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,”…

The accounting profession is evolving, with accountants taking on roles as strategic advisors and problem-solvers beyond traditional tasks. As one professional noted, “The skills that we take from these experiences, however, are invaluable.” Accountants are now essential in navigating business changes and driving innovation across various sectors. Their analytical skills and attention to detail enable…

The American workforce has seen a significant rise in freelance labor, with over half of those born after 1996 opting for self-employment. This shift is driven by the desire for flexibility and autonomy, despite the complexities of tax requirements. However, new regulations from the Department of Labor (DOL) threaten this gig economy by reclassifying many…

U.S. inflation picked up in November, according to the Labor Department, whose consumer price index (CPI) increased 2.7% from a year earlier, following on from a 2.6% rise in October. Core prices, which exclude volatile food and energy items, climbed 3.3% over the previous 12 months. On a monthly basis, CPI was 0.3% higher, driven…

The United Arab Emirates will implement a minimum top-up tax (DMTT) of 15% on large multinational companies starting in January. The move aims to enhance non-oil revenue and is part of the OECD’s global minimum corporate tax agreement, which has 136 signatories, including the UAE. The DMTT will target companies with consolidated global revenue of…