• Accounting News Roundup: Senate Debates Tax Cuts and PwC Takes Some Bitcoin | 11.30.17

    By | November 30, 2017

    Corporate Tax Rate in Flux as Senate Votes to Open Debate [WSJ]
    As the Senate bumrushes towards a vote on its bill, a lot of things remain up in the air, including the corporate tax rate which some now want to be set at above 20%. Also, “As of Wednesday evening, they didn’t yet have the final text of a bill,” which seems kinda weird for such an important piece of legislation. I guess the GOP style of governing is less “small government, small deficits” and more “shrug emoji.”

    Another potential problem: The senior VP of tax at Dell said that, “The severe limitations to interest deductibility constitute a tax increase of more than $300 billion over the next 10 years, imposed on some of America’s most dynamic and innovative businesses, and reflect a fundamentally unfair and punitive reversal of roughly 100 years of established tax law.”

    Trump Sells Tax Plan With False Claims [NYT]
    Bellower-in-Chief Donald Trump took his deranged circus to Missouri yesterday where he managed to lie about virtually every aspect of his tax plan, including that the bill is “not good for me” or other wealthy people.

    Bonus reading: These tables from the Joint Committee on Taxation show whose taxes are going up and down and when. You’ll note that the wealthiest taxpayers do pret-tay, pret-tay, pret-tay good.

    Bitcoin Goes to the Big Four: PwC Accepts First Digital-Currency Payment [WSJ]
    PwC Hong Kong took Bitcoin as payment for some advisory services because I guess they had to prove a point? “This decision helps illustrate how we are embracing new technology and incorporating innovative business models across our full range of services,” says the firm’s Asia-Pacific chairman. Regardless, this is far less gimmicky than Deloitte’s Bitcoin ATM and “We accept Bitcoin” cafeteria.

    Elsewhere in BTC:
    A grandson engages in elder abuse: “Rita Scott’s grandson convinced her in mid-November to get in on the latest investing sensation and buy bitcoin. ‘I thought it was a big coin,’ the 70-year-old said. ‘I didn’t even know what it was, a piece of coin? Why would I invest in a piece of coin?'”

    Previously, on Going Concern…

    Greg Kyte’s Exposure Drafts cartoon has a Christmas twist on the gift tax exclusion.

    In Open Items, an introduction to our new audit category and “What about this critical audit matter stuff?

    In other news:

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    Image: iStock/Francisco Martins