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In a policy document released on April 15, the US Department of Justice clarified that a company's CEO or CFO (or equivalent position holders) who voluntarily discloses corporate misconduct does not qualify for a non-prosecution agreement (NPA). The pilot program has expanded from the Southern District of New York to nationwide and may become a permanent initiative.
IRS Commissioner Daniel Werfel stated at a Senate Finance Committee hearing that the Biden administration's request for an additional $104 billion budget starting in 2026 is expected to raise about $341 billion over ten years through enhanced enforcement and other actions. He also warned that if Inflation Reduction Act funding expires and Congress does not replenish it, the IRS would lose service capabilities in 2026 and technology maintenance capabilities in 2028-2029. Republican lawmakers such as Mike Crapo questioned the sustainability of the funding needs.
Orthofix Medical announced on Tuesday the appointment of Andres Cedron as its new Chief Legal Officer, filling the vacancy left by an executive dismissed for misconduct. The company disclosed material weaknesses in internal controls in its 10-K filing and plans to address them through measures such as hiring and training.
Michael Plowgian has returned to KPMG months after leaving the U.S. Treasury Department, taking on the roles of head of Washington National Tax and leader of Americas International Tax Policy. He was previously deeply involved in the OECD two-pillar tax reform negotiations, and the 15% global minimum tax under the plan remains deadlocked in the U.S. Congress. With the 2024 election approaching, the legislative prospects for Pillar Two in the United States are considered unlikely to become clear in the short term.
This article explores the increasingly important strategic role of Chief Financial Officers (CFOs) in managing third-party cybersecurity risks. Citing data from IBM, the Ponemon Institute, and SecurityScorecard, it reveals the high incidence and substantial costs of third-party-related data breaches, and analyzes the regulatory pressures brought by the Biden executive order and new rules from the U.S. Securities and Exchange Commission (SEC). The article points out that CFOs and their audit teams need to be deeply involved in reviewing vendors' data management and security practices, and proposes specific risk mitigation steps in areas such as vendor onboarding, data classification, and continuous identity management.
This article focuses on misconduct and irregularities among CFOs, covering litigation, financial control failures, lack of legal compliance, insufficient financial transparency, and communication and professional integrity issues, presenting typical cases in chronological order.
The cross-state practice reciprocity system for Certified Public Accountants (CPAs) in the United States is built on uniform education, examination, and experience requirements. A proposed law in Minnesota to reduce the education requirement from 150 credit hours to 120 could undermine the eligibility of CPAs in that state to practice in other states, increase administrative burdens and costs, and threaten the stability of the entire reciprocity system. The AICPA calls for any reform to be based on broad industry consensus rather than unilateral action.
The software market has enormous growth potential, but opaque pricing and a lack of trust are hindering SaaS procurement. This article explores how buyers and sellers can rebuild trust and optimize the procurement process through transparent communication and pragmatic expectations.
Microsoft received a $28.9 billion tax assessment from the IRS due to transfer pricing disputes, underscoring tax risks for multinational corporations. This article analyzes transfer pricing rules, the importance of intercompany agreements, and provides six risk management recommendations for general counsel.