GLG News by Tax Professionals (US)

Financial Fraud in the small business community has increased to epidemic proportions.  As the economy tightens there will be a statistical rise in fraud perpetrated against business owners by employees and/or contractors.  What can the business owner do to minimize the potential of theft...

With the market reaching below a 12,000 DOW, fraudsters will be ever more vigilant in attempting to "bait" their prey into investing in ever more "profitable" endeavors.  With these unscrupulous agents everywhere, it is important to have a "Fraud Examiner" (Forensic Accountant) available for analyses...

The title of the article is a misnomer - it is the FASB not GAAP that is being replaced.  With little debate or scrutiny, and no cost/benefit analysis of which I'm aware, the SEC has decided to replace United States GAAP with that of an international body over which it has no control. Accounting...

1.  Given  all of the differences between US GAAP and IFRS it will be a few more years before convergance occurs. 2.  There is a lack of conformity with respect to adherance to IFRS as it has been promulgated into law.  As such, it is difficult to review a financial statement completed...

I think the information presented in the article is consistent with Western Union picking up market share from competitors. Despite flat U.S. revenues over 05-07 period and likely near flat revenues from the U.S. in Q108 in part attributable to the Mexican results, Western Union has gained significant...

Depending upon management's classification of a security (i.e., either "trading" or "available for sale"), a charge may or may not appear on the income statement in the same period as the write-down on the balance sheet. If the security is classified as a trading security, the charge on the income...

Investors fled General Motors following the release of its Q3 results.  The reported loss for the quarter was $38.96 billion of which 99% of the loss ($38.6 billion) resulted from the write-down of deferred tax assets.  Have investors overreacted to the noncash charge or is the decline in...

In the pivotal Textron case[1]the court held that requested tax accrual workpapers are protected by the work product privilege and are therefore not discoverable by the IRS in their audits due their “non-factual” status. As a result, any IRS "dragnet" must be based on "just the facts" as the court succinctly...

This article ominously brings Adam Smith’s “invisible-hand” into the 21st Century and Third Millennium. In the creditless society of pay-check-to-paycheck and hand-to-mouth working-class, Wal-Mart stands as the paternal care-giver, and now care-taker, of us whose daily-budget needs now includes the...

Since FASB itself is now attempting to “codify” GAAP, perhaps in the same fashion as the tax-code, or even the Uniform Commercial Code (UCC), the role of pre-application and rules-determination will approach the practice of law - as distinguished from the practice of accounting – to preliminarily ward-off...