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☆ Trump Media's auditor charged with 'massive fraud' by SEC
▼ + stars: | 2024-05-03 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +3 min

Trump Media's auditor, BF Borgers, committed fraud in 1,500 filings, the SEC said. "Trump Media looks forward to working with new auditing partners," a spokesperson said. AdvertisementThe Securities and Exchange Commission on Friday charged accounting firm BF Borgers and its owner, Benjamin Borgers, with "massive fraud." "Trump Media looks forward to working with new auditing partners in accordance with today's SEC order," a TMTG spokesperson told Business Insider. AdvertisementDespite losing money and being cagey about how its user base compares to its social media rivals, Trump Media is now valued at over $6.3 billion.

Persons: Trump, BF Borgers, —, Benjamin Borgers, Donald Trump's, Borgers, BF, Grewal Organizations: BF, SEC, Trump Media, Service, Securities, Exchange Commission, Trump Media & Technology, Bloomberg, Public Company, American Institute of Certified Public Accountants, Business, Truth

☆ The man who audited Trump's social media company misspelled his own name in 14 different ways: FT
▼ + stars: | 2024-04-25 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Read previewThe accountant hired to audit former President Donald Trump's social media company seemed to have a lot of trouble spelling his name, the Financial Times reported on Wednesday. But others, like Blake F Borgers and Ben F Vonesh, were entirely different names. Representatives for BF Borgers and Trump Media & Technology Group did not immediately respond to a request for comment from BI sent outside regular business hours. In November, Borgers' firm was also removed from the American Institute of Certified Public Accountants' peer review program. Trump Media shares had initially soared when it went public, only to crash by nearly 40% in a matter of weeks.

Persons: —, Donald Trump's, Ben F Borgers, Ben F Brogers, Ben F orgers, Blake F Borgers, Ben F Vonesh, Borgers, Brown, WithumSmith, Trump, Forbes, Jean Carroll, he's, Stormy Daniels Organizations: Service, Financial Times, Public Company, Business, BF Borgers, Trump Media & Technology Group, BI, Bloomberg, American Institute of Certified Public Accountants, Trump, Trump Media, New Locations: New York, Manhattan, Mar

☆ An accounting firm hired to vet Truth Social's financials quit after less than a year because it no longer wanted to be linked to Trump: FT
▼ + stars: | 2024-04-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewThe accounting firm that was first hired to audit former President Donald Trump's social media company quit just months after it was appointed, the Financial Times reported on Monday. WithumSmith+Brown was appointed to vet Trump Media & Technology Group's financials soon after it was founded in early 2021. In January 2022, Trump Media instead turned to a smaller accounting firm to conduct the audit, BF Borgers, which has less than stellar record with regulators. The company's shares initially skyrocketed when it went public in March, only for prices to plunge just a week later. That isn't great for Trump, whose net worth is tied to his holdings in Trump Media.

Persons: —, Donald Trump's, WithumSmith, Brown, Trump Media & Technology Group's financials, Trump, Borgers, BF Borgers, Forbes, Jean Carroll, Stormy Daniels Organizations: Service, Financial Times, Trump Media & Technology, Business, Trump Media, Public Company, BF Borgers, Bloomberg, American Institute of Certified Public Accountants, Trump, Trump Media's, Prosecutors, WithumSmith, Trump Media & Technology Group, Business Insider Locations: freefall, Manhattan

☆ An accounting firm hired to vet Truth Social's financials quit after less than a year because they no longer wanted to be linked to Trump: FT
▼ + stars: | 2024-04-16 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

☆ The accountant shortage is so bad that it's delaying key reports at companies like Tupperware
▼ + stars: | 2024-04-01 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +4 min

Read previewThe accountant shortage is so bad that companies are delaying filing key mandatory reports. On Friday, Tupperware said it didn't have enough accountants to get its annual report out on time. The storage container manufacturer is the latest on a growing list of companies that have delayed their annual reports for a host of reasons. About 70 companies have postponed annual reports this year, up 40% from last year, research company Intelligize tallied last month. Tupperware added that previous delays in filing its 2022 annual report led to postponement of its quarterly reports, which subsequently pushed back work on its 2023 annual report.

