The IRS issued proposed regulations for whistleblower awards under Secs. 7623(a) and (b), as well as rules governing the disclosure of return information under Sec. 6103(h) to pursue these claims (REG-141066-09). The proposed regulations provide general rules for submitting information to the IRS, definitions of key terms, rules for administrative
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Forensic services
Struggling European nations seen as more corrupt, report shows
In most parts of the world, perceived corruption of countries has remained the same during the past year. That’s good news in New Zealand, Denmark, and Finland, viewed in general as the most transparent. It’s more of the same for Somalia, North Korea, and Afghanistan, viewed as having the highest
What’s your fraud IQ?
Trying to uncover evidence of fraud in a data set of millions of records is somewhat akin to searching for a needle in a haystack. Fortunately, the successful employment of data analysis techniques can clear away most of the “hay” and leave the fraud examiner or auditor with a much
Hot tips: SEC fields 3,000 whistleblower complaints in 12 months
Roughly 3,000 tips on alleged wrongdoing were passed on to the SEC in the first full fiscal year of a new whistleblower program. Tips came from all 50 states and 49 countries, according to an annual report on the program for the fiscal year that ended in September. The program
Brush up on your anticorruption controls with FCPA guidance
The Department of Justice (DOJ) and SEC released a 120-page guide Wednesday providing a detailed analysis of the agencies’ approach to enforcement of the Foreign Corrupt Practices Act (FCPA), which is designed to prevent bribery and corruption of foreign officials by companies seeking to gain a competitive business advantage. The
Survey takes pulse of board members, shows opposition to audit firm rotation
Corporate board members charged with oversight of U.S. public companies are opposed to mandatory rotation of external auditors by more than 2 to 1, a new survey shows. Mandatory audit firm rotation is a continuing subject of debate in Europe and the United States, where regulators are exploring such a
U.S. attorneys are authorized to fight stolen identity refund fraud
In an effort to better combat crimes involving stolen identities and tax refund fraud, the Justice Department is changing the procedures it uses to handle such cases. Under Tax Division Directive No. 144, released on Wednesday, U.S. attorneys’ offices will no longer need prior authorization from the Justice Department’s Tax
What’s your privacy IQ?
Maintaining the privacy and protection of customers’ and employees’ personal information is a risk management issue for all organizations. The increase in identity theft is also a concern for all organizations. Laws and regulations continue to place requirements on businesses for the protection of personal data. Myriad laws and regulations
IRS Chief Counsel’s office issues advice on identity theft returns
In Program Manager Technical Advice 2012-13, the IRS Office of Chief Counsel explained in a memorandum to Small Business/Self-Employed Division attorneys what the IRS can do when a return is filed by an identity thief in order to generate a fraudulent refund and the IRS has issued a statutory notice
TIGTA: IRS encourages employees to ignore ITIN fraud
The Treasury Inspector General for Tax Administration (TIGTA) released a report on Wednesday in which it confirmed allegations from IRS employees that their supervisors were urging them to ignore potential fraud in a program that reviews and verifies applications for individual taxpayer identification numbers (ITINs) (TIGTA Rep’t No. 2012-42-081). ITINs allow
Fraud convicts cannot argue in Tax Court that payments did not result from fraud
Taxpayers who had been convicted of fraud were precluded from later arguing that payments they received were not the result of fraud, the Tax Court held in two related cases (Atkinson, T.C. Memo. 2012-226, and Boultbee, T.C. Memo. 2012-227). The court invoked the doctrine of collateral estoppel to prevent the
Criminal minds
This is more than a story about six men, all of them admitted white-collar criminals. It is more than a story about their fraud schemes, which resulted in total combined losses of nearly $4 billion. This is the story of what CPAs can learn from these men—from their motives and
What’s your fraud IQ?
Fraud is not an accounting problem or an internal control problem; it is a human problem. Not even the strongest system of controls can eliminate all risk of organizations’ being defrauded by employees who are sufficiently motivated to find loopholes, ways to override controls, or opportunities for collusion. While most
Small business, big risk
Small businesses are significantly more likely than their larger counterparts to neglect instituting basic antifraud controls that could save them from costly losses, a recent worldwide survey shows. Organizations with fewer than 100 employees were significantly outpaced by larger organizations in every fraud control measured in the Association of Certified
JofA Cybersecurity Center
Cybercrime is a significant threat to CPA firms and their clients. For businesses and other organizations, the loss of customer or employee records to a cyberattack can cost millions of dollars and do significant damage to reputation and brand. Data breaches cost organizations $5.5 million per incident, or $194 per
Litigation, regulation expected to add to forensic and valuation workload
Forensic and valuation CPAs expect increases in litigation and regulation to add to their workload and make it challenging to hire and keep qualified employees, according to a new AICPA survey. Attracting and retaining qualified staff led the list of top challenges over the next two to five years, identified
To prevent fraud, offer a hotline, train employees on fraud prevention, report says
Providing individuals a means to report suspicious activity and conducting targeted fraud awareness training for employees and managers are two key elements in detecting and preventing fraud, a new report says. Fraud is most commonly detected through employee tips, and organizations that have anti-fraud training programs for employees, managers, and
What’s your fraud IQ?
The inherent and evolving risks in the banking environment—especially concerning online transactions—command that account holders keep abreast of threats to their accounts, understand their rights and responsibilities as account holders, and take appropriate security measures to protect themselves from fraudulent bank account activity. Are you prepared to help your clients
SEC study probes issue of private extraterritorial securities fraud claims
A study the SEC prepared for Congress describes options for lawmakers to consider but makes no specific recommendations regarding whether private causes of action should be allowed to be extended to extraterritorial securities fraud claims. The U.S. Supreme Court held in Morrison v. National Australia Bank, Ltd., 130 S. Ct.
What CPAs need to know about organized crime
The FBI called it “The Case of the Stolen Company.” New Jersey U.S. Attorney Paul J. Fishman said it “gave new meaning” to the term corporate takeover. An indictment filed in a New Jersey federal court said that a group with ties to La Cosa Nostra (LCN), commonly known as
Features
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How a CPA beat burnout after strokes, depression
Randy Crabtree, CPA, suffered two strokes in four days and struggled with his mental health for years before he learned to recognize, address, and prevent chronic stress. Learn from his insights on how CPAs can avoid professional burnout.
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