Full disclosure: I’ve never watched a single episode of “Game of Thrones.” I realize I’m in the minority here. It’s not that I don’t want to watch it; I’m just too cheap to buy HBO or HBO NOW. My wife and I started paying for Netflix two years ago because we were told all the […]
So here we are, the last Busy Season Zen of busy season. You almost made it, just a little bit more to go. If you’ve made it this far, certainly you can crawl your way to the finish line. For this week’s zen, we thought about doing satisfying factory videos or bears playing in someone’s […]
Birds can be kinda weird, as pets anyway. I mean, yeah I understand it’s just as weird to collect small predators who shit in a box, but birds can be loud, too clever for their own good, and the damn things tend to outlive everyone. Plus their ancestors are dinosaurs and the last thing you […]
Do any of you have favorite Twitch streamers? Personally I find the idea of watching someone play a video game for hours on end to be even more depressing than playing video games for hours on end yourself (guilty), but hey, who am I to judge how other people spend their time? I once wasted […]
As we crawl toward the end of busy season 2019, it’s important to remember just how unimportant you are in the scheme of things. I mean, out of billions of human beings on the planet you are but one speck, a cog in an invisible machine. Sorry, was that too deep? Let’s get back to […]
I really hope y’all are prepared for today’s zen, as it might be the cutest thing you’ll see all week. Well, all day for sure. Hell, you probably haven’t seen anything so cute ever in your life, especially given that you’re wasting so much of it rotting away in a cube farm waiting for the […]
You know, I debated posting this as a Busy Season Zen as it’s less zen and more… I don’t even know. But I figure at this stage in the game, you could use a break or at least be reminded that there’s a big, weird, wonderful world out there beyond your cubicle. Yeah, let’s go […]
Well, it’s Friday so you know what that means, time for another edition of Busy Season Zen. I scoured the Interwebs to bring you a quality video today, one that doesn’t involve baby doggos or kitties or children because sometimes the whole “it’s cute because it’s a baby” thing gets old. It’s a true shame […]
Remember when you were a kid and you couldn’t wait to grow up so you could eat candy for dinner and stay up as late as you want? And then you actually became an adult and realized you’re so tired from the never-ending rat race that you can’t wait to take a nap and refresh […]
Hello and welcome back to another Friday edition of Busy Season Zen. The good news is it’s Friday, the bad news is it’s still busy season. Hopefully you’re taking care of yourself with good nutrition, rest when possible, and a bath or two when the mood strikes. More likely, however, you’re performing your own personal […]
I’m not even entirely sure what this ASMR thing is, beyond over-sexualized little kids whispering creepily and people running over Tide Pods. Apparently this is supposed to be satisfying to some people? OK. Back in my day, we just smoked weed and played GTA like normal people to unwind. Kids these days, I swear. Anyhoo… […]
How’s it going? We’re early in the season so I would imagine some of you are still hanging in there. But before you know it, you’re going to be facing vitamin deficiencies and potential nervous breakdowns. Maybe this will help. Need more zen? Here’s all the Busy Season Zen your poor broken heart can handle. […]
Alright y’all, I’ve got good news and bad news. The good news is that Busy Season Zen is back. Those of you who have been around since the good ole days will recognize it as a weekly feature that has absolutely nothing to do with accounting and everything to do with giving you a break […]
So even though everyone and literally their mother have off, The Powers That Be insisted we publish a post today for the four of you weirdos reading accounting news on a holiday. Fine. I’ll comply as I don’t want to get fired from this stupid website again but only going so far as to share […]
Those of you who know me know it’s rare that I’m speechless. I have an opinion on everything from cat food to those little sensors attached to street lights that serve to give priority to approaching emergency vehicles at intersections. And while I have an opinion about the following video I’m about to share with […]
A video has surfaced on Instagram of an unnamed Nigerian accountant telling his wife how much he loves her during his 50th birthday thanksgiving service. But he does so using accounting terms, such as balance sheets, goodwill, and liabilities. And it’s about as hokey as you would expect: https://www.instagram.com/p/Bp4h0ZyADH4/?utm_source=ig_embed
CPA exam scores were released today, so it only seems appropriate that we conclude our four-part series featuring snazzy dresser and GAAP oracle Tim Gearty. If you’ve been holed up in a fallout shelter for the past few weeks, go catch up on Parts I, II, and III. Double-o Gearty wraps things up with allocation […]
Please enjoy this sponsored content featuring Squar Milner, an Accountingfly Firm Partner. Squar Milner is one of the largest accounting firms in Southern California with offices in San Diego, Los Angeles and Newport Beach. Get to know a little more about Squar Milner by watching this video featuring tax senior associate Greg Lankston. Some of […]
When I die, I want my Wiki to say: Hooper had amassed the world’s largest collection of accounting music and literature, which is now kept in the Hooper Memorial Museum of Accounting. Even accountants are too embarrassed to visit it. While my contemporaries are out collecting Pokemon to dull the pain of working in public, […]
This video is several years old, but I hadn't seen it before today and I'll be damned if it isn't glorious and worth sharing with all of you. I'll admit that the talent here really belongs with the editor of the video, but someone was inspired to make it by the words of the ageless […]
If you religiously watch Last Week Tonight with John Oliver like I do, then you certainly know Janice from accounting, who does not give a fuck. Not a single one.
