In the News—December 16, 2024

It's the final week of the year that we're all here, working. Well, maybe some of you are lucky enough that your holiday break has already started. Good for you. But here's something both working and relaxing folks have in common:

You can get caught up on the accounting industry by reading our latest entry of In the News, what we're calling the Billions edition, featuring stories such as the IRS recovering billions of dollars from tax fraud crimes, as well as a British hedge fund founder getting 12 years in prison for a $1.3 billion scam.  

IRS news 

IRS Recovers Billions in Tax, Financial Criminal Cases Focused on Drug Trafficking, Terrorist Financing IRS.gov 

The Internal Revenue Service today provided the regular quarterly update to the Strategic Operating Plan, outlining key milestones in criminal investigations, improvements to taxpayer services and advancements in digital modernization that have transformed agency operations while protecting billions of taxpayer dollars. Read more...  

IRS Urges Many Retirees to Make Required Withdrawals from Retirement Plans by Year-End Deadline IRS.gov

The Internal Revenue Service today reminded those aged 73 and older of the deadline to take required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, and highlighted updates introduced by the SECURE 2.0 Act. Read more... 

Technology news  

Zoho Launches Comprehensive Payroll Solution and Enhances Financial Suite Small Business Trends 

Zoho Corporation today launched Zoho Payroll, an end-to-end solution designed to simplify payroll processing, ensure compliance, and eliminate operational silos for U.S. businesses. Read more...  

Accounting news  

Eight Steps for Better Client Accounting Services The Tax Adviser 

Reporting companies may continue to voluntarily file beneficial ownership information (BOI) reports while the Corporate Transparency Act (CTA), P.L. 116-283, is on hold, the Financial Crimes Enforcement Network (FinCEN) said in an alert this week. Read more...  

Four Steps Could Close the Tax Gap CPA Trendlines 

According to the annual Public Report issued by the Internal Revenue Service Advisory Council, an estimated $688 billion in taxes went unpaid in 2021. Read more...  

Mergers and acquisitions  

Redmond Accounting Firm Acquired by Private Equity-Backed Dallas Group Puget Sound Business Journal

The deal is part of Springline Advisory's "buy and build" model that has included acquisitions in Kansas City, Indianapolis and the Dallas/Fort Worth area since September. Read more...  

Other interesting things we found  

Hedge Fund Founder Jailed over $1.3B Tax Scam Accounting Today

British hedge fund trader Sanjay Shah was sentenced to 12 years in prison by Danish judges for orchestrating a billion-dollar tax scam, the heaviest jail term handed down so far in Europe's sprawling Cum-Ex trading scandal. Read more...  

How the New QM Standards May Affect Peer Review Journal of Accountancy 

Here are some tips on PRSU No. 2 and on how to be sure your firm is ready to pass peer review after the QM standards take effect. Read more...