“Like the killers in those really bad slasher movies, this tax subsidy wreaks havoc wherever it goes, appears to meet its demise in the last reel, yet returns to create more misery.”
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Quote of the Day
How Is the Homebuyer Tax Credit Like Jason Voorhees?
By Caleb Newquist
Earlier in the month, adult playground company Dave & Buster’s filed an S-4 to register $200 million in senior notes. Everything seemed to be in order and the month of August just moseyed along as it does.
Until the 24th, when GOD KNOWS what happened and D&B’s audit committee up and fired E&Y. They then filed the amended S-4, letting the whole world know about it:
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KPMG
(UPDATE) Which One of You Left Your Benz Parked In Front of KPMG HQ?
By Caleb Newquist
SO desperate that in addition to appealing his conviction on any possible grounds, that he has hired private dicks (allegedly!) to following Ponzi Schemer du jour (allegedly!) Ken Starr’s wife, Diane Passage.
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PCAOB
PCAOB Puts Congress On Notice; Requests Public Enforcement Proceedings
By Caleb NewquistDespite the setback that was the creation of the PCAOB, the Big 4 have to be pret-tay, pret-tay, pret-tay pleased with the privacy they get when it comes to the Board’s disciplinary actions.
Perpetually-acting chair Dan Goelzer wrote a letter to the Senate Banking and House Financial Services Committees saying that by keeping the proceedings mysterio and out of the public eye. The current arrangement “gives firms and auditors an incentive to drag out litigation, sometimes for years,” and that simply won’t do.
Despite the general public’s disinterest in all things accounting (until the shit hits the fan, of course), the Board is still trying to find its place as the relatively new kid on the bureaucratic block. This request seems to be an attempt at fitting in:
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News
As Investigation Concludes, Allegations Against KB Home Remain Anyone’s Guess
By Stephen TaubThis story is republished from CFOZone, where you’ll find news, analysis and professional networking tools for finance executives.
Finally some good news for KB Home.
The homebuilder said the Securities and Exchange Commission has concluded its investigation into the company’s accounting and disclosures and does not plan to recommend any enforcement action. The letter from the regulator concludes the SEC’s investigation, which began in October 2009.
“We are pleased to announce that the SEC has concluded its investigation,” said Jeffrey Mezger, president and chief executive officer of KB Home, in a statement.
There are no details about the nature of the allegations.
Or a loudmouth neighbor depending on your political preference. Either way you look at it, 5 Times Square won’t be the same.
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IRS, Non-profits
The IRS-Free, Islam-Free America Movement Gets a Boost
By Caleb NewquistThere are two things that really stick in the craw of many Americans: 1) The freedom-hating IRS and 2) Muslims thinking that they can build mosques in this country wherever they want.
Well now, according to a report issued by The Investigative Project on Terrorism (“IPT”) there is reason to lump the two together because a report now shows that Imam Feisal Abdul Rauf – the leader of the Islamic Community Center planned two blocks away from Ground Zero – obtained a ‘sketchy tax break‘ for a religious group he founded.
The IPT investigation found that “Feisal Abdul Rauf filed for ‘church’ status to the IRS for his newly formed Islamic group in 1998 and listed an apartment building where he claimed in the federal application that 400-500 people worshiped there.”
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Grant Thornton
At Least One Grant Thornton Office Doesn’t Think It’s Too Early To Discuss Holiday Parties
By Caleb NewquistFrom the mailbag, straight out of H-town:
Today, sept 1st, I got a save the date for the 2010 Christmas party. So yes GT Houston is having a Christmas party this year and apparently they are so excited about it, they wanted to let everyone know way in advance! Woot!
Is this some sort of retention tactic? Probably too little too late…..
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ANR
Accounting News Roundup: Young, Single Women Make More Than Male Counterparts; A Burger King Buyout; Heiress Getting Visits From Accountant | 09.02.10
By Caleb NewquistYoung Women’s Pay Exceeds Male Peers’ [WSJ]
“The earning power of young single women has surpassed that of their male peers in metropolitan areas around the U.S., a shift that is being driven by the growing ranks of women who attend college and move on to high-earning jobs.
In 2008, single, childless women between ages 22 and 30 were earning more than their male counterparts in most U.S. cities, with incomes that were 8% greater on average, according to an analysis of Census Bureau data released Wednesday by Reach Advisors, a consumer-research firm in Slingerlands, N.Y.
The trend was first identified several years ago in the country’s biggest cities, but has broadened out to smaller locales and across more industries. Beyond major cities such as San Francisco and New York, the income imbalance is pronounced in blue-collar hubs and the fast-growing metro areas that have large immigrant populations.”
Burger King to be bought out at $24/share – CNBC [MarketWatch]
Whopperland’s stock is up 20% on the news that private equity shop 3G will shell out $24 a share.
KB Home says SEC investigation over [Los Angeles Times]
“Shares of Los Angeles-based KB Home soared on Wednesday after the home builder said an investigation by the Securities and Exchange Commission into the company’s accounting and disclosure procedures had concluded and no enforcement action would be taken.
The company said in a statement Wednesday that it had received a letter from the commission closing the investigation, which began in October. Details of the inquiry weren’t disclosed. KB Home closed at $11.45, up $1.14, or 11%.
‘We are glad to share with our investors and employees that the matter is now behind us, as we continue to focus on restoring the sustained profitability of our home building operations and generating future growth’ KB Home Chief Executive Jeffrey Mezger said.”