Yes, October 15th is first runner-up to September 15th in the realm of terrible tax filing deadlines, but it is not short on pain for CPAs who specialize in the dark arts of taxes. If you or your clients are still rounding up K-1s and whatnot, Joe Kristan has a nice round-up of steps to […]
There's nothing like a hip-hop star's beef with her accountant to heat up July's Monthly Close. God bless you Rihanna, you shamelessly marvelous exhibitionist, you. In addition to Rihanna's accountant, Greg Kyte & Co. cover Diageo's ten feet tall and bulletbroof books, accountants who marry accountants, Chris Christie trying to put his dad's firm out […]
The month of June provided Greg Kyte and his troupe with plenty of material. For this close, they cover Rand Paul's desire to blow up the tax code, those lame accountant trading cards, the Vatican's first auditor, KPMG's role in the FIFA scandal and Death Star accountants. You can check out the jokes that hit […]
Another month, another set of closing jokes. Here's what Greg Kyte & Co. covered for the May close: The 2015 PwC partner class That time Bernie Madoff's CFO stuck a phony ledger in the refrigerator Insecure millionaires Grant Thornton's audit of the Marine Corps A CPA tattoo. More Monthly Close:April '15: The Monthly Close: That […]
1. Rihanna vs. Berdon/Pete GounisPlenty of backstory and huffy comments here, but honestly, all you need to do is watch this NSFW video and know that this is best celebrity-accountant beef to-date: 2. Elton John vs. PwCIn terms of star power and egos, this beef should be #1, but the story itself is pretty meh, […]
Every comedian on Earth is praying for another Clinton presidency. This month, Greg Kyte and his merry band of joke artisans cover: The IRS's courting of Millennials A disallowed Snickers expense The teacher who had students help her with tax returns The Clinton Foundation tax troubles Iowa's tax credit for prom Check out more […]
Indulge me while I express my love for the SNL Celebrity Jeopardy! skits that aired between 1996 and 2002. As an undergrad, I remember a battalion of bros crowding around my roommate's desktop — this was in the STONE AGE before everyone schlepped laptops, you see — watching Norm Macdonald as Burt Reynolds and Darrell […]
This month, Greg Kyte and his accounting troupe discuss fun topics like Utah's white collar crime registry, a Florida church hosting lingerie parties, a refreshing CPA IPA, the AICPA's marijuana webcastand a tax shelter board game. Check out more Monthly Close videos featuring Utah's finest comedians: February '15: Accountant Pillow Talk Results in Double-billing January '15: […]
February's Monthly Close is a little late, which isn't unusual this time of year, what with busy season problems, brackets and whatnot. Luckily, we keep squishy deadlines around here. This month Greg Kyte & Co. discuss a Texas guy paying property taxes in ones, IRS technology, Matt Damon doppelgängers, negative billionaires, and accountants banging co-workers. […]
Last week, we talked about secrets. This week, after a prompt from this BuzzFeed video, we'll talk about dreams. "Accounting is my dream." — As we've noticed, this is especially true during busy season and it's typically some kind of killer spreadsheet that's trying to strangle you.
