IRS issues guidance on deductibility of business meals
The IRS is making it simpler for business owners to deduct the cost of meals with customers and clients.
Accounting
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U.S. credit scores hit new high while household debt skyrockets
The new record comes on the heels of other signs that consumers are finally shrugging off a recession hangover, despite stubbornly stagnant wages that haven’t matched mushrooming corporate revenue.
Former office manager gets nearly 5 years in prison for fraud
A bookkeeper who pleaded guilty to defrauding a small Indianapolis-area construction company out of hundreds of thousands of dollars has been sentenced to nearly five years in federal prison.
Healthy cash flow curbs businesses’ appetite for financing
A survey released Monday shows that only 30 percent of companies tried to raise outside financing during the previous three months.
Simon hiring from within to replace departing CFO
Brian McDade has been with the retail real estate giant for 14 years, serving in various senior finance and accounting roles.
Wind-energy developer dismisses auditor after being informed of accounting weaknesses
Infrastructure & Energy Alternatives Inc. dismissed auditor Crowe Horwath and said it is taking steps to address the financial issues raised.
Local tax business accused of filing fraudulent returns in federal suit
The U.S. Department of Justice is accusing a tax preparation business with two locations in Indianapolis of reporting false information on federal income tax returns. It is seeking to shut down the business.
Affiliate of north-side accounting firm setting up shop on Monument Circle
KSM Consulting, part of Katz Sapper & Miller, is moving half of its employees downtown to a redesigned space just above street level on the city’s highest-profile real estate.
Wealthy Americans flood advisers to take advantage of tax law
The new tax law will be anything but simple for many affluent Americans, who are now inundating their accountants for advice.
Trump names Treasury official to be acting IRS commissioner
The appointment came the same day the Trump administration agreed to a "very substantial" payout to hundreds of tea party groups to settle a class-action lawsuit over burdensome IRS scrutiny in 2012.
Castleton nightclub manager gets 15 years on drug, laundering charges
Investigators say Pierre Burnett, who managed Epic Ultra Lounge (formerly Tantrum), was the leader of a major heroin and cocaine distribution ring in the Indianapolis area.
Indiana’s neighbor facing $14.7 billion in overdue bills
Illinois finally has a budget plan after two years. But it is facing $14.7 billion in overdue bills, a $130 billion shortfall in pension obligations and the possibility of its bond rating being downgraded to junk status.
Bookkeeper pleads guilty in $1.8M embezzlement scheme
A Shelby County woman has agreed to plead guilty to federal charges of wire fraud and tax evasion after being accused of embezzling from her employer and failing to pay $463,000 in income taxes.
Celadon execs avoid live questions in brief conference call
The troubled Indianapolis-based trucking company conducted a conference call Wednesday to answer questions about its latest accounting issues, but the call lasted 18 minutes and investors didn’t get to talk.
Celadon shares plummet after company admits to accounting woes
Shares in the Indianapolis-based trucking company dropped as much as 67 percent Tuesday morning. At least 16 law firms say they have filed lawsuits against the company or are investigating doing so.
Former Estridge Homes controller to plead guilty to bank fraud
Thomas Carter of Fishers diverted more than $340,000 from company bank accounts into his own accounts between 2013 and 2016, Carter’s plea agreement says.
Former Indianapolis tax preparer sentenced for filing false returns
Prosecutors say the man filed 65 fraudulent tax returns on behalf of central Indiana clients between 2010 and 2012.
Income tax audits plummet as IRS loses agents to budget cuts
As millions of Americans file their income tax returns, their chances of getting audited by the IRS have rarely been so low.
PwC’s hard-won reputation under threat after Oscars mistake
The accounting firm’s colossal mistake at the end of Sunday night’s Academy Awards threatens to undo decades of goodwill.
Lawmakers advance plan for ‘competency-based’ CPA license renewal
Currently, the 10,000 CPAs in Indiana do 120 hours of continuing professional education every three years to renew their CPA licenses. The proposal could reduce learning time and boost comprehension.