Monthly Archives : March 2014

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PCAOB reaches agreement with Swedish audit regulator

The PCAOB and the Supervisory Board of Public Accountants of Sweden have entered a cooperative agreement in their oversight of audit firms, the PCAOB announced Monday.The agreement takes effect immediately and provides for joint inspections while allowing for the exchange of confidential     
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Air BnB to NYC: Let Us Pay Taxes

Air BnB, the apartment-sharing website that lets people travel for cheap, could wants to give New York $21 million in taxes, if only the city and state would let it, according to the Wall Street Journal. read more    
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Does more credit mean less crime?

The National Bureau of Economic Research has put forth an interesting hypothesis as to why it is that violent crime rates have been consistently trending downwards over the last few decades: the increased use of credit cards, according to Bloomberg. read more    
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PCAOB Wants Big 4 Fin. Statements

Steven Harris, a member of the Public Accounting Oversight Board, said that the Big Four CPA firms should, in addition to the other information they already send, give the PCAOB their audited financial statements as well, according to Accounting Today. read more    
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260K College Grad Make Min. Wage

Recent data has shown that 260,000 college graduates are currently working in jobs that pay only minimum wage, according to CNN Money, a figure that, as improbable as it might sound, is actually an improvement over previous years. read more    
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Average Wedding Now $30,000

A survey of 13,000 brides and grooms has found that the average wedding now costs about $30,000, according to CNNMoney. Note, too, that this is the average: about 15 percent of couples surveyed spent more than $40,000 on their nuptials. If you're still not shocked, try getting married in Manhattan,
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Cancelled Debts Leading to Tax Shock

Acknowledging the hardships that come with massive debt loads far larger than what the debtor would make in one, or even several years, programs that forgive or cancel debt have been on the rise, but this has been a mixed blessing for some as the IRS replaced their debt with
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Trust materially participated in real estate business

In a case of first impression, the Tax Court held that a trust materially participated in its rental real estate business and therefore could deduct the losses it incurred in conducting those activities in 2005 and 2006 as losses from nonpassive activities (Frank Aragona Trust, 142 T.C. No. 9     
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