Posts Tagged: taxation

IRS Tackles The Latest Scam

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

According to Accounting Today, the Internal Revenue Service will be adding extra procedures to deter scammers who have been inundating the agency with bogus claims for the Employee Retention Credit. Questions: Source: Cohn, M. (2023) IRS plans new measures to curb Employee Retention Credit fraud. Accounting Today, July 26 (Retrievable online at https://www.accountingtoday.com/news/irs-plans-new-measures-to-curb-employee-retention-credit-fraud?)

“Home Equity Theft” ruled on by the Supreme Court

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, Managerial Accounting, Uncategorized.

According to Accounting Today, the Supreme Court unanimously rejected a Minnesota county’s argument that a 94-year-old woman had no property interest in a condominium they seized from her and later sold for more than her unpaid taxes.  Questions: Source: Cohn, M. (2023). SCOTUS rules for 94-year-old in property tax case. Accounting Today, June 6 (Retrievable… Read more »

News from the I.R.S.

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.

According to the New York Times, the I.R.S. is saying to hold off on filing your federal income tax return if you are a person that received a one-time special payment from your state last year. Since there are a variety of state programs that distributed these payments in 2022 with complex rules, there is… 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 »

Facebook terror attack?

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

According to Business Insider, sarin, a deadly poison, has been detected in a mail facility at the Silicon Valley Facebook headquarters. Evacuation and FBI investigations were reported. Questions: Is it possible that the detection was a false positive and according to whom? What is the business park where Facebook is located? Based on the article,… Read more »

What will be the distributional consequences of this tax overhaul?

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

According to Neil Irwin, our current tax system is infinitely complicated and it gives companies incentives to borrow too much money and move operations to countries with lower tax rates. With the House, Senate and presidency all soon to be in Republican hands and with all agreeing that a major tax bill is a top… Read more »

Scary Time of Year!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, Auditing, Cost Accounting, Financial Accounting, Financial Statement Analysis, Intermediate Accounting, Managerial Accounting.

This article discusses the important issues surrounding the possibility of an IRS can audit. It points out that the potential for large civil penalties and perhaps even criminal liability can be real and something you should consider before you file. Questions 1. How many of these errors were you aware of before reading the article?… Read more »

Marriott to pay $600,000 to Resolve WI-FI-Blocking Investigation

Posted by & filed under Accounting Information Systems, Accounting Principles, All Articles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Video Updates.

In March 2013, the Federal Communications Commission (FCC) received a complaint that the Marriott convention center at the Gaylord Opryland location in Nashville, Tennessee was in violation of Section 333 of the Communications Act. After an FCC investigation substantiated unlawful use of containment features, Marriott agreed to pay $600,000. Questions: 1. What did the FCC’s… Read more »

Financial Worries Spark Divorce Settlement Appeals

Posted by & filed under Accounting Principles, Auditing, Cost Accounting, Financial Accounting, Intermediate Accounting, Managerial Accounting, Video Updates.

In late 2014, oil tycoon Harold Hamm called a divorce settlement with his ex-wife, Sue Ann Arnall, equitable and fair, awarding her about $1 billion. Since then his holdings in oil have decreased dramatically and he argues that her award is a substantially larger proportion than he first agreed to. Questions: 1. Who is Harold… Read more »