The administrative part of Kentucky's court system has asked the state auditor to take a closer look at its financial operations as the state's attorney general investigates a 2014 "employees only" sale of surplus vehicles. "Requesting this audit demonstrates our commitment to openness and accountability," said Kentucky Supreme Court Chief Justice John Minton.
A group of attorneys told the Federal Bar Association this month that many states are overreaching in their authority to audit and tax insurance companies. New York, for example, has gone beyond its statutory authority to pull additional revenue from insurance companies, and it also forces companies to pay several taxes, one attorney said.
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Illinois Comptroller Susana Mendoza is warning lawmakers that the state's finances are in "crisis mode." State contractors are demanding payment that would put the state's discretionary spending money at zero, she says.
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California's Board of Equalization, which acts as the state's tax court, is reportedly on the verge of being dissolved as part of a potential budget deal. The agency's 4,800 employees would be moved to a new revenue department, while tax disputes would be decided by administrative law judges instead of the board.
This article explores new proposed regulations governing certain unfunded deferred compensation plans of state and local governments and tax-exempt entities and how those regulations interact with Sec. 409A.
State tax commissioners have been on the receiving end of a wave of questions about a new federal partnership audit regime. The rules would require "some adaptation by the states," said Helen Hecht, general counsel for the Multistate Tax Commission.
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An audit released last week revealed that the former director of an Iowa nonprofit that provides affordable school meals embezzled approximately $169,000 to fund her personal expenses and gambling addiction. The audit indicates that Norma LaMantia admitted to taking checks from school districts and food companies over a five-year period.
Auditors in Austin, Texas, say it was improper for a city worker to consult for energy firms while also helping award contracts for developing the city's electrical infrastructure. A supervisor of the city employee was aware of the consulting work.
The Securities and Exchange Commission is moving toward a policy that focuses more on examination than enforcement but is still placing high expectations on advisors' cybersecurity, says David Glockner, an SEC regional director. Firms are expected to give a full account of precautions they have taken.
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One in four internal auditors assess culture. To move forward, issues related to political pressures and legally-binding ethics standards must be addressed. U.S. Department of Justice guidance can be leveraged to effectively audit culture. Read more.
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James Branch Cabell, writer
About the American Center for Government Auditing
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