The Internal Revenue Service has announced it intends to issue regulations explaining that legislation attempting to recharacterize state and local taxes as charitable contributions is subject to interpretation under federal tax law, suggesting the IRS does not recognize these payments as bona fide charitable contributions.
Because nondisclosure agreements are not drafted with the accountant-client relationship in mind, CPAs risk breaching professional standards when they agree to keep certain items confidential.
Lau has been serving as executive vice president of finance.
A New Zealand scientist plans to collect water samples from Scotland's Loch Ness to look for DNA traces and possibly determine what, if any, undiscovered species live in the lake. "What we'll get is a really nice survey of the biodiversity of the Loch Ness," University of Otago professor Neil Gemmell says.
A strong system of internal controls is essential for handling complaints of sexual harassment, especially when an executive is accused, lawyer Sonja J. McGill writes. Organizations should investigate all harassment complaints and require all employees to undergo anti-harassment training, and remedial actions must be "swift and effective," McGill writes.
The Securities and Exchange Commission is likely to crack down on the use of deceptive non-GAAP financials in the years ahead, and a growing possibility exists that employees could use the agency's whistleblower program to report such accounting misuse, write CPA Matthew Stock and attorney Jason Zuckerman. The SEC lets accountants and auditors in some situations report violations and thereby be eligible for awards.
Preventing occupational fraud, Olivia Berkman writes, requires an understanding of which of the three categories the fraud falls into: asset misappropriation, corruption and asset misappropriation, or financial statement fraud. Asset misappropriation is the most common, but cases have the lowest median loss, $114,000, Berkman writes.