| Jackson Hewitt cited for tax schemes
The government said it is trying to shut down more than 125 Jackson Hewitt tax-preparation stores in four states for systematic "tax-fraud schemes." The Justice Department accuses the franchises of bilking the government out of more than $70 million through fraudulent practices such as using phony W-2 forms, bogus deductions and fuel tax credits and false claims regarding the earned income tax credit. The franchises were either totally or partially owned by Farrukh Sohail, the Justice Department said, and involved "a pervasive and massive series of tax-fraud schemes," according to court filings.Accredited Home Lenders gets fundingThe same day fellow subprime mortgage lender New Century Financial Corp. filed for bankruptcy protection, Accredited Home Lenders Holding Co. said late Monday it arranged $1.1 billion in financing that might help the company avoid the same fate.
US Stock-Index Futures Rise; Citigroup and Qualcomm Advance
March 19 (Bloomberg) -- U.S. stock-index futures rose on speculation last week's decline was overdone. Citigroup Inc., the biggest U.S. bank, and Wal-Mart Stores Inc., the world's largest retailer, gained in Europe. Qualcomm Inc. advanced in Germany after the world's second- largest maker of mobile-phone chips said it agreed to settle patent claims with Broadcom Corp. BEA Systems Inc. rose after UBS AG recommended buying shares of the software maker. Financial firms and retailers led stocks lower last week as rising mortgage defaults stoked concern the home-loan crisis will spread. The Standard & Poor's 500 Index has lost 2.2 percent this year, plunging the most in four years on Feb. 27 as a sell-off in China helped spark a global rout. ``Financial and retail companies had a rough ride last week and are starting to look a bit oversold,'' said Simon Carter, head of North American equities at Aegon Asset Management in Edinburgh, where he helps to oversee $3 billion.
Playing blues brightens accountant's day
A forensic accountant by day, Jay Korngold cuts loose at night by strumming his electric guitar at various South Florida venues. BY JENNY STALETOVICH jennystaletovich@bellsouth.net When he was in fourth grade, Jay Korngold joined his first garage band. By 14, he was so consumed by Hendrix and the Beatles that he played, to his parents' distress, eight to 10 hours a day. But until a few years ago, this inner Eddie Van Halen never saw the light of day. ''For a long time, it was a secret. It was my thing, and I kept it quiet, and I didn't let my two worlds intersect,'' said Korngold, 49, a partner at the accounting firm of Mallah, Furman & Co. whose auditing interests tend toward complicated forensics and the always popular Sarbanes-Oxley compliance programs.
|
