Seven public companies, in industries ranging from healthcare to software, will pay a total of $3m in fines for requiring employees to sign agreements containing provisions that impeded their ability to report misconduct to the SEC. The companies are alleged to have utilized “employment, separation, and other agreements that violated rules prohibiting actions to impede…

Apple has been told to pay a €13bn ($14.35bn) tax bill following a ruling by the European Court of Justice (ECJ). The European Commission had previously ordered Apple to repay this amount in 2016, citing that Irish tax arrangements had “artificially” lowered Apple’s tax burden, violating state aid rules. Despite appeals from both Apple and…

The Public Company Accounting Oversight Board (PCAOB) published a report Monday detailing how, during 2022 and 2023, several firms’ engagement teams working on audits in the banking sector did not adequately identify the risks of material misstatement ahead of the implosion of several banks, such as Silicon Valley Bank and Signature Bank. As they reviewed the…

The Massachusetts Society of CPAs, in collaboration with several other CPA organizations, has published the 2024 Corporate Finance Report titled “CPAs in the C-Suite: Most Wanted Competencies for Finance Leaders.” The report, based on a survey of over 320 hiring executives, highlights essential skills for aspiring chief financial officers in a changing business environment. Zach…

Following the Inflation Reduction Act, the IRS was instructed not to increase audits for those earning below $400,000 annually. A report from TIGTA indicates that the IRS has made “limited progress” in tracking these audits. The Inflation Reduction Act allocated $79.4bn to the IRS, which was later reduced to $57.8bn. Treasury Secretary Janet Yellen directed…

Senate Republicans have blocked a $78bn tax cut package aimed at benefiting businesses and low-income families, key groups needed for electoral success in November. The tax package, which had passed the House with strong bipartisan support, failed to overcome a Senate filibuster, garnering only 48 votes in favor against 44. Only three Republicans, Josh Hawley,…