June 22, 2018

Accounting News Roundup: Unhappy CFOs, New Laws of Tax Planning; A Lottery Blunder | 02.16.18

accounting news tax planning unhappy cfos

The Winter of CFOs’ Discontent? [CFO]
CFO recently collected over 700 responses from its job search decision tree aimed at finance executives. And, good news — they’re miserable at their jobs just like the rest of you! “A slim majority of finance executives are unhappy in their jobs; about one-third don’t think their company’s strategy, culture, and ethics align with their own; and nearly half say they aren’t getting a fair return on the time and effort they put into their jobs.”

Laws Of Tax Planning Updated For Tax Cuts And Jobs Act [Forbes]
I missed this Peter Reilly post from last month, but since one rule is “When an idea makes you think of a Seinfeld episode, it is not going to end well,” it’s worth a share. Honorable mention for working the Rules of Acquisition into the introduction.

Despite Investigative Report, Lottery’s Accounting Firm Denies Blame In Drawing Snafu [HC]
Marcum is fully immersed in a comical blunder with the Connecticut Lottery where “the Drawing Team deviat[ed] from approved official drawing procedures.” This apparently led to awarding $1.375 million incorrectly, which then led to a make-up drawing of an additional $1.375 million, but the situation “has left many lottery players angry.”

IRS didn’t notify 458,658 identity theft victims [AT]
Speaking of blunders, this is never good: “The report, from the Treasury Inspector General for Tax Administration, found the programming glitch kept the IRS from notifying 458,658 victims of ’employment identity theft.’ The identity thieves used the victim’s identity to get jobs.”

Kyle Moffatt Named Chief Accountant in Division of Corporation Finance [SEC]
Among other things, Moffatt leads the team that “assist[s] companies with the implementation of revenue recognition and to develop the Division’s approach to reviewing companies’ disclosures.”

Brought to you by Accountingfly

The featured job of the week is a Remote Bookkeeper with Grosser & Company in Aurora, Colo.

Previously, on Going Concern…

Jason Bramwell interviewed more than a dozen controllers about their transition from public accounting to industry.

In Open Items: Big 4 Audit or Tax job in Corporate?

From the archives: Temporary Grant Thornton Tattoos Are the Worst Idea Ever

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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.