June 18, 2018

Accounting News Roundup: Taxes, *Very* Different Career Paths, and Lewd Behavior | 08.11.17

accounting news taxes trump career paths

Taxes

Consummate bullshit artist and current POTUS Donald J. Trump repeated one of his favorite falsehoods yesterday, saying, “We pay more tax than anybody in the world.” Although this has been discredited by countless economists and tax experts, they made the rounds again including this exasperated guy from the Tax Foundation:

“Two years later, and I’m still answering this one,” the Tax Foundation’s Director of Federal Budgets Kyle Pomerleau, told NBC News. “The answer is still the same: No, the United States is not the highest-taxed nation in the world.”

“We are nowhere close to the top,” says another guy.

Career paths

Doug McHoney is an international tax partner at PwC who’s been producing video blogs on various topics for the better part of a year. His insane global travel schedule serves as a backdrop for the videos and the hijinks that come along with it.

He discusses career paths in the most recent video, including his own to become a tax partner at PwC. To contrast, he also interviewed me, a person who is decidedly not a tax partner of any measure, about my career path that started in accounting and veered into online media and journalism.

If that’s not enough for you, and you have an hour to kill, Doug published our entire discussion online that will include me talking about my all cringe-worthy moments along the way. Fair warning: there is some jam band talk in the uncut video.

Accountants behaving badly

This New York Post article describes a lawsuit that alleges all kinds of outrageous behavior at American Funding Group, a “debt relief company,” including strippers, blow-up dolls in interviews, quid pro quo sex, and all-around “sexual harassment playground.” That includes this particular anecdote:

The lawsuit also described the time a female employee, encouraged by male managers, lifted her skirt and pressed her bare butt against a glass conference room window for the entire office to see.

Instead of reprimanding or disciplining the employee for the bizarre office strip show, accounts receivable manager Michael Marino gleefully threw himself against the other side of the glass and began “air humping” the worker, proudly exclaiming, “How else could I respond to that?!,” the lawsuit said.

Any number of ways, I imagine, given the (alleged) acceptable behavior at this place.

Previously, on Going Concern…

I offered a solution for landing and keeping accounting talent: better pay.

In other news:

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Senate votes to rescind IRS repog> [Reuters]
Bowing to pressure from small business groups who say the new reporting requirements will tie up entrepreneurs in paperwork, the Senate voted 81-17, for the amendment, which was appended to an unrelated aviation bill. Small firms and the self-employed are up in arms about the provision that, starting next year, they will have to submit 1099 tax forms on purchases of goods and services that total more than $600. “At a time when we need small businesses to help our economy grow, saddling them with expensive new requirements and paperwork burdens will only further hamper their ability to aid in our economic recovery,” Susan Eckerly of the National Federation of Independent Business said in a letter asking senators to support the amendment.

Democratic senators tout agreement on prisoner tax fraud [On the Money/The Hill]
A group of Senate Democrats is touting a new agreement between the IRS and federal Bureau of Prisons aimed at cracking down on prisoners’ ability to collect fraudulent tax returns. An inspector general report released in January found that prisoners had been issued at least $123 million in false federal returns between 2004 and 2009. The two federal agencies came to an agreement on the issue after a push started by Sen. Sherrod Brown (D-Ohio) and other Senate Democrats. In a statement, Brown called the agreement “a long-overdue, common-sense solution.”

Obama proposes ‘green tax’ incentives [FT]
Barack Obama will on Thursday propose to cut oil and gas subsidies to make way for new “green energy” tax incentives designed to encourage US businesses to upgrade their commercial buildings and make them more efficient. White House officials said the move was intended to spur job growth in the construction industry and make commercial buildings 20 per cent more energy efficient by 2020. Officials declined to comment on the cost of the expanded tax credits, but said Mr Obama was “committed” to paying for the investments by eliminating subsidies for the oil and gas industry.

Baker Tilly teams up with NetSuite [AccMan]
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Seven Ideas to Guide Tax Reform [TaxVox]
The Tax Policy Insitute’s Donald Marron laid it out in testimony yesterday before the the Senate Budget Committee, “America’s tax system is broken. It’s needlessly complex, economically harmful, and often unfair. It fails at its most basic task, raising enough money to pay our government’s bills. And it’s increasingly unpredictable, with large, temporary tax cuts not only in the individual income tax, but also in corporate, payroll, and estate taxes.

Final Oscar ballots hit the mail Wednesday [LAT]
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