October 20, 2018

Accounting News Roundup: Will the Big 4 Get Pulled Into the Trade War? | 04.06.18

donald trump big 4 trade war

Trump Veers From Tax Script to Blast Democrats on Immigration [NYT]
Vindictive Stay Puft Marshmallow Boy Man and President of the United States, Donald Trump, was supposed to talk about the new tax law in West Virginia yesterday, but he decided “that would have been a little boring,” and ranted about immigration and repeated a lie about “millions of people vot[ing] illegally in the 2016 election” instead.

“They always like to say, ‘Oh, that’s a conspiracy theory,’” Mr. Trump said. “Not a conspiracy theory, folks. Millions and millions of people.”

It seems a little foolish to repeat falsehoods rather than talk about tax cuts, as nearly everyone knows by now, unforced errors are a feature of this president rather than a bug.

What does the trade war mean for accounting? [China Accounting Blog]
Speaking of unenforced errors, Paul Gillis writes that the trade war between the U.S. and China could spill over into the Big 4’s territory since “they are generally viewed as American.” Gillis writes that there may be “an acceleration of the process of transferring major accounts to local [Chinese] CPA firms,” but the U.S. could retaliate by strictly enforcing its laws that could lead to “deregistration of Chinese accounting firms registered with the PCAOB.” Which, in turn, could lead to a lot of Chinese companies delisting from U.S. exchanges.

WageWorks to Restate Results, CFO Resigns [CFO]
WageWorks CEO Joe Jackson and CFO Colm Callan will quit after their company announced restatements “for two quarters of 2016, full-year 2016, and three quarters of 2017.”

Keep the Music Going – Staying in Tune with Music Tax Credits [BNA]
Georgia, Louisiana, and New York are among the states that offer tax credits “to encourage development of the music industry.”

SEC Warns of Government Impersonators [SEC]
Phony SEC employees are calling around “in an attempt to trick investors into sending money or revealing sensitive account information.” The Commission wants everyone to know that they do not “contact investors to confirm trades, set up trading accounts, or record the details of trades.”

Elsewhere: The SEC is accusing a startup founder of stealing $48 million from investors to fund private jets and a dairy cow farm

Previously, on Going Concern…

I suggested that if you suspect someone of fraud that you should promote them.

I also noted that PwC will be paying a decent sized damages award to the FDIC for its role in the failure of Colonial Bank.

From the archives: Do Any Millennials Want to Work at the IRS Non-ironically? See also: Everyone Suffering from Busy Season Depression: Grab Some Bubble Wrap, Stat

In other news:

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See something we missed? Have a tip, correction, comment, or complaint? Email us at [email protected].

CORRECTION: An earlier version of this post incorrectly stated that Institutional Shareholder Services and Glass Lewis were recommending the ouster of KPMG as the auditor of Wells Fargo. While Glass Lewis did oppose the reappointment of KPMG as the auditor of Wells Fargo, ISS has yet to issue a formal recommendation.

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Accounting News Roundup | 01.21.10

How to find the “best and brightest” [CPA Success]
This may be a better topic for the friendly HR professional but figuring out who these future accounting rock stars are before they show up on their first day is “more art than science”, as Tom Hood notes.
Popular to some old-school thought, GPA does not always indicate who’s going to dominate in the real world and “soft skills” — besides being a terrible term — are in more demand than ever.
Help The The American Red Cross of Greater Chicago Help Haiti [Re: The Auditors]
The American Red Cross of Greater Chicago is having a drive today and since Francine’s friend is the CFO, we’ll be glad pass around the news:

One of my oldest and dearest friends, Guillermo Becerra, is the CFO of the American Red Cross of Greater Chicago. I asked him how I could help him, and the Red Cross, during what must be an incredibly busy time post-Haiti earthquake.

“The Chicagoland community will come together on Thursday, January 21 to give to the American Red Cross as we help the people of Haiti recover from the catastrophic earthquake that devastated their country last week.
The Chicago Helps Haiti media relief drive begins at 5 a.m. and lasts until 11 p.m. Nearly every TV and radio station in our area will be promoting this fundraising effort throughout the day. You can help too, by giving via phone or online, and sharing your thoughts here, on Facebook or Twitter, and by asking others to give.
To give from 5 a.m. to 11 p.m. CALL 1 (877) 565-5000 or visit www.chicagoredcross.org/haiti

Plus, we’re guessing that if you give, your 2009 tax return isn’t much of a concern.
If Your Password Is 123456, Just Make It HackMe [NYT]
The Times is concerned that you have a shitty password which puts you at a huge risk of being hacked by someone sitting in their parents’ basement.

Imperva found that nearly 1 percent of the 32 million people it studied had used “123456” as a password. The second-most-popular password was “12345.” Others in the top 20 included “qwerty,” “abc123” and “princess.”

You know who you are, ye with stupid passwords. Also, don’t even think of changing it to “654321” because that drops in at #19.

Accounting News Roundup: Haiti Relief Passes Senate; Accounting Job Surge? CPAs Basically Control People’s Lives | 01.22.10

Senate votes for faster tax breaks for Haiti gifts [WaPo]
As expected, the U.S. Senate unanimously passed legislation yesterday that allows taxpayers to deduct donations made for Haiti relief efforts. You have until the end of February to donate so that it may be included on your 2009 return.

Maybe it’s bad legislation but we’ve been over that.

CPA Jobs Set for Surge. But When? [CPA Trendlines]
That’s the question, isn’t it? Rick Telberg, who has done a great job of tracking the Bureau of Labor Statistics on accountants, points out that while the latest BLS forecasts a 22% increase (279,400 jobs) by 2018, there’s no indication that it’s happening now:

[M]any tax, accounting and finance professionals are still slogging through the Great Recession. The Association for Financial Professionals, for instance, reported that about one in four respondents say their organizations will contract in 2010. At the same time, a PricewaterhouseCoopers survey of private companies found 43 percent of CEOs and CFOs still budgeting no expansion over the next 12 months to 18 months. The data just seem to reinforce economic uncertainties and a weak outlook.

The BLS is looking past the past the recession for the jump in opportunities but just when the hell will that be? Just because the economy isn’t contracting currently, doesn’t mean it won’t in the future and this “recovery” has been tepid at best.

Theismann to CPAs: You Are the Conscience of America [Web CPA]
Joe Theismann gets it. He knows that without all of you out there in CPA land, your clients don’t stand a chance. They’d be finished. Finished!

“You’re the conscience of America,” Theismann told conference-goers. “You are the survivors in tough times. With accountants, I’m not looking for someone to file taxes and do my financials. I can do that myself online. In your position you can basically control people’s lives.”

So get out there and control somebody’s life. Joe Theismann is expecting it.