With tax season behind them, many CPA firms are taking a step back, evaluating their state of business…and upgrading talent. The war for talent will not be quelled by the economic downturn – especially in the accounting industry. Attracting the best employees to support the company’s growth remains the top internal concern for Finance Chiefs, [...]
A growing number of corporate executives view VAT and goods and services taxes as the top tax risk for global finance directors. That’s according to new research conducted by Tax management software provider Sabrix. That’s not surprising since indirect taxes ? such as value added taxes, sales taxes, custom duties and excise ? can represent [...]
Intel has been hit with a request from Denmark for $651 million in back taxes and related interest, reports Barron’s citing the Danish news site Politkien. According to the story, the case by Denmark’s Tax Authority involves transfer pricing, the under-pricing of exports between affiliated companies in different countries in order to transfer profits out [...]
Forensic services have become one of the fastest-growing practice niches among CPA firms. Accountants are in constant demand as expert witnesses and in other litigation support capacities. Now as the economy plummets, forensic accounting remains one field that is expected to grow.
Exacerbated by the credit crisis and economic slowdown, accounting jobs in the fields of [...]
The financial crisis and global recession will result in a significant increase in white collar crime as well as significant changes in how fraudsters operate this year, according to a recent Kroll Global Fraud Report. Kroll says it predicts a surge in full-scale fraud investigations involving legal disputes, regulatory action and prosecution in 2009. Whistleblowing [...]
The recession is creating a slew of challenges for internal audit (IA) departments. In fact, the 2009 PricewaterhouseCoopers State of the Internal Audit Profession study concludes IA professionals are being forced to grapple with a number of significant issues. Moreover, the report contends that with company revenue growth declining and expenses subject to greater scrutiny [...]
Total bankruptcy filings in the U.S. soared 31% to 1,117,771 in 2008 – up from 850,912 in 2007, according to the American bankruptcy Institute (ABI), citing data from the Administrative Office of the U.S. Courts (AOUSC). The 2008 tally marks the first time in three years (or the implementation of the Bankruptcy Abuse Prevention and [...]
XBRL, or eXtensible Business Reporting Language, could assist government auditors in monitoring spending under the more than $700 billion financial bailout plan. That’s the message Mark Bolgiano, President and CEO of XBRL US, delivered to Capitol Hill this month. According to Bolgiano, XBRL is “real, ready and relevant in the current financial crisis.”
XBRL is a [...]
Facing economic uncertainty and a liquidity crunch, corporations are seeking to capitalize on the high value associated with intellectual property (IP). With more patents on the market than ever, companies are on a shopping spree being driven by the recessionary economy, according to Law.com. A recent Reuters report also states that even in a tough [...]
President Obama is making good on promises to crack down on corporate tax avoidance. In his 2010 budget, Obama is proposing a tough new enforcement campaign directed at taxes owed both domestically and abroad, according to tax-news.com. Moreover, in his recent Fiscal Responsibility Summit, Obama discussed the possibility of lowering the statutory corporate tax rate [...]
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