News & Analysis as of

Accountants

The Accountant and the Paradise Papers

by Foodman CPAs & Advisors on

Under U.S. Tax Law, it is appropriate for an Accountant to advise a US Taxpayer regarding his tax efficiency if the Taxpayer wants to pay less tax and accumulate wealth. While tax avoidance is legal and encouraged by the...more

Pennsylvania Superior Court Extends Negligent Misrepresentation Theory of Liability to Accountants and Accounting Firms

by Reed Smith on

The Pennsylvania Superior Court’s recent opinion in Fulton Bank v. Sandquist expanded the reach of possible liability for negligent misrepresentation beyond architects and design professionals. In Fulton Bank v. Sandquist,...more

Defence & Indemnity - August 2017:IV. PRACTICE ISSUES: Biancaniello v. DMCT LLP, 2017 ONCA 386, per Feldman, J.A. [4235]

by Field Law on

IV. PRACTICE ISSUES - A. Litigation Releases can be wide enough to preclude future claims between the parties that were unknown and unanticipated when the Release was executed. Biancaniello v. DMCT LLP, 2017 ONCA 386,...more

Personal Liability for Senior Accounting Officers Over Tax Accounting Arrangements— First Court Decision Provides a Cautionary...

by Shearman & Sterling LLP on

The UK Senior Accounting Officer (SAO) regime was brought in by the Finance Act 2009 and requires large companies and groups to identify the individual who is responsible for certifying to the UK tax authority (HMRC) each...more

[Event] The 2017 Accountant Liability Seminar: When The Chips Are Down - June 22nd, Waltham, MA

by LeClairRyan on

Most businesses would consider accounting to be a routine game, numbers, the same old same old – like a deck of cards. You know the suits; the high cards and the low ones. But when the dealer suddenly changes hands – will it...more

Professional Regulatory Alert: If It Looks like a Duck: British Columbia Court of Appeal Rules on Title Use

by Field Law on

Professional regulators are often faced with non-members who use titles similar to those used by regulated members of the profession but not explicitly prohibited by the governing statute. In Organization of Chartered...more

Senators Again Seek to Open PCAOB Disciplinary Proceedings

by WilmerHale on

Senators Charles Grassley (R-Iowa) and Jack Reed (D-Rhode Island) have re-introduced their proposal to open to the public disciplinary proceedings by the Public Company Accounting Oversight Board against accountants. Under...more

Stay out of TROUBLE: Make sure your CPA is asking you the right QUESTIONS regarding Foreign Accounts!

by Foodman CPAs & Advisors on

US International tax is complicated. It often overwhelms US Taxpayers. That is why an international tax specialist CPA is the best choice for the work. Nonetheless, many Taxpayers seek the help of tax return preparers...more

How A Defendant Won The Lottery!

by Foodman CPAs & Advisors on

The decision to hire a Forensic Accountant can be like buying a lottery ticket. Not all Forensic Accountants are equal. Not all possess the characteristics and critical success factors of an effective Forensic Accountant,...more

You Lost Your Case to the IRS: Are Accountant and Lawyer Fees Deductible?

by Nexsen Pruet, PLLC on

Section 212(3) of the Internal Revenue Code [Code] provides in pertinent part: “In case of an individual, there shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year...more

FBI Is Focused On Professional Service Providers

by Foodman CPAs & Advisors on

James C. Barnacle, Chief of the Money Laundering Unit in the Financial Crimes Section, Criminal Investigation Division, of the FBI recently stated that there is a RENEWED emphasis on investigations targeting “ money...more

Auditor Liability: The Case against PwC

by Robins Kaplan LLP on

At least as far back as the Enron scandal and subsequent enactment of Sarbanes-Oxley, accountants and auditors have been viewed as uniquely positioned to serve a crucial watchdog role. Among their many functions, they...more

Enforcement at the Gates: SEC Action against Big Four Firm and New International Standards Highlight the Role of Accountants as...

In late September 2016, Andrew Ceresney, Director of Enforcement of the Securities and Exchange Commission (“SEC”), signaled the SEC’s renewed focus on the key role played by audit committee members and external auditors as...more

Audit Sampling in Forensic Accounting – Could Something be Missed?

by Foodman CPAs & Advisors on

Audit sampling techniques may permit errors or dishonesty to go undetected. Audit sampling occurs when a review of less than 100% of a population occurs. Determining how the size of a population is used in an audit sample is...more

So You Want To Sell Your Business… PART 4 of 4 – Engaging Advisors to Assist in the Sale

by Baker Donelson on

The time has come. You have well-thought-out reasons to sell your business. You have put your business in the best possible position for sale. You are ready to devote significant time and money to the sales process. Market...more

Should Professional Service Providers Assume Greater AML Vigilance Responsibilities?

by Foodman CPAs & Advisors on

Because they are known as “gatekeepers” in the financial industry, Professional Service Providers (PSPs), Bankers, Brokers, Realtors, Casino Managers, Trust Fund Managers, Money Managers, etc., carry a level of responsibility...more

SEC Settles Insider Trading Action With Corporate Controller

by Dorsey & Whitney LLP on

The Commission filed another settled insider trading action. The case centered on a tender offer by Koch Industries, Inc. for Oplink Communications, Inc., announced before the market opened on November 19, 2014. Following the...more

SEC Staff Throws Funds a Lifeline on Auditor Independence (For Now)

The SEC’s Division of Investment Management provided temporary relief from the headache created for funds when the failure to meet the provisions of the so-called “loan rule” may disqualify fund auditors from being...more

[Event] The 2016 Accountant Liability Update: Strategies for Success and Risk Avoidance - June 23rd, Waltham, MA

by LeClairRyan on

LeClairRyan invites you to join us for a free half-day seminar: The 2016 Accountant Liability Update, Strategies for Success and Risk Avoidance. The stakes could not be higher or more challenging. It is not your father's (or...more

While Some Parents May Not Agree to Pay the Cost of Their Child’s Law Degree, Maybe the Government Will?

by Garvey Schubert Barer on

Earlier this week, United States Tax Court Judge Richard T. Morrison ruled, in the case of Emmanuel A. Santos v. Commissioner, T.C. Memo 2016-100 (May 17, 2016), that the government will not pay the cost of a taxpayer...more

All Employees Must Wash Hands: Case Dismissed on the Grounds of In Pari Delicto

by Farrell Fritz, P.C. on

In a January 19, 2016 Commercial Division decision by Justice Bransten, the court granted defendants’ motions to dismiss on the grounds of in pari delicto....more

Minnesota Department of Revenue Publishes Revenue Notice Addressing Location of a Taxpayer’s Attorneys, Accountants, and Bank...

by Dorsey & Whitney LLP on

On February 1, 2016, the Minnesota Department of Revenue (the “Department”) issued Revenue Notice # 16-01 (available here), in which the Department explains how it will view the location of a taxpayer’s attorneys,...more

"Income at KPMG legal up 53 per cent"

by William Henderson on

That is the headline this morning from the Global Legal Post, a publication that compiles legal news from around the world. The context is the UK, where changes in legal regulations now permit nonlawyers to own and control...more

Just say sorry

by Ary Rosenbaum on

I once referred work to an accountant for a retirement plan audit. He did a terrible job and there were issues regarding his ability to do the work. Making a lousy referral is even worse than doing poor work of your own...more

CPA-Client Privilege Doesn't Extend to Criminal Proceedings

by Farella Braun + Martel LLP on

It's Monday morning and your client, who recently retained you for estate tax planning advice, informs you that the IRS is auditing her income tax returns from the past three years. In reviewing her tax returns and financial...more

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