Below please find daily updates pertaining to the latest in financial, business, and tax news:

E&Y to Pay $2 Million to Settle Audit Failure Charges

Posted: Wed Feb 08 17:17:28 PST 2012

On February 8, 2012, the Public Company Accounting Oversight Board (PCAOB) announced a settled disciplinary order censuring Ernst & Young LLP (E&Y). It imposed a $2 million civil money penalty against the firm, which is PCAOB's largest civil money penalty to date. The PCAOB also sanctioned four of E&Y's current or former partners for violating PCAOB rules and standards. read more...

IRS Unveils New Version of Smartphone App

Posted: Wed Feb 08 12:31:11 PST 2012

The IRS announced the availability of IRS2Go 2.0, an expanded version of its smartphone application designed to provide taxpayers easier access to practical tools and information. read more...

Fixes to Form 1099-R Could Boost Compliance, Inspector General Says

Posted: Wed Feb 08 11:24:31 PST 2012

By AccountingWEB Staff read more...

AICPA Creates Social Networking Site for Aspiring Accountants

Posted: Wed Feb 08 09:20:45 PST 2012

By AccountingWEB Staff read more...

IRS Casts Bait to Reel in Taxpayers with Offshore Accounts

Posted: Tue Feb 07 10:54:33 PST 2012

By Ken Berryread more...