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

Deficiencies found in broker-dealer audits

Written on August 19, 2016 at 9:59 pm, by


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

Russia changing tax system on oil companies

Written on July 29, 2016 at 1:57 pm, by


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

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

Steep increases were seen in Irish tax system

Written on July 1, 2016 at 8:16 pm, by


  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

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

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