Accounting

KfW, Germany’s third-largest bank by assets, may drop Ernst & Young as auditor as EY continues to be plagued by its role in the country’s Wirecard accounting scandal. Original Article Posted at : https://www.accountingtoday.com/articles/wirecard-woes-mount-for-ernst-young-as-clients-cut-auditor

The Manhattan district attorney said press reports suggesting potential misdeeds by President Donald Trump and his company could justify a grand jury subpoena of the president’s taxes and other financial records. Original Article Posted at : https://www.accountingtoday.com/articles/trump-tax-claims-in-media-could-justify-subpoena-d-a-says

Germany’s financial regulator is considering opening a probe into Grenke AG’s accounting practices, wading deeper into the controversy after criticism of its failure to unearth fraud at Wirecard AG. Original Article Posted at : https://www.accountingtoday.com/articles/german-regulator-looks-to-open-probe-into-grenkes-accounting

But the federal government has been able to correct some of its earlier missteps, like sending millions of stimulus checks to the deceased, according to the Government Accountability Office. Original Article Posted at : https://www.accountingtoday.com/articles/loan-fraud-data-shortfalls-hinder-u-s-virus-aid-gao-finds

The Internal Revenue Service released final regulations Monday to offer guidance on deductions for estates and non-grantor trusts, clarifying that certain deductions aren’t to be considered miscellaneous itemized deductions. Original Article Posted at : https://www.accountingtoday.com/news/irs-finalizes-regulations-for-estates-and-non-grantor-trusts

The Internal Revenue Service and the Treasury Department issued the last set of final regulations to implement the 100 percent additional first-year depreciation deduction from the Tax Cuts and Jobs Act. Original Article Posted at : https://www.accountingtoday.com/news/irs-finalizes-100-bonus-depreciation-rules

COVID-19 doesn’t seem to be having an impact on such disclosures, according to a report from Ernst & Young. Original Article Posted at : https://www.accountingtoday.com/news/companies-making-more-disclosures-about-audit-committees-this-year

State tax revenues in some parts of the U.S. are rebounding as the economy emerges from the coronavirus lockdown, a positive sign for governors and mayors who had been bracing for the biggest fiscal crisis in decades. Original Article Posted at : https://www.accountingtoday.com/articles/new-jersey-california-dodge-worst-of-tax-crisis-in-weird-recession