January 16, 2019

Accounting News Roundup: A Landing Pad for Retired Accountants Who Want to Keep Working | 01.18.18

One Accounting Firm Wants to Hire Retirees [WSJ]
PKF O’Connor Davies has 24 employees who hit mandatory retirement age at other accounting firms, including one, in his 70s, who helped jumpstart their international tax practice. Mandatory retirement age policies at accounting firms, most notably PwC, have gotten the attention of the Equal Employment Opportunity Commission, but no action has been taken.

McKinsey, SAP, KPMG face South Africa charges [MW]
The Companies and Intellectual Property Commission is the latest SA agency to poke around the activities related to the graft scandal involving the wealthy Gupta family.

Apple, Capitalizing on New Tax Law, Plans to Bring Billions in Cash Back to U.S. [NYT]
The Tax Cuts and Jobs Act allows companies that have parked profits overseas to bring them back to the U.S. at 15.5 percent rate. Apple stands to benefit since the vast majority of its cash is abroad. “Apple, which has 94 percent of its total cash of $269 billion outside the United States, said it would make a one-time tax payment of $38 billion on the repatriated cash.”

Goldman, Bank of America Join in Wall Street’s Billion-Dollar Steinhoff Disaster [WSJ]
Along with Goldman and BofA, JP Morgan and Citigroup are caught up in the mess, too. Total losses between all the banks are over $1 billion after Steinhoff reported accounting irregularities last month.

Accountant who won Michigan Lottery jackpots pleads to embezzlement [MLive]
File to Accountants Behaving Badly: Luck always runs out eventually. Nichol Evans, an accountant in Michigan we first mentioned last fall, pleaded guilty to stealing $320,000 from her employer, a substance abuse and mental health treatment center. During the time she was forging checks to herself, Evans won $80k from the Michigan lottery.

Previously, on Going Concern…

An Open Letter to Anyone Thinking of Asking the Accountant in Their Life for Help on a Tax Return

From the archives: Diversity in Accounting Is Like Diversity in the Trump Cabinet

In other news:

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