Vault accounting firm rankings
In general, I don’t get as excited about rankings like I used to, but I’d be remiss not to mention that Vault’s Accounting 50 came out the other day. For the most part, it’s you would expect.
The Big 4 occupy the first four spots, but there’s quite a bit of shuffling among the second-tier firms and top 25. The prestige list is a snooze. The diversity rankings are new and pretty interesting.
The marijuana business
It’s April 20th, which is still a holiday in some states but in Colorado this year, it’s just Thursday.
Anyway, the trouble with legal marijuana is that it’s still listed as a Schedule I controlled substance (i.e. prohibited) at the federal level. And I.R.C. § 280E disallows any business from “deducting expenses for business activity if it consists of trafficking in federally prohibited controlled substances.” If you’re in a state that’s new to recreational marijuana and you’re thinking about serving these types of clients, you should head to your local 4/20 rally and listen to some proprietors about their plight.
Or read this Bloomberg BNA article for more background.
How’s tax reform coming along?
Here’s an interview with Dave Camp, the former Michigan Representative who wrote a tax reform plan and now works as a senior policy advisor at PwC. Although Camp’s plan was “simpler and more transparent, without increasing the burden on the rich or the poor” there’s no indication that it will be used as a model for any attempted legislation.
Previously, on Going Concern…
In other news:
- Auditors Can Be Friendly as Well as Skeptical, Study Finds
- Silicon Valley’s $400 Juicer May Be Feeling the Squeeze
- GM halts operations in Venezuela after factory seized
- Science says hallucinogenic drugs do give you a higher level of consciousness
- Richard Simmons isn’t missing.
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