October 23, 2018

Accounting News Roundup: RSM Revenues, Cop Has Tax Prep Side Gig, Grim Outlook for Charitable Deduction | 01.16.18

accounting news rsm revenues

Just let that sneeze go, people.

RSM global revenues pass $5bn mark [Economia, RSM]
In sticking with accounting firms’ tradition of deceptive self-reporting of revenues, the international firm formerly known as McGladrey reports, “Each of RSM’s service lines grew in 2017” but declined to say how much it grew for its largest service line, audit and accounting. Also noteworthy is the firm’s mention of “recent introduction of significant legal services across several RSM firms,” marking the first time we’ve seen RSM acknowledging that it had jumped on that particular bandwagon.

He Studied Accounting. Now He Hunts the Taliban. [NYT]
In addition to his accounting degree from the University of Pennsylvania, Navy Lt. William Conway also has a law degree from Georgetown and an MBA from the University of Chicago. I guess what I’m saying is: Don’t get your hopes up for chasing terrorists just because you bombed FAR a couple times.

Lieutenant did other cops’ taxes on taxpayer dime [NYP]
NYPD Lieutenant Wilbert Morales prepared tax returns for “12 to 14 cops” and “charged around $70 per job” but denies doing them while on duty. In a fun twist of irony, Lt. Morales was his precinct’s Integrity Control Officer.

21 Million Taxpayers Will Stop Taking the Charitable Deduction Under The TCJA [TPC]
The Tax Policy Center estimates that the number of households that take a deduction for their charitable giving will drop from 37 million to 16 million and that total giving will fall from $63 billion to $42 billion.

SCOTUS Grants Certiorari in South Dakota v. Wayfair [BNA]
This is for the SALT nerds out there. This case directly challenges Quill Corp v. North Dakota, which established a physical presence requirement for compelling a business to collect sales tax.

Previously, on Going Concern…

Jason Bramwell wrote talked to some controllers about preparing for their year-end audit.

Grant Hutchinson asked: Is your firm holding you back?

From the archives: “Busy season is just getting rolling, but I’ve got a loud problem on my hands. A manager (not on my team) has a cube near mine in the office and he spends the whole day and night on the phone, and he doesn’t have much of an inside voice.”

In other news:

Get the Accounting News Roundup in your inbox every weekday by signing up here.

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

Image: iStock/shironosov

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.