• IRS Starts Using Private Companies to Collect Taxes

    This is a first! The IRS has started using private companies to collect overdue taxes. If the program is successful, it will be expanded next year. The IRS claims the “tax gap” has grown to $290 billion. The tax gap […]

  • Spending limits would have saved Wisconsin taxpayers billions

    A study conducted by Wisconsin’s Legislative Fiscal Bureau shows that taxpayers could have saved $1.9 billion over 20 years if the Taxpayer Protection Amendment had been law. The amendment would force government officials to consolidate or work more efficiently to […]

  • Data Theft From Verizon

    Two laptop computers containing personal data on an undisclosed number of Verizon employees, were recently stolen. The laptops were supposedly part of a “random theft” from a Verizon building, and the data is supposedly password-protected. The affected employees were notified […]

  • More internal control problems at Fannie Mae

    For the second year in a row, Fannie Mae is postponing the filing of its annual report with the U.S. Securities and Exchange Commission. Fannie Mae is also likely to issue a management report, stating that its internal controls over […]

  • Alleged Thief of Natural Gas Claims His Confession Was Coerced

    A man accused of stealing upwards of $36,000 in natural gas says he broke no laws, and only admitted to wrongdoing after police wore him down. He says the statements given during his confession were false. Warren J. Krohn of […]

  • Borrowers with adjustable rates having trouble

    In recent years, adjustable rate mortgages (ARMs) have been very popular with home buyers. Low interest rates allowed buyers to purchase larger houses than they might otherwise have been able to afford. But as the end of those ARMs draws […]

  • Who Wants to Work at Wal-Mart?

    This past January, 24,500 people applied for the 325 jobs available at a Wal-Mart just outside Chicago’s city limits. All but approximately 500 of the applicants listed Chicago as their address. The Wal-Mart was built in Evergreen Park, one block […]

  • Milwaukee Public Museum Will Not Have a Forensic Audit

    Note sent to those who submitted proposals: This is to inform you that at its meeting today, the Milwaukee County Board of Supervisors did not approve, by the required two-thirds majority vote, funding from the Contingency Fund for a forensic […]

  • Financial Statement Fraud Under Fire

    Written by Tracy L. Coenen, CPA, CFF OSCPA Wire – Oklahoma Society of CPAs Newsletter Any natural disaster creates opportunities for fraud and that’s exactly what recent wildfires have done. Dishonest executives have a chance to manipulate their financial statements […]

  • Fastow testifies in trial of Enron’s ex-executives

    The former CFO of Enron Corp, Andrew Fastow, has testified in the criminal trial of former Enron executives Jeffrey Skilling and Kenneth Lay. Fastow has already admitted to stealing millions of dollars from the company. His testimony included discussion of […]