Feb 26
The IRS has released its Annual Business Report for 2013, detailing its investigative priorities and accomplishments during the year. In terms of priorities, the focus has been on the following areas: Identity Theft Fraud Return Preparer Fraud & Questionable Refund Fraud International Tax Fraud Fraud Referral Program Political/Public Corruption Organized Crime Drug Enforcement Task Force …
Permanent link to this article: https://betweenthenumbers.net/2014/02/irs-reports-its-investigative-wins/
Feb 21
A recent case in the Canadian courts took the unusual step of extending liability to the employees working for the entity who underreported licensing royalties. Plaintiff XY and Defendant JingJing entered into a licensing agreement for use of technology. The Court found that JingJing breached the terms of the contract and falsified its records in …
Permanent link to this article: https://betweenthenumbers.net/2014/02/liability-extended-to-employees-for-underreported-license-fees/
Feb 19
The IRS is taking serious issue with Michael Jackson’s estate over the value of various assets upon which taxes are due. According to a recent article in the Los Angeles Times (“LAT”), there is over a billion dollar discrepancy between the value reported by his estate after his 2009 death and the amount concluded by …
Permanent link to this article: https://betweenthenumbers.net/2014/02/how-much-is-michael-worth/
Feb 18
The Auditing Standards Board (“ASB”) has issued its Statement on Auditing Standards (SAS) No. 128, “Using the Work of Internal Auditors”. SAS 128 defines the external auditor’s responsibilities in situations where they are (a) using the work of the internal audit function to obtain audit evidence or (b) using internal auditors to provide direct assistance …
Permanent link to this article: https://betweenthenumbers.net/2014/02/auditing-standards-board-provides-guidance-for-reliance-on-internal-auditors/
Feb 05
When a financial restatement is necessary, it is not surprising that investors will take some time to regain trust and give full credit to future earnings announcements. A recent study, developed through a collaboration of professors from Singapore Management University and Boston College, suggests that the three quarter rebuilding period described in prior research may be …
Permanent link to this article: https://betweenthenumbers.net/2014/02/recovering-investor-confidence-after-a-restatement/
Feb 04
The IRS has determined that for sales-based royalties for tax years ending on or after January 13, 2014, taxpayers can either allocate sales-based royalties entirely to property sold and include those costs in cost of goods sold or allocate sales-based rolaties betwen cost of goods sold and ending inventory using a facts and cirucmstances cost …
Permanent link to this article: https://betweenthenumbers.net/2014/02/irs-rules-on-sales-based-royalties-treatment/
Jan 29
Technology is changing at a rapid pace and this change touches on some serious legal issues. A recent article by Marc Miller and Melissa Reinckens of DLA Piper discusses a case that will be heard by the U.S. Supreme Court. The cases involves, Aereo, a New York-based startup technology company financed by Barry Diller, utilizes …
Permanent link to this article: https://betweenthenumbers.net/2014/01/us-supreme-court-to-hear-significant-copyright-case/
Jan 27
A recent article by Case Funding Inc., indicated that Judge Anita Body had questions about the adequacy of the $765 million settlement between the NFL and NFL players. The settlement relates to mild traumatic brain injuries (mTBI) that NFL players have suffered or may suffer in the future as a result of their NFL careers. …
Permanent link to this article: https://betweenthenumbers.net/2014/01/765-million-settlement-not-enough/
Permanent link to this article: https://betweenthenumbers.net/2014/01/from-hoops-to-riches/
Jan 21
King is the game developer responsible for the hugely popular online game “Candy Crush Saga”. Recently it was awarded trademark protection on the word “candy”. According to a recent article in the LA Times, competitors are complaining that such a common word was granted protection as some have begun to get cease and desist notices. …
Permanent link to this article: https://betweenthenumbers.net/2014/01/protecting-their-candy/
Jan 24
From Hoops to Riches?
January 24, 2014
Forbes recently released its annual business valuations of National Basketball Association teams, concluding that most teams became much more valuable since last year (average annual growth of roughly 24%). At $1.35 billion, the LA Lakers for example, are reportedly worth 35% more today than they were a year ago. This year’s growth among all 30 …
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