Harry Reid Condemns Mitt Romney’s ‘Creative Accounting Harry Reid's famously unsubsantiated theory that Mitt Romney paid no taxes for a decade seems to be contradicted by Mitt Romney's latest disclosure, but he said Romney's decision to artificially inflate his tax rate in his 2011 returns should still raise concerns about his previous years' finances. [TPM]
U.S., China Agree on Audit Inspections U.S. and Chinese authorities have reached a tentative agreement to begin sending American audit-firm inspectors to China as observers—a step that regulators hope will help pave the way for full U.S. scrutiny of Chinese firms that audit U.S.-traded companies. [WSJ]
John Boehner: GOP Won't Agree To Raise Taxes On Wealthy, Even If Obama Wins Reelection Elections often come with a mandate -- or at least some sort of consequences for the defeated party, which not only has its candidates rejected by the public, but its ideas as well. Nevertheless, House Speaker John Boehner (R-Ohio) is vowing that even if President Obama is reelected, Republicans will not budge on their refusal to raise taxes on wealthy Americans. At a press conference Friday morning, a reporter asked Boehner whether Republicans were "eventually going to have to raise taxes in some way" if the president wins in November. "No," replied Boehner. "Raising taxes, according to Ernst and Young, would threaten our economy with a loss of 700,000 jobs. Now why would I ever be for something like that? I'm not." [HuffPo]
CPA Exam Passing Rates and CPA Salaries on the Rise WHAT WHAT?! [Accounting Today]
On that note, have a wonderful weekend, kids. Don't work too hard.