Accounting Law Commons^™

Clergy Tax Rules Extend Beyond Churches, Paul G. Schloemer

Paul Schloemer, Ph.D.

• Whether an individual qualifies as a minister for tax purposes is determined based on who employs the individual and the duties the individual performs. An individual does not have to work for a church or denomination to be considered a minister but must perform the duties of a minister as specified in the regulations to be treated as a minister.
• Ministers are subject to special tax rules, including eligibility for a tax-free parsonage or housing allowance, being treated as self-employed for Social Security tax purposes, and being exempt from federal income tax withholding.
• If an employee provides the minister a ...

Sec Filings, Regulatory Deadlines, And Capital Market Consequences, Eli Bartov, Yaniv Konchitchki

New York University Law and Economics Working Papers

Timely disclosure of financial information is critical for well functioning capital markets, and a recent surge in late SEC filings has led to increased interest in their consequences. We find that the market reacts negatively to announcements of late filings, even to potentially benign announcements that indicate management intends to file within the SEC’s allowed grace period. We also find that the reaction is more negative for late 10-Qs than late 10-Ks when accounting reasons are cited for the delay and that the market anticipates which late 10-Q filers will subsequently fail to file within the SEC’s allowed ...

The Impact Of Recent Sec Financial Reporting Probes On Shareholder Wealth: Companies, Competitors, And Consequences, Stephen Warde

Honors Projects in Finance

During an undergraduate college career, an accounting major devotes a great part of his or her time to learning how publicly traded businesses prepare financial statements in compliance with Generally Accepted Accounting Principles (GAAP) and federal securities laws. These accounting principles, standards, and procedures are ultimately enforced by the U.S. Securities and Exchange Commission (SEC) to protect investors, uphold fair markets, and promote public trust in the capital market system. To fulfill its mission, the SEC Division of Enforcement conducts investigations into possible violations of the federal securities laws and administers enforcement actions. Naturally, SEC investigations and the anticipation ...

Impact On Grant Fraud Within The Government, Ashley Clark

Economic Crime Forensics Capstones

My proposal and area of concentration will focus on the forensic accountant’s role in grant fraud. This role is more important now than ever, as fraudsters’ efforts have become more sophisticated over time. Grant fraud is particularly susceptible because more and more fraudsters are working within the company and understand the internal workings of the organization. Ensuring that grant notice of award regulations and rules are followed – and that relevant agencies and individuals follow all protocols under the budgeted term – are crucial components to ensuring the grant’s success.

Within my research paper, I will cover all areas associated ...

Donor Advised Funds: Charitable Spending Vehicles For 21st Century Philanthropy, Roger Colinvaux

Scholarly Articles and Other Contributions

The donor advised fund (DAF) is changing longstanding giving norms in United States philanthropy. DAF contributions now account for around 8.4% of giving by individuals in the U.S. Over half of those contributions go to national DAF sponsors that have relationships with large commercial investment firms like Fidelity, Vanguard, and Schwab. This Article seeks to advance the understanding of the donor advised fund and to address two of the main policy questions: whether to require a mandatory distribution of funds by DAFs and their sponsoring organizations and how to respond to the increased use of DAFs for noncash ...

Taxing Wealth Seriously, Edward J. Mccaffery

University of Southern California Legal Studies Working Paper Series

The social and political problems of wealth inequality in America are severe and getting worse. A surprise is that the U.S. tax system, as is, is a significant cause of these problems, not a cure for them. The tax-law doctrines that allow those who already have financial wealth to live, luxuriously and tax-free, or to pass on their wealth tax-free to heirs, are simple. The applicable legal doctrines have been in place for nearly a century under the income tax, the primary social tool for addressing matters of economic inequality. The analytic pathways to reform are easy to see ...

Will We Ever Close The Gaap?: A Look Into The International Convergence Of Accounting Standards, Melanie Rosin

Michigan Business & Entrepreneurial Law Review

This Note examines the trend toward the international convergence of accounting standards and then identifies the factors contributing to the process of this trend as well as the obstacles standard setters face in moving to one high quality, unified set of standards. The Note next identifies the possible outcomes for the future of convergence, including the mandatory adoption of International Financial Reporting Standards (IFRS) by the United States, the Securities & Exchange Commission’s (SEC) encouragement of the voluntary of adoption of IFRS by the United States, requiring public companies to comply with both U.S. Generally Accepted Accounting Principles (U ...