Persons: —, Tupperware, Intelligize, Steven Kachelmeier, Fitness Organizations: Service, Business, LinkedIn, PricewaterhouseCoopers, American Institute of Certified Public Accountants, US Bureau of Labor Statistics, Accountants, University of Texas, Mattel, Securities, Exchanges Locations: Orlando, Poland, American

☆ IRS weighs guidance for small business tax credit. ‘People were duped,’ taxpayer advocate says
▼ + stars: | 2023-06-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

After a flood of business returns with a pandemic-era tax credit, the IRS is weighing guidance for those who wrongly claimed the tax break. The employee retention credit, or ERC, was created to support small businesses during the Covid-19 pandemic. There's still time to amend returns and claim the credit — worth up to $5,000 per employee for 2020 or $28,000 per employee in 2021. Experts say the opportunity has sparked a wave of specialist firms falsely promising business owners they qualify for the complicated tax break. As of March 3, just over 866,000 companies claimed and received employee retention credits totaling over $152.6 billion, according to the latest IRS Data Book.

Persons: Erin Collins Organizations: ERC, American Institute of Certified Public Accountants, Finance, Firms, IRS

☆ This one-time strategy can waive IRS tax penalties. 'It’s like a get out of jail free card,' expert says
▼ + stars: | 2023-06-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — If you received a tax penalty notice from the IRS, it's possible to get the fees waived in certain situations, tax experts say. "It's like a get out of jail free card," said Rosemary Sereti, managing director of Deloitte Tax and a former IRS senior executive. "Very frequently, these two penalties run together," said Debra Estrem, managing director of private wealth controversy at Deloitte Tax, who also worked at the IRS Office of the Chief Counsel. Another fee, the accuracy-related penalty, is typically assessed at 20% of the underpayment amount for cases of "negligence or disregard," according to the IRS. There's also a high fee for civil fraud — "a whopping 75% penalty" — but the IRS has the "burden of proof" for those cases, she said.

Persons: Rosemary Sereti, Debra Estrem, Estrem, There's Organizations: Deloitte Tax, IRS, American Institute of Certified Public Accountants, Finance Locations: Las Vegas

☆ IRS still has a sizable backlog of returns despite improvements, taxpayer advocate says
▼ + stars: | 2023-06-08 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

But there's still work to do, according to National Taxpayer Advocate Erin Collins. However, despite customer service boosts, the agency is still working through a sizable backlog — including amended returns, filings in suspense and other correspondence, she said. Collins said the IRS is currently juggling 3.7 million amended returns, 6.8 million "in suspense" with missing information and 5.3 million pieces of correspondence. This season, the agency has prioritized phone service and answered more than 85% of calls from key phone lines in less than five minutes. "The problem is, we are now back to a backlog of paper correspondence and amended returns, similar to where we were a year ago," she said.

Persons: there's, Erin Collins, Collins Organizations: VEGAS, IRS, American Institute of Certified Public Accountants, Finance, Advocate Service Locations: Las Vegas

☆ Here are tax-savvy ways to donate money, according to a charitable giving expert
▼ + stars: | 2023-06-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — Tax savings aren't typically the main reason for philanthropy. But if you're planning to donate money, certain charitable giving strategies provide a bigger tax benefit. Roughly 33% of taxpayers itemized deductions in 2017, compared with fewer than 10% in 2021, said Hoyt, speaking at the American Institute of Certified Public Accountants' annual conference in Las Vegas on Tuesday. Given these constraints, investors can maximize tax breaks by "bunching gifts," Hoyt said. "Concentrate your gifts in one year, as opposed to spreading them over several."

