General Motors reported that top executives sold all their shares in the automaker, according to Reuters. The move is further evidence that GM will likely file for bankruptcy. Reuters states that Vice Chairman Bob Lutz sold $130,989 worth of GM stock. That sale of the 81,360 shares cleared out all of Lutz’s direct holdings of [...]
Small and midsized accounting firms are merging with firms of equal or greater size. It’s a trend that is expected to hit even higher numbers this year, according to WebCPA. A growing number of midsized firms are absorbing a number of small practices. Meanwhile, smaller firms, including one to ten person firms, are also merging [...]
President Obama has plans to shrink a “tax gap” the IRS estimates may be as high as $345 billion. Obama proposed Monday to raise taxes on the overseas profits of U.S. companies and to go after evaders who abuse offshore tax shelters, according to the AP. The report states that under his plan, companies would [...]
As of Sunday, WHO confirmed 898 cases of swine flu – also known as influenza A (H1N1) - reported in 18 countries. Among the latest developments, health officials in Hong Kong say they have found the first case of swine flu in the country, according to Gerard Group International (GGi). The H1N1 virus was detected [...]
General Growth Properties Inc. recently filed the biggest real estate bankruptcy in U.S. history after amassing $27 billion in debt during an acquisition spree, according to Bloomberg. The report states the owner of Boston’s Faneuil Hall and the South Street Seaport in New York City has ended its seven-month effort to refinance its debt. The [...]
The recession may lead to a surge in e-crime. Recent research conducted by KPMG shows that fraud committed by managers, employees, and customers tripled last year compared to the year before. KPMG also found that companies foresee an increase in the number of employees and IT professionals who are willing to steal data or sell [...]
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 [...]
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