The books on January are closed and it's time to review the best stories from last month with your favorite Utah chuckleheads. If you need a refresher on the stories from January'smonthly close, here you go: Jilted Girlfriend Has Totally Had It With Cheap Accountant Boyfriend and His Stupid Spreadsheet Stop Using These Played Out […]
Winter has not been kind. And with Punxsutawney Phil predicting 6 more weeks of chilling terror, we can only hope for the best. The following video is from Romania in 2012 and it shows just how slow progress can be when winter does its worst. The description says that the snowblower actually derailed a couple […]
We're going to take a different approach to Busy Season Zen today, as it's getting to that point where cute ducklings and cuddly kittens may not be doing it for you. Perhaps you've seen this video making the rounds, and if so forgive me. Actually no, don't, I don't care. 11foot8 is a site that […]
Just in case you missed an entire year of news (or rather, half a year since we only started this in August of last year), we've condensed the best of The Monthly Close into one short series of clips to make sure you get all your accounting news in one fell swoop. Lois Lerner's emails, […]
There's an adorable video going around of a kitten meeting some ducklings but we just did a duckling video so we'll be skipping that one this week. What we do have is 3 whole hours of ocean. No cute puppies, no sound effects, no comments. Just ocean. Sweet, calming, beautiful ocean. Enjoy.
This busy season, you're probably going to be eating a lot of pizza. So much so that by the time busy season is over, you'll probably have a Walter White moment if anyone dares show you one more pizza. Since it's still early in the game, you'll probably find this little hamster eating a little […]
With tax season officially upon us, you're going to need this now more than ever. Relax, hit play, and enjoy. Repeat as needed.
While we were diligently combing through YouTube today, we realized that YouTube is kind of a sick place. Maybe it's our viewing habits but how difficult can it be to find a cute, soothing video to chase the busy season blues away? Enter Bob Ross. Yes, that Bob Ross. We should have probably saved this […]
Last year, we tried to ease your busy season blues with cute, mind-numbing videos every Wednesday in a feature we called Busy Season Zen. We're getting an early start on it this year even though your agony hasn't quite started because all of us could use a distraction right about now. Feel free to bookmark […]
I see Greg is wearing the same blue shirt he wore to AWeb Live, unless he happens to own several of the same exact shirt. Not outside the realm of possibility. Enjoy!
Sometimes the month just gets away from you. Luckily, we all worked hard to get this wrapped up so none of us had to work over a holiday weekend. Have a great Thanksgiving.
Presented without comment because sometimes, you just have no words.
If you’re going to go, you might as well go out in style.
It's time once again for the ritual that is closing the books on Going Concern's prior month. Enjoy!
In typical accounting firm fashion, PwC chairman Dennis Nally is finally getting around to doing the ice bucket challenge now that almost everyone has forgotten about the ice bucket challenge. He's a busy guy so it's understandable if he's had better things to do over the last several weeks. What's with the awkward hand-wringing? This […]
Once a month, Greg gets together with his slightly-funnier-than-he-is pals to rip on the month in headlines. This month, the crew chats about the new online dating service matching employers with job seekers, a website for married cheaters that thinks accountants make the best dates, accountants wasting time on the Internet at work, the best […]
Today we're kicking off a new video series. it's called the Monthly Close and it'll feature Greg and some of his comedian chums recapping stories from last month. We hope you enjoy it. If you have feedback or any suggestions for stories that you'd like to see in August's Monthly Close, email us or comment below.
Greg Kyte has talked to regular folks about ObamaCare and professional skepticism but maybe you've been thinking, "What I'm really curious about is the lack of knowledge people have around tax planning strategies that largely benefit the wealthy." Well, it's your lucky day, then.
With Tax Day come and gone, we're wrapping Busy Season Zen for now. Yeah yeah, not all of you are in tax, and those of you that are still have extensions and amended returns and all that… we get it. If you guys want a weekly video of puppies or kittens or hot lava eating […]
Oh wait, I just realized that headline may be a tad misleading. I mean dancing to Missy Elliott in a mall, get your mind out of the gutter. Previously: This Dancing Accountant Is Both Mega Troll and Great Dancer
Sometimes you need more than just a cute, weird animal. So for this week's edition of Busy Season Zen, we're giving you not one but TWO video escapes. First, the armadillo. You may think it looks like a rat in armor but I think it's adorable. If that wasn't enough for you, maybe you'd like […]
You may have seen this one already as it's been around for a few years but just in case, we're sharing it because some of you are in the home stretch and need something not quite as strong as Xanax but stronger than some regular old cute kittens. Check it out. Warning: sound, and you […]
With Easter nearly upon us (for those of you still grinding away, that's the holiday where you might be able to lug a ham sandwich to the office and some HR airhead will leave a single Cadbury creme egg on your desk), this seems a fitting Busy Season Zen entry for this week. Let's see […]
Maybe you don't watch Portlandia, maybe you do, we don't really care. But either way, we think you should be aware this happened:
Undeterred by your criticism over the last video, our own Greg Kyte hit the pavement once more and talked to non-accountants about accounting matters. In the first video, we called these people "stupid" but upon further reflection realized they are actually just completely ignorant of matters that make your world go round such as ASCs, […]
Welcome back to Wednesday, which means yet another edition of Busy Season Zen. If you're having a particularly rough day, you can find past Busy Season Zen installments in the archive filled with more cuddly and cute than you can handle. This week, we're changing things up a little bit because why not? Let's see […]
I can't really say how this compares to the original on which it's based because obviously I don't listen to the likes of Lorde but I do know she is like a young version of Grace of Will & Grace in purple lipstick and that some people are upset her boyfriend is skinny and not […]
It's Wednesday, which means it's time for another installment of Busy Season Zen. How's everyone doing? Terrible, you say? Cool, me too. YouTube has been a bit wonky all morning (GET IT TOGETHER, GOOGLE) but we finally coaxed an embed code out of them for your viewing pleasure — if you can't see the video, […]
Lest you all get too comfortable with baby animals, we're switching things up a bit today. This one is a little long but also a lot soothing; just the thing to carry you away to another place in the midst of your busy day. Enjoy.