Persons: there's, Christopher Hoyt, Hoyt, Ivy League acceptances Organizations: VEGAS, University of Missouri, American Institute of Certified Public Accountants, Finance, Ivy League Locations: Kansas City, Las Vegas

☆ These lesser-known tax tips may help college-bound families
▼ + stars: | 2023-06-06 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

LAS VEGAS — College is a major expense for many families, but a payment strategy can provide significant tax savings, according to a college funding expert. "Distribution planning is not just for retirement," said certified financial planner Ross Riskin, chief learning officer for the Investments & Wealth Institute. Families also need a plan when tapping assets to pay for college, he said. Education funding can be complicated, especially when you're juggling eligibility for college tax credits, Riskin said at the American Institute of Certified Public Accountants' annual conference in Las Vegas on Monday. However, you can't "double dip" tax breaks by claiming one of these credits and withdrawing money from a 529 college savings plan for the same expense.

Persons: Ross Riskin, Riskin Organizations: VEGAS —, Investments & Wealth Institute, Families, American Institute of Certified Public Accountants, Finance, Ivy League Locations: Las Vegas

☆ Is it smarter to get a tax refund in 2023 or more money throughout the year? Tax experts weigh in
▼ + stars: | 2023-04-21 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

Namely, you'd be wise to assess your withholding, tax experts say. To adjust your withholding, you'll have to file a new W-4 form with your company. If you instructed your employer to withhold too much throughout 2022, you got a tax refund; too little and you owed a bill. You can use the IRS's withholding estimator tool to give yourself a good idea of your breakeven number. But depending on your financial habits, you may want to adjust to receive a refund or owe a bill, tax experts say.

☆ U.S. Audit Watchdog Proposes Move to Get Inspections Started Faster
▼ + stars: | 2023-03-28 | by ( Mark Maurer | ) www.wsj.com time to read: +1 min

Erica Williams has been chair of the Public Company Accounting Oversight Board for just over a year, and has increased its enforcement efforts. The Public Company Accounting Oversight Board proposed cutting by more than half the amount of time auditors have to assemble final audit documentation, which might allow the audit watchdog to start its inspection process up to a month earlier and provide key information to investors sooner. The U.S. audit regulator has been working to update more than 30 standards that have gone largely unchanged since they were adopted on an interim basis roughly 20 years ago from the American Institute of Certified Public Accountants. With the proposal released Tuesday, the PCAOB suggested consolidating and modernizing four interim standards into one standard on auditors’ core responsibilities, including areas such as professional skepticism, independence, competence and professional judgment.

☆ Dangers from Hacks Stretch Beyond Broken Computer Systems
▼ + stars: | 2023-03-15 | by ( James Rundle | Kim S. Nash | ) www.wsj.com time to read: +6 min

Newsletter Sign-up WSJ Pro Cybersecurity Cybersecurity news, analysis and insights from WSJ's global team of reporters and editors. Part of the delay, he said, was in getting details from the cloud company, which he declined to name. Cybersecurity companies should be held to a higher standard than others in relaying information about hacks quickly and thoroughly, Mr. Toubba said. The lessons learned from cyberattacks can be just as important as how a company responds to a breach, security chiefs say. LastPass has also rolled out several security tools in its infrastructure, data center and cloud systems, Mr. Toubba said.

☆ A shortage of accountants is pushing the industry to reboot its image to win over young talent: 'You have to sell them'
▼ + stars: | 2023-02-02 | by ( Erica Sweeney | ) www.businessinsider.com time to read: +9 min

Accountants manage financial processes and financial reporting and ensure regulatory compliance. To combat shortages, those in the accounting industry are working to attract more people to the field. Sandy Torchia, the vice chair of talent and culture at KPMG, said the company hasn't been impacted by the accountant shortage yet. How the accounting industry is addressing the shortageMany firms are shifting to remote-work policies and investing in automation and technology to attract and retain talent. Lisa Simpson says the accounting industry needs automation to allow accountants to focus on "higher-value work."

