EY has been accused of facilitating a fraudulent scheme involving Brooge Energy, a UAE oil storage company, in a lawsuit filed in the Southern District of New York. Shareholders allege that EY played a “pivotal role in a years-long scheme” to defraud investors during a 2019 SPAC transaction, which initially valued Brooge at over $1bn….

New Yorkers may qualify for property tax relief following natural disasters, thanks to a new bill signed by Governor Kathy Hochul. The legislation, known as S7515A, allows local taxing authorities to offer tax abatements for properties affected by significant events like storms and fires. The relief will correspond to the reduction in assessed property value…

The FASB has introduced a proposed Accounting Standards Update (ASU) aimed at enhancing the financial accounting and disclosure of environmental credits and obligations. This initiative stems from stakeholder feedback indicating that GAAP lacks clear guidance on recognizing and measuring the growing volume of environmental credits driven by government regulations. The proposal outlines requirements for recognition,…

U.S. new-home construction unexpectedly fell in November to a four-month low, the Commerce Department reported on Wednesday, with a rebound in starts of single-family dwellings offset by a drop in multifamily projects. Housing starts decreased 1.8% to an annualized rate of 1.289m, the lowest since July. Economists polled by Reuters had forecast that they would…

A Bronx-based tax preparer known to clients as “The Magician” spent decades filing returns for clients, as part of what federal prosecutors say was a “sweeping fraudulent scheme” that robbed $145m from the IRS. It was one of the largest frauds committed by a tax preparer that the Department of Justice had encountered in its…

KPMG has developed a platform that aims to connect its 36,000 US employees to company culture efforts. The Culture Champions Network (CCN) “brings together people that raise their hand . . . and [are] really committed to leading the way as it relates to culture, and being an ambassador, and a role model for culture,”…