Welcome back to Busy Season Zen, your weekly break from the madness. If you need a little extra zen in your life, feel free to swing by to say hello to the happy sea otter, playful pandas, clumsy penguins, and/or carrot-crunching bunnies. We've pretty much covered baby animals so we figured we'd do something a […]
Try not to squee audibly, you might frighten your coworkers.
Welcome back to Busy Season Zen, our weekly break from the monotony of your miserable life. I swore after I fell on ice and broke my face a weeks back that I would never indulge in videos of people falling ever again because it most certainly wasn't funny when it happened to me (although I […]
Even the most bitter, angry individual can't help but smile at the sight of little pandas having fun on a slide, even if this was potentially done for the entertainment of tourists while the pandas live out a life in captivity. Forget I said that, just watch. Aww. If you have a Busy Season Zen […]
This is a new thing we'll be doing this year. Enjoy.
Because why not? Someone had to do it. Personally I think this could have been better done in front of a backdrop of some accounting firm logo but oh well.
I have no idea what took us so long but effective today, we're going to run a weekly Busy Season Zen moment for you to forget about your troubles and gently fade into a moment outside of yourself where there is no work, no annoying guy loudly yapping a few cubes down, no PCAOB inspectors, […]
If you aren't aware, they're doing a little remixing of credentials up there in Canada, so naturally they did an actual remix to hammer the point home before everything becomes official across the country. Note the Canadian CPA — or Chartered Professional Accountant — is not to be confused with the American CPA. Hopefully it […]
It *is* innnnnsaaaaaane outside.
Someone needs to introduce this guy to Arthur Andersen, Scott London, and the Cleveland intern with a highly condensed schedule of errands. That said, it's nice to know that average Joes still hold all of you in such high regard, because we all know none of you would EVER celebrate too early. Perhaps the AICPA […]
You can sort of tell this is not going to end well as soon as the camera pans out and you spot Bloomberg Senior Economist Joe Brusuelas' white socks. It all goes downhill from there. In this chaming fireside chat with McGladrey's Joe Adams and McGladrey client Shurtape Technologies CFO Don Pomeroy, Joe reminds us […]
This video is a couple years old, but for whatever reason it was just dropped in the tip box today and we are oh-so glad because it's so frightening it's hilarious. Is it the wedding cake adorned with roses and Patrick Coxes? Is it the carousel of voices? Is it the ginormous Patrick Cox head […]
Some ad agency/pump-and-dumper really needs to reboot this approach
According to his Twitter bio, The Dancing Accountant is "an accountant who likes to dance" and he will even take your requests. Before you write this guy off as another unfunny jackass with a Flip cam and too few billable hours, it's not necessarily the dancing that makes this awesome, it's the trolling. The pure, […]
Either James Huang really is the most interesting accountant in the world or he just doesn't have enough billable hours but either way, we all win when he makes a video. We first met him in 2011 and we've sort of been obsessed since because let's face it, good accounting videos are hard to come […]
I wonder if Sam and Eddie were there for the shoots saying things like, "I think we need a little more crazy. Like full-on lunatic," while figuring out how to steer the auditors away from the empty boxes of inventory. This guy is mesmerizing. Enjoy.
