June 22, 2018

Accounting News Roundup: ‘Strikingly Young’ PwC and Filing Last Minute Tax Returns | 04.18.17

pwc steven cohen

Strikingly young PwC

Last year we mentioned a class action lawsuit against PwC that accused the firm of age discrimination for its entry-hires. There’s not much new that I can see in this Wall Street Journal article on the subject, other than the Supreme Court might decide to hear a similar case to provide some clarity on interpreting the Age Discrimination in Employment Act. However, there is this amusing passage about the suppleness of PwC’s people:

The complaint points to PwC recruitment brochures filled with images of fresh-faced 20-somethings and the firm’s estimate that 80% of its employees were born in 1980 or later. The suit also cites a Harvard Business Review article authored by a top PwC executive trumpeting the firm’s “strikingly young” workforce.

If the average team at PwC looks like something out of a stock photo search for “millennials,” they deserve to be sued simply on principle.

Deadlines

Today’s the spring deadline for individual returns. Joe Kristan, as always, has your last-minute to-do list, but for the love of Bastet, if you’re not ready to file, just send an extension. I filed last night and once this newsletter is swooshing through the tubes, I’m running out to cut the check to both the feds and Colorado. This isn’t unusual for me. I’ve probably filed on the April deadline a handful of times over the last decade.

My tax returns have gotten somewhat complicated, so I use a CPA, who is great and will continue using until Tax Preparer Watson starts making house calls. Even then, I like talking to her about these things so Watson would have to get pretty affable for me to make a change. I guess what I’m saying is, CPAs aren’t going to disappear any time soon and I’m thankful for that.

Has Donald Trump released his tax returns?

Nope! There were a lot of demonstrations over the weekend calling for the president to release his tax returns and apparently that makes him mad. I, for one, hope the demonstrators keep it up, yes, because I want to see the tax returns, but also because I love giant inflatable Trump-chickens.

Chicken Don has no plans to release them, of course, because they’re…yep, under audit. No, really. The IRS audits the president’s tax return every year so that will remain a convenient excuse for him.

Previously, on Going Concern…

Marsha Leest wrote about remote accounting jobs. In Open Items, someone asked about the Becker Intensive study in Atlanta.

In other news:

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Image: Johan Fredriksson/Wikimedia Commons

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Firm Mascot Challenge: PwC

Thumbnail image for Thumbnail image for Ashley3.jpgWe’ll assume everybody is down with the KPMG Pomeranian and Uncle Dangle for Deloitte. If not, speak now or shut your pieholes.
There’s some resistance to the idea of famous Governor banger, Ashley Dupre, being worthy of the PwC Mascot.
Frankly, since P. Dubs has made some feel like prosties already and has also shown that, as firm, they don’t mind whoring themselves out for some scratch, the argument can easily be made that Ashley is the perfect mascot. On the other hand, the point has been made, and is duly noted, that high-priced call girls are much cooler than any accounting firm.
So you see the problem here but it’s not our decision. We’ll leave it up to you. State your submission for the PwC mascot and give a brief explanation for said suggestion in the comments.
Keep it clever people, mascots already assigned to any other team or organization will be ignored with extreme prejudice. On with it then.

Can PwC’s Week Get Worse?

Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for pwclogo.thumbnail.jpgOh sure, anything is possible. However, on top of everyone not called Fox News calling P. Dubs the most shameless whore ever to issue a report on anything, Jonathan Weil at Bloomberg is now calling out some of P. Dubs’s (and KPMG probably for good measure) banking clients’ less-than consistent use of mark-to-whatever-the-hell-we-like.
Weil names three PwC clients (Midwest Banc Holdings, First Bancorp, BB&T Corp.) as showing loans with fair values greater than their carrying values as of June 30th. Midwest and First Bancorp’s stock prices are trading far below book value while BB&T’s stock price trades above book value.
As Weil points out, WTFK if these values are right or not? What is obvious is it seem like some banks are legitimately making a run at fair value and others are still using a dart board. Oh, and the PwC audit teams are okay with that. Nevermind comparability, Dow is above 10k bitches! Onward!
Mark-to-Make-Believe Turns Junk Loans to Gold [Bloomberg/Jonathan Weil]