Public Accounting And The Myth Of The Public Interest.Pdf, Wm. Dennis Huber

Wm. Dennis Huber

Shareholder Wealth Maximization As Means To An End, Robert P. Bartlett, Iii

Robert Bartlett

In several recent cases, the Delaware Chancery Court has emphasized that where a conflict of interest exists between holders of a company’s common stock and holders of its preferred stock, the standard of conduct for directors requires that they strive to maximize the value of the corporation for the benefit of its common stockholders rather than for its preferred stockholders. This article interrogates this view of directors’ fiduciary duties from the perspective of incomplete contracting theory. Building on the seminal work of Sanford Grossman and Oliver Hart, incomplete contracting theory examines the critical role of corporate control rights for ...

What Happens In Vegas Doesn't Always Stay In Vegas: Nevada Corporations Enjoy A Disproportionate Share Of Sec Trading Suspensions, Anthony J. Cataldo Ii, Peter F. Oehlers, Robert C. Scanlon

Peter Oehlers

No abstract provided.

Proportionate Liability Under The Cbca In The Context Of Recent Corporate Governance Reform: Canadian Auditors In The Wrong Place At The Wrong Time?, Poonam Puri, Stephanie Ben-Ishai

Poonam Puri

In the recent Canada Business Corporations Act' amendments implementing a proportionate liability scheme, auditors appear to be winners. This is consistent with the trend in the past several years as a result of which Canadian auditors have been successful in narrowing the scope of their liability both through legislation and through common law. Going forward, however, it is fair to say that auditors will be losers unless the accounting profession re-evaluates its role and responsibilities to its stakeholders. Given the accounting and corporate governance scandals North America has witnessed in the past few years, as well as the actual and ...

It's Tax Not Trade (Stupid), Edward J. Mccaffery

University of Southern California Legal Studies Working Paper Series

Globalization, trade and other free market policies increase wealth. But the gains from trade are not being evenly spread among all citizens. People and politicians rage against foreigners. But it is the United States tax system, not trade, that ought to change, and wealthy Americans, not workers world-wide, who should be sharing the wealth. A nd it is the form of tax, not just its rate structure, that must reform, so that capital at last bears a meaningful share of the burden.

Probate A To Z: Guiding You Through The Statutes, Rules, And Procedures (Click Sharkmedia Below For Video), Adam Scott Goldberg

Law Center Plus Seminar Series

• Learn about probate court statutes and rules of procedure in Florida
• Understand how Probate issues can impact other areas such as: real estate, family, and debt/creditor law.
• How to handle special challenges that arise in probate cases
• Discuss recent procedural changes in Miami-Dade & Broward Probate Court

Four Ways That Accountants Turn To The Dark Side, Singapore Management University

Perspectives@SMU

Not only those with 'defective individual traits' commit fraud

One Fund Solution And The Pension Crisis, Gordon Butler

Cleveland State Law Review

The next forty years of economic life will be dominated by one underlying theme: dealing with the retirement income security of a growing, aging and longer-lived global population. This is a "can’t run, can’t hide" problem that will affect the lives of almost every human being on the planet . . . Whether you are light in your pension account, whether you have more money than Croesus, whether you live in the well-funded Netherlands, or whether you are a put-upon unambitious young male in Japan who sees no future for himself, you cannot escape this problem.

Before you read very far ...

A Contabilidade Paralela Das Empresas Estatais, Bruno Meyerhof Salama, Mariana Pargendler

Bruno Meyerhof Salama

Transfer Pricing Challenges In The Cloud, Orly Mazur

Boston College Law Review

Cloud computing has fundamentally changed how companies operate. Companies have quickly adapted by moving their businesses to the cloud, but international tax standards have failed to follow suit. As a result, taxpayers and tax administrations confront significant tax challenges in applying outdated tax principles to this new environment. One particular area that raises perplexing tax issues is the transfer pricing rules. The transfer pricing rules set forth the intercompany price a cloud service provider must charge an affiliate using its cloud services, which ultimately affects the determination of the jurisdiction in which the company’s profits are taxed. This Article ...

Sec's Ultra Vires Recognition Of The Fasb.Pdf, Wm. Dennis Huber

Wm. Dennis Huber

The Meaning Of Capital In The Twenty-First Century, Edward J. Mccaffery

University of Southern California Legal Studies Working Paper Series

America is on a path towards a level of both wealth and income inequality unparalleled in recorded history. Thomas Piketty’s Capital in the Twenty-First Century summarizes and conveys the work of Piketty and many co-authors, over many decades, looking at the structure of income and wealth inequality across many nations and centuries. This review essay builds on Piketty’s ambitions as well as his data, in order to put forth a better solution: one that accepts and even embraces the facts of unequal ownership of capital, but changes the social meaning of those facts to avoid the social harms ...

Accounting And Accountability: Overview Of The Accounting Provisions Of The Foreign Corrupt Practices Act Of 1977, Thomas E. Baker

Thomas E. Baker

No abstract provided.