• Accounting News Roundup: Internet Taxes and 50-year Frauds | 03.06.18

    By | March 6, 2018

    Trump Administration Backs Internet Taxes at U.S. Supreme Court [Bloomberg]
    SCOTUS will hear arguments in South Dakota v. Wayfair on April 17th.

    Where Corporate Taxes Are Poised to Rise Because of Tax Overhaul: States [WSJ]
    Richard Rubin reports on an Ernst & Young study that estimates state corporate-tax bases will increase 12 percent over the next decade as a result of the new federal tax law. What a corporation’s taxable income will be in each state is another matter entirely, however. “We’ve got 50 states with 50 different ways of doing things,” an EY SALT guy said.

    Drury steps down as Xero CEO [AT]
    Steve Vamos, a former CEO of Microsoft Australia, will succeed Xero founder Rod Drury as CEO of the cloud accounting software company.

    Kobe Steel admits data fraud went on nearly five decades, CEO to quit [Reuters]
    Last year, the company revealed that it supplied products with phony specifications to over 600 customers worldwide. Apparently, this all started in the early 1970s and although the U.S. Justice Department is investigating, the company’s finances are “unscathed.”

    Previously, on Going Concern…

    Megan Lewczyk wrote a field guide to quitting public accounting.

    Our partner, Gleim CPA Review, goes over the excel-lent changes to the CPA exam.

    In Open Items: Process to become a CPA.

    From the archives: Busy Season Problems: Approaching the Team Member Whose Hygiene Does Not Meet Expectations. See also: Give It Up Tax Protesters, You’re Just Screwing Yourselves

    In other news:

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    Image: Arto Alanenpää/Wikimedia Commons

    • SullaCPA

      A fraud going on for 50 damn years. Where the was the auditor? What was the auditor doing? I bet you that I would have caught this fraud.