Oct 31
There has been a flurry of activity in the emerging legalized cannabis industry, as regulations and restrictions continue to decrease. Given that the U.S. cannabis market is estimated to be approximately $60 billion, with still plenty of room to grow, it is not surprising that many investors are looking at this industry. However, prudent investors …
Permanent link to this article: https://betweenthenumbers.net/2018/10/cannabis-company-valuations-present-unique-challenges/
Oct 04
For months, the American Institute of CPAs (AICPA) and American businesses have been requesting guidance from the U.S. Treasury Department and Internal Revenue Service (“IRS”) regarding changes made by the Tax Cuts and Jobs Act (TCJA) (Pub. L. No. 115-97) that disallowed the deductibility of entertainment, amusement, recreation and qualified transportation fringe expenses. Businesses and their accounting …
Permanent link to this article: https://betweenthenumbers.net/2018/10/irs-confirms-continued-partial-deductibility-of-business-meals-when-separable-from-entertainment/
Dec 30
General Cable Corporation announced that it has entered into a joint settlement with the Securities and Exchange Commission (“SEC”) and Department of Justice (“DOJ”) for a total payment of $82.3 million to address investigations into violations of the U.S. Foreign Corrupt Practices Act (“FCPA”) and separate allegations regarding financial restatements. In 2014, General Cable voluntarily …
Permanent link to this article: https://betweenthenumbers.net/2016/12/general-cable-settles-with-sec-and-doj-for-82-3-million/
Aug 31
The Securities and Exchange Commission (“SEC”) has awarded $22.4 million to a former Monsanto financial executive, the second-largest whistleblower bounty ever provided. This amount represents the whistleblower’s share of the $80 million penalty paid. The anonymous whistleblower was a former Monsanto financial executive who reported violations of Generally Accepted Accounting Principles (“GAAP”) and misstatements of corporate earnings. …
Permanent link to this article: https://betweenthenumbers.net/2016/08/monsanto-whistleblower-obtains-22-4-million-sec-award/
Permanent link to this article: https://betweenthenumbers.net/2016/08/fasb-issue-new-guidance-for-not-for-profit-entities/
Jun 23
The taxation of gambling winnings is widely misunderstood (or at least widely not followed). Gambling gains are included in gross income, reported on “other income” on form 1040. Losses from gambling are allowed to the extent of gambling gains, but only as an itemized deduction. The amount spent to generate any win reduces the win. …
Permanent link to this article: https://betweenthenumbers.net/2015/06/the-irs-wants-more-of-your-gambling-winnings/
May 31
An alleged fraud was recently uncovered at The Cancer Fund of America and its related entities, including The Breast Cancer Society and The Children’s Cancer Fund of America. James Reynolds and his family members are believed to have stolen $187 million from donors in these charities over five years and spent the monies on lavish …
Permanent link to this article: https://betweenthenumbers.net/2015/05/the-cancer-fund-of-america-and-its-related-charities-are-called-a-fraud/
May 16
The U.S. Government Accountability Office (“GAO”), a government watchdog group, recently reported the results of its 2014 audit of the Securities and Exchange Commission (“SEC”) financial statements. The findings included (i) troubling reports of internal control failures at the very agency tasked with policing the reporting activities of others and (ii) warnings of vulnerability to …
Permanent link to this article: https://betweenthenumbers.net/2015/05/gao-tells-sec-to-look-in-the-mirror-regarding-internal-control-failures/
May 04
The U.S. Securities and Exchange Commission (“SEC”) recently announced an award of $1.4 – $1.6 million provided to a compliance officer of a large company. Neither the company’s nor the officer’s name was made public due to confidentiality laws, but the information was reported to having pertained to significant financial harm to the company and/or …
Permanent link to this article: https://betweenthenumbers.net/2015/05/compliance-officer-gets-whistleblower-award/
Apr 05
The Financial Accounting Standards Board (“FASB”) has announced a proposal to delay by one year the effective date of implementation of the new revenue recognition standard under Generally Accepted Accounting Principles (“GAAP”), making the new date of change for public companies those reporting periods beginning after December 15, 2017. Private companies would have an additional …
Permanent link to this article: https://betweenthenumbers.net/2015/04/new-revenue-recognition-rules-delayed/
Aug 25
FASB Issues New Guidance for Not-for-Profit Entities
August 25, 2016
The Financial Accounting Standards Board (“FASB”) recently issued ASU 2016-14 “Presentation of Financial Statements of Not-for-Profit Entities” in an effort to improve transparency and understanding. Changes effected therein include: The 3 formerly applied classes of unrestricted, temporarily restricted, and permanently restricted assets will be simplified into two classes based on whether they are donor-restricted. Additional …
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