Wirecard AG’s long-time auditors, Ernst & Young, accused their client of “an elaborate and sophisticated fraud” that allowed more than $2 billion to go missing. Now that Wirecard has filed for court protection from creditors, the accountants who signed off on the fintech firm’s books for a decade are rejecting responsibility for their role in
Month: June 2020
Jeffrey Ubben, CEO of ValueAct Capital Partners Ann Johansson | Corbis | Getty Images On paper, this trade has already been a home run for Jeff Ubben and ValueAct, turning $154 million of its investors’ money into $1.46 billion in possibly the best example so far in the new stakeholder era that mitigating issues associated
Mint Images – Tim Robbins The racial wealth gap — the disparity in median wealth between the different races — is a persistent struggle, and it appears to be worsening, especially between White and Black Americans. According to a recent study by McKinsey & Co., Black Americans can expect to earn up to $1 million less than White Americans
BKD CPAs & Advisors, Springfield, received two Marketing Achievement Awards from the Association for Accounting Marketing. In the social corporate responsibility category, the We AAM to Serve award for promotion of the BKD Foundation, and in Collateral and Content Marketing category for its “2020 Annual Higher Education Outlook: The Race to Financial Sustainability.” In other
Treasury Secretary Steven Mnuchin said he may consider a second extension in the U.S. tax filing deadline as the coronavirus pandemic continues. “It’s something I’m thinking about,” he said Tuesday during a Bloomberg Invest Global virtual event. “As of now I’m not intending on doing that, but it’s something we may consider.” The delay would
Getty Images Banks have pulled back from a popular credit card promotion on concerns that borrowers struggling during the coronavirus crisis may leave them with defaulting loans. Balance transfer offers, which typically entice borrowers to move their debt to a new lender in exchange for a temporary 0% interest rate, have been sharply reduced at banks
Sam Seagraves Source: Sam Seagraves Almost all of the money Sam Seagraves used to make as an actor in Portland, Oregon, went toward her monthly student loan bill of $1,083. Then the coronavirus pandemic hit. With many production companies postponing or cancelling operations, Seagraves hasn’t been hired for a role since March. The CARES Act granted
Setting partner compensation is an art and not a science. Show me your compensation plan and I’ll tell you your firm’s strategy. As a consultant to small and midsized CPA firms, I frequently have the opportunity to provide guidance on partner compensation plans and it never ceases to amaze me to see how many plans
France, the U.K., Italy and Spain offered to limit the scope of a proposed global digital tax, a concession after the U.S. threatened to hit those countries with tariffs if they moved ahead with levies on tech companies. This approach “would considerably ease the task of achieving a consensus-based solution and make a political agreement
CNBC’s Jim Cramer said Thursday he’s grown worried about the stock market’s ability to continue its robust rally from the coronavirus-driven bottom. “I’m feeling uncertain here after a very big run, fourth quarter 1999-like,” Cramer said on “Squawk Box,” a reference to the run-up in equity prices that preceded the 2000 dot-com bubble bust. Cramer’s comments came after
Up until recently, an old-fashioned certificate of deposit was a reliable way to lock in a decent return. Now, some CD rates are hitting all-time lows and could still fall further, according to Ken Tumin, founder of DepositAccounts.com. “Since March, rates have taken a nosedive,” he said. “I’m not sure where they will bottom.” In the wake of
Hailee Johnson, a manager in UHY’s audit practice in Michigan, led a softball team sponsored by the firm to a World Series C Softball Championship at ESPN’s Wide World of Sports in 2017, and she is hoping to win the championship this year, pandemic or no pandemic. She and the team are already well on
Taxpayers who are owed a refund may also get a second check this year if they took advantage of the July 15 extended filing deadline, according to the Internal Revenue Service. Individuals eligible for a refund who didn’t receive one by April 15 will get paid interest, accruing from the original April filing deadline to
A man in a surgical mask walks by the New York Stock Exchange (NYSE) after more cases of coronavirus were confirmed in New York City, New York, U.S., March 10, 2020. Andrew Kelly | Reuters Next week brings an end, mercifully, to the first half of 2020. That’s the good news. The bad news: Wall
Several states may legalize recreational marijuana in the coming years as the coronavirus pandemic has left many state budgets in disarray and policymakers looking for new revenue sources. Combined with a desire to decriminalize, the zeitgeist is ideal for marijuana legalization. Montana is one state that could legalize sooner rather than later as campaigners for
MoMo Productions The secret to building sustainable income in retirement is right in front of you — and the IRS has had it all along. Retirees generally know all about required minimum distributions. This is the annual withdrawal that you must take from your individual retirement account and 401(k) plans after you turn 70½ —
Accounting firms have been affected, but not sunk, by the COVID-19 pandemic, according to a recent webinar hosted by Sarah Johnson Dobek, founder and president of Inovautus Consulting. The “CPA Firm Growth Outlook Amid COVID-19 Survey Findings Webinar” explored how firms have been managing since the onset of the COVID-19 pandemic and where they are
The global COVID-19 crisis has transformed work for millions of Americans, forcing businesses to lock up their offices and adopt a remote structure. And this may become the norm after social distancing ends and companies are allowed to work on-site again. A survey by Gartner found that 74 percent of CFOs and business leaders believe
The federal government’s quick action to issue stimulus payments in the wake of the coronavirus crisis led to more than a billion dollars of fraudulent payments, while slow action to address the health risks might have worsened the outbreak, according to a report by a government watchdog. “In emergency situations, such as the COVID-19 pandemic,
Virgin Galactic’s spacecraft Unity comes into land during a glide test flight on May 1, 2020. Virgin Galactic Virgin Galactic successfully completed its second glide flight test in New Mexico on Thursday, a milestone that should set the company up to begin spaceflights next. The company said that after it completes “an extensive data review”
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