The Sansone Difference Blog

The taxing demands of Olympians

Written on August 30, 2016 at 3:54 pm, by


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

Credit-loss standard looms

Written on July 18, 2016 at 11:24 pm, by


  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

Pension fund over Toshiba scandal

Written on June 27, 2016 at 6:48 pm, by


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

Intuit earnings beat projections

Written on June 10, 2016 at 4:56 pm, by


    The maker of QuickBooks saw its stock price slide recently despite the firm reporting better-than-expected quarterly earnings. Intuit officials reported adjusted earnings of $3.43 per share on revenue of $2.3 billion, which was way above Wall Street’s estimates of $3.19 per share on $2.25 billion, according to the Associated Press. The financial softwareContinue Reading

Move stops double taxation for 911

Written on May 31, 2016 at 9:53 pm, by


Action has been taken in Ohio to keep some residents from being double-taxed for emergency response dispatch services. State lawmakers have passed legislation that restricts government bodies from imposing tax levies on individuals not covered by a service. A Delaware County referendum was being prepared to replace the levy for 911 services that expires atContinue Reading

IRS looks for voluntary offshore money disclosures

Written on May 23, 2016 at 2:57 pm, by


    Taxpayers with offshore accounts that they have not reported to the U.S. government are skating on thin ice, according to a tax attorney. Ivan Golden, a lawyer with Schiff Harden LLP, said that the leaked Panama Papers show that individuals not reporting offshore accounts can have dire consequences. “They’re at serious risk ofContinue Reading

QuickBooks’ desktop users send message

Written on May 9, 2016 at 6:28 pm, by


Intuit, like most software firms, is in transition. It is in the process of going from strategies and services centered around desktop applications to strategies and services centered around the cloud. Over the years, Intuit has provided its QuickBooks software for traditional applications. Through Sansone Accounting & Tax and other providers, businesses can get theContinue Reading

Tech execs under fire for accounting moves

Written on April 25, 2016 at 10:00 pm, by


The former chief financial officer and acting comptroller of a California tech firm have been accused of using improper accounting procedures to mask a failed market launch. Representatives of the U.S. Securities and Exchange Commission contend that Erik Bardman, the former CFO of Logitech International S.A., spearheaded the company’s fraudulent boosting of financial results toContinue Reading

Partnerships boost QuickBooks’ position

Written on April 11, 2016 at 4:30 pm, by


In its ongoing battle with Xero over mobile software turf, Intuit has announced updates to its QuickBooks app to benefit self-employed workers and some key partnerships. Battling for the “gig economy,” which includes ride-sharing drivers, food deliverers and pet-walkers, Intuit has upped the ante by unveiling revamps for its QuickBooks Self-Employed version. The changes areContinue Reading

Company pays SEC millions for accounting missteps

Written on March 24, 2016 at 8:11 pm, by


Novartis AG has agreed to pay a $25 million settlement with the U.S. Securities and Exchange Commission over accounting and bookkeeping issues relating to illicit payments made in China. An SEC probe had found that employees of two China-based Novartis subsidiaries provided gifts, money and other valuables to state health care professionals. The SEC saidContinue Reading

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