☆ PCAOB Proposes Tighter Requirements for Audit Firms Verifying Outside Information About Clients
▼ + stars: | 2022-12-20 | by ( Mark Maurer | ) www.wsj.com time to read: +4 min

The Public Company Accounting Oversight Board proposed tightening the requirements around how audit firms obtain and verify outside evidence about their clients, such as from customers and lenders, a process aimed at preventing fraud. Under the current rule, audit firms must send out requests, typically electronically, asking a third party to confirm the accuracy of certain information, such as the amount of accounts receivable. Audit firms are allowed to assume that the lack of a response is a corroboration of accuracy. The PCAOB now wants audit firms to go a step further by confirming the amounts of cash and cash equivalents held by third parties—typically lenders. The PCAOB last proposed changes to its confirmation rules in 2010, but the proposal, which some audit firms at the time called overly prescriptive, didn’t advance further.

☆ Struggling to Find Accountants, Businesses Boost Salary Offers, Hire Temporary Workers
▼ + stars: | 2022-12-19 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

Companies’ accounting and finance departments in particular, which are crucial for managing financial operations, internal controls and financial reporting, are suffering from the lack of personnel. It has 20 to 30 open finance and accounting positions globally, Mr. Juillard said. Companies also try to retain the finance and accounting workers they have. “Securing that talent has been the biggest problem,” Mr. Thorpe said. GEE used to elevate staff accountants to senior accountants in one to three years and to managers in three to six years, Mr. Thorpe said.

☆ More Crypto Exchanges Verify Reserves, But Questions About Assets Remain
▼ + stars: | 2022-12-05 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

Most crypto exchanges are privately held, meaning they don’t have to file financial statements with the Securities and Exchange Commission or get them audited. He added that customers of crypto exchanges should “look for as rigorous of that as you can look for regulatory reporting.”FTX founder Sam Bankman-Fried sat down with The Wall Street Journal to discuss what happened to the billions of dollars deposited by the exchange’s customers. Photo: Kenny Wassus/The Wall Street JournalSuch a third-party verification represents a step toward more transparency around crypto exchanges, but there are significant shortcomings, some academics said. Coinbase Global Inc. last month reported $95.11 billion in both customer crypto assets and liabilities for the quarter ended Sept. 30, up from $88.45 billion the previous quarter, filings show. Still, the PCAOB encourages investors to review reports on the work those companies’ auditors have done, Chair Erica Williams said at a conference Tuesday.

☆ Audit Standards Overseer Also Backs Startups
▼ + stars: | 2022-11-27 | by ( Jean Eaglesham | ) www.wsj.com time to read: 1 min

An accounting trade body has invested in audit-related tech startups, while setting auditing standards and overseeing millions of audits—prompting concerns within the industry of potential conflicts of interest. The American Institute of Certified Public Accountants says its “shark-tank style startup accelerator,” illustrated on its website by a skateboarding man in a suit, is designed to foster innovation.

☆ U.S. Audit Watchdog Looks to Strengthen Rules on Quality Controls
▼ + stars: | 2022-11-18 | by ( Mark Maurer | ) www.wsj.com time to read: +5 min

The regulator inspects audit firms’ approach to quality controls as part of its reviews. Fourteen audit firms issued audit reports for over 100 businesses apiece last year, the PCAOB’s website shows. Audit firms would have to conduct the first evaluation of their quality controls by the following Nov. 30. It is considering revising changes to rules on confirmations, a process by which audit firms obtain and evaluate audit evidence from independent third parties. The regulator is working to update more than 30 audit rules related to 10 of its standard-setting projects, many of which refer to outdated technology.

The federal tax deadline, when tax returns and payments are due, will move to May 17. The extension automatically applies to individual federal tax returns and payments for 2020 normally due on April 15. "Under titanic stress and strain, American taxpayers and tax preparers must have more time to file tax returns." The IRS moved the tax deadline back in 2020Last year the IRS moved the tax deadline from April 15 to July 15 to give taxpayers and preparers more time to file and pay during widespread coronavirus shutdowns. After winter storms knocked out power in several states in February, the IRS extended the federal tax deadline for residents and business in Texas, Louisiana, and Oklahoma to June 15.

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