June 19, 2018

Accounting News Roundup: New Bosses, Property Taxes, and Kickbacks | 10.02.17

accounting news property taxes raccoons

New bosses

KPMG, BDO, and Crowe Horwath have all announced new global chairmen/CEOs recently. This will have almost no effect on your day-to-day professional lives beside the fact that you will be ignoring emails from a slightly different smiley white dude.

SALT

This Bloomberg BNA post points out that if your city’s newly constructed professional sports stadium was financed with public money, it’s likely that it’s avoiding property taxes, too. I think taking a stand (or a knee) against giveaways to billionaires is a protest everyone can get united behind.

Accountants behaving badly

Apparently, it needs to be said that soliciting your clients to invest in a company for which you will receive a kickback is a no-no:

According to the SEC’s complaint, filed in federal court in Brooklyn, N.Y. on September 22, 2017, Brian C. Jensen, of Sandpoint, Idaho, solicited more than 25 of his accounting clients and attendees of investment conferences to buy more than $2 million in private placements of unregistered stock of ForceField Energy, a company that previously traded on the NASDAQ Capital Market. The complaint alleges that the then-chairman of the board of ForceField, Richard St. Julien, paid Jensen kickbacks of approximately 10% of the value of the ForceField investments Jensen solicited, earning Jensen at least $127,000 in illegal kickbacks from St. Julien. Jensen also obtained approximately $43,000 from ForceField stock that he sold.

The SEC also alleges that Jensen wasn’t registered to sell securities, so that seems like another unforced error.

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