich Being Audited?

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

According to the New York Times, the rich are not being audited by the IRS because the I.R.S. is not being provided with the resources it needs to chase offshore accounts and tax cheats. Questions: Why do the authors of this article submit that taxing ultramillionaires is not the problem? Over what period of time… Read more »

Are you one of them?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

When millions of Americans began filling out their 2018 taxes, they were surprised to learn that their refunds will be less than expected or that they owe money to the Internal Revenue Service after years of receiving refunds. Questions: 1. How are some people protesting via social media? 2. Why have refunds decreased? 3. How… Read more »

Now you See it, Now you don’t.

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

The Federal Trade Commission has issued a warning to consumers that criminals are posing as government officials and asking people to use a gift card to pay a bogus tax bill or get a new Medicare card. Questions: 1. How much money was lost to this scam in 2015? 2. How much money was lost… Read more »

Tough Times for the IRS

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Income Taxes, Intermediate Accounting, International Accounting, Managerial Accounting, Video Updates.

Audits and criminal referrals are down sharply by the IRS since Congress cut the tax agency’s budget and management changed priorities. Questions: 1. How many cases did the IRS’s criminal division bring last year? 2. How many cases did the IRS’s criminal division bring in 2010? 3. According to the IRS’s estimates, how much in… Read more »

DMX’s attorney cannot persuade the judge to go light on the tax fraud

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

Rapper DMX’s attorney played the rapper’s song “Slippin’” during his sentencing on Wednesday to help the musician express his struggles, but it was not enough to convince a judge to let the rapper off the hook. Instead DMX got 1 year in prison for tax fraud. Questions: 1. According to court records, how long did… Read more »