August 21, 2018

Accounting News Roundup: Treasury’s One-Page Wonder; Unhelpful H.R.; ‘Sheer Curiosity’ | 12.12.17

accounting news tax bill

Trump administration explains details of how tax plan would pay for itself, immediately gets attacked for assumptions [WaPo]
No one is buying the conclusions of a one-page memo that expects the tax plan to generate a full percentage point more of economic growth than the Congressional Budget Office estimated. “One percentage point of higher growth sounds like a little bit, but it’s the equivalent of me being one foot taller and able to dunk a basketball,” one economist said.

Meanwhile: “[European] finance ministers said the U.S. overhaul contains protectionist measures that could violate double-taxation treaties and breach world trade rules.”

Sexual Harassment Cases Show the Ineffectiveness of Going to H.R. [NYT]
Human resource departments don’t have a great track record when it comes to handling sexual harassment complaints, and that makes things worse: “The lack of trust manifests itself as a self-perpetuating quandary: Women are hesitant to approach human resources departments and those departments cite the absence of complaints as proof of a respectful workplace.”

Earlier: When will the #metoo shoe drop on public accounting partners?

Louisiana man admits misusing Trump’s Social Security number [AP]
Jordan Hamlett tried to access President Trump’s tax returns after he tried “to open an online application for federal student aid” with Trump’s name and social security number. Prior to pleading guilty yesterday, Hamlett’s lawyer said that his client’s attempts were made “out of sheer curiosity.” A Treasury agent testified that when he was apprehended, “Hamlett immediately took credit for his ‘genius idea.'”

From the GC archives: A Picture of a Cat Led to a Suspect in the Stolen Romney Tax Returns Caper

Food Review App Shuts Down ICO [CFO, SEC]
The SEC says Munchee, a “California-based company selling digital tokens to investors to raise capital for its blockchain-based food review service,” was essentially selling unregistered securities.

Elsewhere: People are taking out mortgages to buy bitcoin

Survey says…

Reminder: We want to know about your experience with the month-end close process.

Previously, on Going Concern…

Megan Lewczyk wrote about the massive DoD audit.

In Open Items, a user wants to know when to give notice since “my official 2 weeks notice would fall on Christmas.”

In other news:

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Related articles

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.