Um… I don't even know what to say about this. Hell, I don't even know why I am sharing it with you. I just… I… just watch. And just in case that wasn't enough for you, this guy also wrote an ode to accountancy. Apparently using the same producer.
The following video from the New Jersey Society of CPAs features Marty Abo, CPA giving a tour of his hilariously awesome house. This house is great because it is the complete opposite of every CPA house I have ever been inside. It's kitschy. It's unpractical. IT'S FUN. Just watch and try telling me you don't feel […]
This little yellow guy is Dexter. I don't know why or how he got into an accounting class, but I can't blame him for nodding off, especially if it was Cost Accounting. That class was the worst. The frightening moment at the end when Dexter is disoriented and almost accidentally commits adorable duckling suicide is […]
For some reason, earlier this year we asked you to submit videos of your busy season exploits as part of some fake contest. The idea was haphazardly thrown together and not taken that seriously, but for whatever reason1 the post sat up top for months. Anyhoo, busy season has been over for everyone for at least a week so I guess we'll wrap this thing in old newspaper and put a bow on it, so we can all move on with our lives. Right? Right.
I'm not sure I can keep this up — the words and stuff about accounting. Thankfully, this James Huang guy did another video. It's about that Twilight book I don't know anything about. I did happen to be at the Barnes & Noble a couple of times when the new ones were being released and […]
It's March. Some of you are tired. Some of you are malnurished malnourished. Some of you are thisclose to crawling under your desks and curling into the fetal position until someone comes by to spur you back into action. And for some, only a bathroom stall can provide the stillness and quiet that a frantic mind […]
I’m not too hip on the viral dance videos that constantly pop up on the Internet. I didn’t see Gangam Style until it was approaching 900 million views. This is mostly because they are dumb. But now that The Harlem Shake — that isn’t even really the Harlem Shake, mind you — has taken hold, we’ve […]
Because it's been way too long since we've had a great video (certain drunk folks excluded), TPTB had the great idea to sponsor a Going Concern video contest. If you've ever wanted fame and fortune – or rather, infamy and possible risk of losing your gainful employment — now is your chance. The requirements are […]
And he's so excited to do it, he's throwing digits in Willard's face! Visit msnbc.com for breaking news, world news, and news about the economy [via TaxProf]
Over the days, weeks, and months of this busy season and busy seasons past, we have offered up many videos for your visual and audio enjoyment. Their quality ranges from downright awful to the legendary to debates over (red)beards. And some videos are even instructional in nature. The latest effort serves as a reminder more than […]
It's great when accounting firms embrace social media. A good example of this is the "Proud to be Boring Accountants" campaign by Macias Gini & O’Connell LLP. I've worked with MGO before and can assure you, they get it. If you are a talented CPA-eligible or CPA-passed accountant in Northern California, you should probably check […]
Allegedly, this stunt was pulled earlier this morning in a Big 4 audit room somewhere in the Boston area. If you'd like to claim responsibility for this stroke of genius or have other samples to share, email us.
What happens when you combine two rapping accountants from Alabama and Auto-Tune? Well, this.
Cash Count is the brain child of Tyler Crawford (“T Dub”) and AJ VanderWoude (“VanderHood”), who work for the curiously named Barfield Murphy Shank & Smith in Birmingham, AL. Working for a guy named Shank, I guess it’s no surprise these guys roll hard.
Well… as hard as you can in a tie, that is.
PROGRAMMING NOTE: I’ll be on vacation next week in an undisclosed location but you’ll be in the very capable hands and permanently ink-stained arms of Adrienne. I don’t think I have to explain to you what will happen if you don’t behave.
Because I know you’ll miss me with every fiber of your being (and it’s Friday), I’ve presented the following video for your enjoyment.
UPDATE: Don’t ask me why staff are singing a song about “Intern Dreams” but apparently that is the case, hence the change in the headline. Carry on.
After being away for awhile, many you probably thought that I get on here and bitch and moan how awful it is to be back to grind with you all. It’s been quite the opposite experience actually, as we’ve learned that Adrienne is more than capable of getting people’s attention that inevitably result in emails being sent directly to me while it was widely known that I could be doing any number of things at the time, including A) watching someone’s Vespa go up in flames in London B) eating space cakes C) speaking to French women with a bad American accent D) watching a shockingly violent fight at Amsterdam’s Gay Pride Parade.
But nevermind all that. Cooler heads typically prevail around here so it’s nothing that couldn’t be handled. Plus, it nice to know that I can leave for a couple of weeks and the site doesn’t miss a beat.
