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Law.com

11th Circuit: Relying on CPA Not 'Reasonable Cause' to File Late Tax Returns, Even With E-Filed Forms

"Taxpayers need to fully understand both the hidden dangers and available protections when relying on an agent to file their tax returns, and accountants and other professional tax preparers should advise their clients of taxpayers' responsibilities to ensure the submission of their returns regardless of their reliance on an agent," the appeals court said.
5 minute read

The Legal Intelligencer

Buchanan Adds Ex-Paul Hastings CFO, New Business Development Officer

Kathleen Deuschle joined the firm's Pittsburgh office as chief financial officer in July and Elizabeth Lockett joined the firm's Washington, D.C., outpost roughly a month ago as chief business development officer.
4 minute read

New York Law Journal

Living Life the 'Sid Kess Way': Renowned Tax Expert and Law Journal Columnist for More Than 50 Years Dies at 97

"Sid was more than a teacher: he was an example of how we can all be better people by going out of our way to connect with others and help them in whatever way we can," one tax attorney from Kess' firm said.
4 minute read

Daily Business Review

Florida Bar Rolls Out Free Trust Accounting Software for All Its Members

"Lawyers are not accountants … and these are hyper technical rules," Scott Westheimer, president of The Florida Bar, said. "All of those common types of violations, that are technical, we think can be resolved by utilizing the software contemporaneously and keeping track of all your transactions."
3 minute read

Corporate Counsel

Ernst & Young's US GC Steps Aside Amid Scrutiny of Firm's Handling of Cheating Scandal

A $100 million settlement with the SEC last year required E&Y to hire a consultant to examine how legal, compliance, top brass and other employees might have contributed to disclosure lapses stemming from CPAs' cheating on licensing exams.
4 minute read

Law.com

Montana Sues the National Association of Attorneys General, Looks to Determine State's Share of Assets

"Montanans deserve a full accounting of their money being managed by NAAG. For the last year, I've been raising concerns over NAAG's financial mismanagement, but they have been unable to account for Montana's public funds and are not following state law. As promised, I'm taking them to court to hold them accountable to Montanans," Montana Attorney General Austin Knudsen said in an emailed statement.
4 minute read

Corporate Counsel

Report Suggests SEC Stepping Up Scrutiny of Deceitful Accounting

The agency is bringing more actions against individuals, rather than just businesses, a move that aligns with Chairman Gary Gensler's focus on holding people accountable for corporate misconduct.
3 minute read

Texas Lawyer

Attorney Escrow Rules Could Change After this Texas Supreme Court Case

"If we agree the parties can call something escrow when they place it in the hands of one side's lawyer ... and that isn't traditional escrow, why should we imply other traditional concepts of escrow?" Justice Jane Bland asked.
4 minute read

Daily Business Review

Panel Tosses Former Agriculture Commissioner Fried's Ethics Case

Nikki Fried initially reported zero income in 2018 for worked as a consultant and lawyer for Igniting Florida. She later amended that to show income of $351,480.
3 minute read

New York Law Journal

SEC Adopts New Executive Compensation Clawback Rules

A discussion of the final clawback rules published by the SEC on Nov. 28, 2022, in response to the requirement under the Dodd-Frank Wall Street Reform and Consumer Protection Act to increase transparency and disclosure in financial reporting.
7 minute read

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