The world of tax is changing and indirect taxes are at the heart of this change. Over the coming years KPMG says more jurisdictions throughout the world will introduce VAT/GST regimes (the current total is 135 and rising), and there will be an increased focus on protecting and broadening the taxable base on which VAT [...]
One of Orange County, California’s highest-profile luxury resorts, the St. Regis Monarch Beach Resort, is scheduled to be auctioned off on July 7th, according to the Orange County Business Journal. The report states an affiliate of New York-based Citigroup Inc. is moving to foreclose on the 400-room hotel which opened in 2001. The hotel is [...]
Mounting evidence shows that white-collar crime increases during a recession. The 2009 Report to the Nation on Occupational Fraud & Abuse study conducted by the Association of Certified Fraud Examiners (ACFE) reveals that more than half of the 959 fraud experts polled performed more fraud-related investigations in 2008 than in 2007. About as many respondents [...]
Private equity firms are following in the footsteps of Macquarie Group and the investment units at top investment banks like Goldman Sachs, JPMorgan and Morgan Stanley. According to Pensions & Investments, they are shifting gears to focus on a new area: infrastructure investing. The report argues the credit crisis and recession have put the traditional [...]
Drug giant, GlaxoSmithKline, is battling the IRS over a potential $1.9 billion in back taxes, interest and penalties, according to Reuters. The case centers on a tax-savings technique used by the company known as “earnings stripping.” The practice involves reducing domestic taxable profits by claiming excessive interest deductions on intercompany loans from units abroad. Reuters [...]
Challenging financial times call for inspirational financial executives. Exactly what companies are looking for may depend on how the crisis is affecting them. One thing, however, has become clear: CFOs will be leaders in driving and implementing the strategies stemming from the economic turmoil, according to CFO.com. In a recent interview, Starwood CFO Vasant Prabhu [...]
Top executives are calling for a new approach to leadership. That’s according to a survey of 155 senior executives at Fortune 500 companies conducted by Booz & Company. The survey found that chief executives and other senior managers are struggling with the downturn’s scope, timeline, and solutions. In short, traditional cost-containment measures are falling short [...]
The Financial Accounting Standards Board (FASB) recently announced it voted to adopt two rules that could force companies to book trillions of dollars worth of troubled assets and raise more capital to offset risks. The changes affect two rules known as FAS 140, Transfers of Assets, and FIN 46(R), Consolidation of Variable Interest Entities.
Under the [...]
U.S. companies lose 7% of annual revenue to fraud, that’s roughly $994 billion, according to the Association of Certified Fraud Examiners. The group also notes that financial services is the most commonly victimized industry. Today, the global financial crisis and recession are causing a significant increase in fraud. As a result, forensic accountants have been [...]
President Barack Obama recently sent the corporate tax community reeling with a radical set of plans to change the U.S. tax code. Obama’s aim is to shrink a “tax gap” the IRS estimates may be as high as $345 billion by restricting or closing several widely used tax loopholes. One routinely used tactic not tackled [...]
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