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Troubled NMC Health Suspected Of Faking Drug Orders

PYMNTS

Today’s Financial Times article states: “NMC allegedly used fake documents to simulate orders for pharmaceutical supplies from Neopharma, and its joint venture Nexgen, to obtain credit from banks and factoring agents that financed the fabricated sales.

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IRS Issues Favorable QSBS Tax Ruling for Businesses

Withum

Section 1202 provides for the full or partial exclusion of capital gain realized on the sale of QSBS. The taxpayer in PLR 202221006 (March 3, 2022) is a pharmaceutical distributor that engages in the retail sale of a limited number of drugs. The IRS noted that all of the taxpayer’s revenues are generated by the sale of drugs.

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Corporate Fraud Reveals The Breadth Of Scammer Tactics

PYMNTS

The Federal Trade Commission recently filed a complaint against Yellowstone Capital, Fundry and their officers, alleging the merchant cash advance companies had been withdrawing funds from small business bank accounts. 300,000 was stolen by an accountant in Australia , according to ABC.net.au

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Professionals on the Move – April 2023

CPA Practice

Professionals on the Move is a round-up of recent promotions and hiring announcements in and around the accounting profession. Williams Overman Pierce announces the promotion of two team members Williams Overman Pierce, LLP, a full-service public accounting and business advisory firm, is pleased to announce the promotions of two team members.

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Amazon And Valentino Sue Over Alleged Counterfeits

PYMNTS

-based Kaitlyn Pan Group LLC and New York resident Hao Pan for allegedly counterfeiting Valentino’s Garavani Rockstud shoes and offering them for sale on its own website as well as on Amazon. The plaintiffs allege the sales are “in violation of Amazon’s policies and Valentino’s intellectual property rights.”

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How Inflation and Supply Chain Disruptions Can Increase Your Business’ Tax Bill

Withum

Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.

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The benefits of integrating Foreign-Trade Zones (FTZs) into your supply chain

ThomsonReuters

Duties, taxes, and fees on goods warehoused in an FTZ are only due when the goods enter the US market for sale and are not paid if the goods are re-exported outside the US. The post The benefits of integrating Foreign-Trade Zones (FTZs) into your supply chain appeared first on Tax & Accounting Blog Posts by Thomson Reuters.