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Bob Scott

Bob Scott

Audit Firms Face SEC Review in Fraud Case

Two accounting firms that were involved in the audit of financial statements of a company whose CFO has been charged with fraud face an SEC administrative hearing to determine if they engaged in professional misconduct in audits that the SEC said showed severe problems. That came as the agency alleged that Karl Redekopp, former CFO of International Commercial Television, helped the company turn millions of dollars of quarterly losses into profits by falsely accounting for sales of a skin-care appliance via Home Shopping Network infomercials.

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Republic Bank Plans RAL Price Increase

republic bank logoRepublic Bank & Trust Co., one of the major sources of funds for refund anticipation loans, said this week it expects to increase prices on products from its Tax Refund Solutions segment and to revise RAL underwriting. It issued that statement after the Internal Revenue Service announced it would drop the debt indicator for the next filing season. The bank also said IRS plans for a mechanism that would enable taxpayers to pay fees for professional preparers from their return would compete with its Electronic Refund Checks. Read more...

IRS Removes Debt Indicator; Setback for RALs?

WASHINGTON - Starting with next year's tax filing season the Internal Revenue Service today said it will no longer provide tax preparers and banks participating in refund programs with the "debt indicator," which is used to facilitate refund anticipation loans. Statements from IRS Commissioner Doug Shulman were clear that the agency would encourage taxpayers to look elsewhere for quicker refunds and the move is probably a serious setback for companies that rely on RALs for a significant part of their revenue

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Avalara’s Accounting Top 100 leaderboard (the “Leaderboard”) is assembled using a list of accounting professional users that’s curated by manual entry as well as by Rise.Global's internal Twitter search functionality. We reserve the right to change scoring metrics used for ranking and to exclude anyone from the list, in our sole discretion. The Leaderboard is not an endorsement, recommendation or sponsorship of any of the accounting professionals on the Leaderboard, and we do not make any representation or guarantee of their ability or reliability. Assessments by different methods or based on different information may yield different results. The Leaderboard is only a starting point to gather information about accounting professionals, and you should not rely on it to decide whether to hire an accounting professional.

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