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Decisions establish limited liability of auditors (a) to third-party investors in client, (b) for alleged failure to disclose client’s fraud, absent evidence of scienter, (c) for alleged failure to correct client’s statements in reviewed but unaudited quarterly financial statements, and (d) for alleged statements not concealing the risk that caused plaintiffs’ loss.

Restaurant Week just arrived to showcase more than 300 Chicago area restaurants. Prix fixe menus of $22, $33 and $44 are offered for breakfast lunch and dinner.

Many companies faced with software compliance issues will choose to perform their own audit in advance of a formal audit by the publisher.

The construction industry has faced mixed reactions to the pandemic: some locales are allowing construction projects to continue as an "essential service" and others are shutting down construction altogether.

The speculative builder tax is imposed on the sale of "improved real property" if the improved real property is sold prior to completion or before the expiration of 24 months after the improvements are substantially complete.

Under the reporting and disclosure rules in the Internal Revenue Code and the Employee Retirement Income Security Act ("ERISA"), most employee benefit plans must file an annual report ("Form 5500"), generally within seven months after the end of the plan's year.

A case recently resolved at the Appellate Tax Board serves as a reminder that Massachusetts' auditors continue to aggressively challenge the following intercompany transactions:

The Internal Revenue Service reissued proposed regulations concerning the new centralized partnership audit regime.

Recently, the Internal Revenue Service ("IRS") announced an initiative to monitor tax-exempt health care organizations to ensure compliance with section 4958 of the Internal Revenue Code of 1986, as amended, regarding excess benefit transactions. Specifically, the IRS is looking at compensatory arrangements between a tax-exempt health care organization and a disqualified person to determine if an excess benefit transaction has occurred. A disqualified person includes any person in a position to

Last year, Kutak Rock's public finance tax group worked on about 30 tax-exempt bond issues which were going through IRS audits or "compliance checks" (document requests)...

On August 4, 2016, the Treasury Department issued its first temporary regulations under the new partnership audit and collection regime found in the Bipartisan Budget Act of 2015.

On October 13, 2016, the IRS released an LB&I International Practice Unit, providing guidance to IRS agents relating to the identification of foreign goodwill or going concern value...

The IRS is requesting comments on a proposed revenue procedure, which, if finalized, would provide automatic consent to certain tax accounting method changes for revenue...

In a recent Tax Court case, Jan Elizabeth Van Dusen v. Commissioner,136 T.C. No. 25, the court allowed a volunteer's "unreimbursed expenses" incurred while taking care of stray cats in the taxpayer's home for a 501(c)(3) charity.

The recently enacted American Recovery and Reinvestment Tax Act contains new rules for cancellation of indebtedness ("COD") income, which could be of major importance for you.

Perhaps you just learned from the IRS that your tax-exempt organization has been selected for examination.

The IRS recently expanded the areas in which written post-issuance tax compliance procedures are being recommended and sought from 501(c)(3) organizations.

Congress and the Internal Revenue Service (IRS) are concerned about international tax havens, blocker organizations, and the operation of American Friends organizations abroad.