Author: Editor

Three men were indicted for allegedly conspiring to fraudulently boost the value of data-insight company Near Intelligence Inc. before it was acquired by a blank check firm in 2022. Federal prosecutors in New York on Thursday unsealed charges against the company’s founders for allegedly exchanging fake invoices and inflated payments with a mobile-advertising firm, to make Near Intelligence’s revenue appear more than 10 times higher than it actually was. The company’s chief executive officer, Anil Mathews, and its chief financial officer, Rahul Agarwal, were named in the indictment, along with Kenneth Harlan, the CEO of the mobile-advertising firm, MobileFuse. The alleged accounting…

Online sports betting giant Flutter reported second-quarter earnings that beat Wall Street expectations Thursday.The company reported adjusted earnings of $2.95 per share versus an estimated $2.08, according to a survey of analysts by LSEG. Revenue came in slightly higher than expectations at $4.19 billion against consensus expectations of $4.13 billion.Flutter owns the dominant U.S. sportsbook FanDuel, and FanDuel’s holding a winning hand.Its U.S. revenue for the quarter of $1.79 billion came in slightly higher than expectations, and adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, was nearly $100 million higher than analyst consensus.June was especially good for FanDuel…

The Internal Revenue Service reassured taxpayers and tax professionals Thursday that it’s not planning to make any immediate changes to its information returns such as Forms W-2 and 1099 and withholding tables for 2025 as a result of the new tax law — but changes are planned for next year.As part of its phased implementation of the One Big Beautiful Bill Act, the IRS said there will be no changes to certain information returns or withholding tables for tax year 2025 related to the new law. That means Form W-2, the existing Forms 1099, Form 941 and other payroll return…

The recent expansion of the Qualified Small Business Stock program in the One Big Beautiful Bill Act makes a powerful tax-saving strategy even more enticing for businesses and investors.The QSBS provision is part of Section 1202 of the Tax Code, which was originally enacted in 1993 and allowed 50% of the gain from selling QSBS to be excluded from income. That percentage later increased to 75% and then 100%.”Even before the reconciliation bill, Section 1202 Qualified Small Business Stock was one of the most powerful and unique incentives in all of the tax law because you’re talking about an exclusion…

Financial advisors and tax professionals with clients who own businesses of any size can help them rake in significant savings under several provisions of the One Big Beautiful Bill Act.The massive legislation signed into law by President Donald Trump last month tweaked tax rules on business deductions, capital-gains exclusions and estate planning. Those changes will require advisors and their clients to take a fresh look at their strategies, according to Jere Doyle, an estate planning strategist with BNY Wealth, and Holly Swan, the head of wealth solutions in the global client strategy unit of asset management firm Allspring Global Investments.Outside…

Vertigo; not workin’ on the railroad; bad company; and other highlights of recent tax cases.Washington, D.C.: Recent IRS Office of Professional Responsibility disciplinary actions sanctions include censure, suspension or disbarment from practice before the IRS. Individuals disciplined this year are:Florida: CPA Ralph J. Anderson, Naples, indefinite from June 23.Georgia: CPA Herbert E. Lewis, Peachtree Corners, indefinite from April 21.Illinois: Enrolled Agent Holly M. Wilson, Granville, indefinite from April 7.Michigan: Attorney Jeffrey S. Freeman, West Bloomfield, indefinite from May 21.Puerto Rico: Appraiser Milton E. Martinez-Rodriguez, San German, indefinite from April 25.Ozark, Missouri: Salesman Ryan J. McMillin has pleaded guilty to one…