The Sansone Difference Blog

Raking in $25,000 for a gold medal is a nice bonus for U.S. Olympians — until nearly 40 percent of that goes to the Internal Revenue Service. In the aftermath of the Rio Olympics, more attention is being placed on the requirement that athletes give a good chunk of their bonus money for medal-winning performancesContinue Reading

Inspected audits of brokerage firms that buy and sell securities on their own account as a principal before selling the securities to customers were deficient 96 percent of the time, a report contends. The Public Company Accounting Oversight Board said in its annual report that in the first year in which all inspected engagements wereContinue Reading

A residence for men recovering from alcohol or drug addiction will be opening in Crystal Lake this fall. The home, located at 131 Ellsworth St., was purchased by Chris Reed and New Directions Addiction Recovery Services. Up to 12 men will live in the home, which is slated to open by October. Some renovations needContinue Reading

As small-business owners try to squeeze productivity out of each second of the workday, QuickBooks Online and its related apps are becoming increasingly popular. Creating estimates and turning them into invoices, logging hours and billing clients for your time, staying on top of expenses, and keeping records for tax season all are possible through QuickBooksContinue Reading

Russia is looking to overhaul its taxes on the oil industry, creating a profit-based system aimed at heightening government resources, according to documents obtained by Reuters. The country’s current oil tax is calculated on production and exports. For years, Russian oil companies have lobbied for profit-based taxation, claiming that such a system would boost productionContinue Reading

  A new standard in reporting expected credit losses could have a significant impact on financial institutions. “It’s the biggest accounting change I think that banks have been subject to in a long time,” Reza Van Roosmalen, a KPMG LLP managing director, told the Journal of Accountancy. The Financial Accounting Standards Board has changed theContinue Reading

Two years ago, the Crystal Lake Lions rugby team couldn’t even field a team without outside help. Today, it can take the field at the U-12 and U-14 levels, without outside assistance. The squad started out its first year with just seven players, so it combined with teams from Lake Forest and Arlington Heights justContinue Reading

Intuit’s QuickBooks has made it easier for users involved with multiple companies to get their firms’ financial information. The QuickBooks Android app shortens the number of steps that individuals need to take in order to go between multiple financial records. The accounting software company has announced that it has taken action to make it easierContinue Reading

  An economic think-tank for a trade union is looking to put to rest myths about Ireland’s tax system. The experts contend that Ireland is a low-tax country in which higher wage earners are not paying more than their fair share, according to international standards. Tom Healy, Director of the Nevin Economic Research Institute, saidContinue Reading

Japan’s public pension fund is suing Toshiba over the accounting embarrassment that rocked the electronics company. The pension fund is seeking nearly $10 million in damages from the company. Japan’s $1.3 trillion Government Pension Investment Fund, the largest public pension pool in the world, is the first institutional investor in the country to sue ToshibaContinue Reading