But what really makes my life easy is coming back to emails pointing me to the EYConnects Facebook page where you can find this video:
As any long time reader of GC knows, Ernst & Young runs away with from the rest of the Big 4 when it comes to producing videos that border on hilarity. No need to look further than the masterpiece of “In a JIT” to the video from the Las Vegas office featuring an Elvis impersonator.
While “EY Dream” doesn’t feature legendary lyrics like “On a jet like Turley” mocking acronyms and well-rehearsed choreography wins points in our book. Still would have been funny to hear some self-deprecating lyrics related to Lehman Brothers. Oh well, we’ll keep waiting.
Feel free to leave your thoughts on this latest effort below.
Ever see those annoying exercise infomercials in the middle of the night that promise ripped abs and a tight core, all while screaming at you to get your fat ass off the couch and get started for just 12 easy payments of $99.95?
Well a few Cherry, Bekaert & Holland interns in the Raleigh office decided to make a video that pimps out the greatest fitness plan of all-time – a summer audit internship – with that same high energy madness. We have to admit we didn’t have high hopes until we actually watched it and let’s just say these interns did not disappoint.
When we asked a CBH spokesperson if these amazing interns will be joining the team come fall, we were told “Full time offers? These are obviously all super-accountants, so I’d be afraid to see what they’d do to us if we didn’t. However, I hear HR is still looking at their before pictures.”
FEI’s Edith Orenstein has dropped a track on YouTube with “The Singing CPA” Steven Zelin called “Hey There Bob Pozen” (as of the date this is posted, we haven’t been able to find a Doctor P remix of the hot track) that really doesn’t need commentary at this moment. But we’ll be back after the jump with a few things to say.
Oh, I didn’t mention it’s to the tune of “Hey There Delilah” did I? Yeah. It totally is.
I am a big fan of the Pozen committee, mainly because, like other committees that have fascinated me (such as the EITF , the PCAOB SAG, and the U.S. Treasury Advisory Committee on the Auditing Profession) it has a fascinating cross-section of preparers (issuers), auditors, investors, and others. I loved watching the webcasts where you could see folks discuss things from different vantage points at the same time. I think that kind of broad-based committee has an advantage over committees made up of only one segment of the constituent community, such as preparers, auditors, or investors. I think the standard-setters and rulemakers can receive the most efficient and effective input when the various segments of constituents face off against one another (I mean that in a polite way, I should say, ‘dialogue’ with each other) on issues of mutual interest.
I assume here approximately 6 to 7 percent of you have any clue what the Pozen committee is (unless you regularly read Edith, which you should if you’re into serious financial reporting shit of which we rarely if ever cover), here’s some financial reporting porn (PDF) to groove on. The short version is that the August 2008 report recommends steps to improve the usefulness of financial information to investors.
In case you’ve forgotten, this isn’t Edith’s first venture into the world of YouTube. Surely you remember “If I Were an Auditor,” filmed completely in Second Life with the help of the MACPA and friends.
Could you imagine what would happen if we could get the Maryland Association of CPAs’ dancing flash mob to do a mashup with Edith and Steven? Someone please get on that.
One thing I’ve always loved about the Maryland Association of CPAs is that they aren’t afraid to shake things up, do what everyone else isn’t doing and, uh, break out into a dance routine in the middle of a dinner reception.
Remember the “big surprise” they were planning for the 2011 CPA Summit? Here it is, enjoy:
Sorry for being a little to the game on this one but everyone seems to still be in their meat-induced comas and this type of proposed legislation has left us wondering: IS NOTHING SACRED? If the affluent in our society can’t write off the mortgage interest on their second home that also happens to be boat, haven’t the terrorists won?
“There’s absolutely no reason why taxpayers should subsidize luxury yachts,” said Quigley. “As we work to address our budget challenges, closing this frivolous tax loophole is a no-brainer.”
“We’re going to have to make some hard decisions to tackle our national debt, but this isn’t one of them,” said Walz. “Closing this tax loophole restores the Mortgage Interest Deduction to its original purpose; helping middle class families realize the American Dream through homeownership.”
Currently, taxpayers are allowed to deduct mortgage interest for up to two homes from their tax returns. Yachts equipped with bedding, toilet facilities, and a kitchen qualify even if they aren’t used as a primary residence. The Ending Taxpayer Subsidies for Yachts Act would limit the tax deduction to only those who use their boats as a primary residence.
“We need to get the deficit under control, and that means simplifying the tax code and eliminating special interest tax giveaways like the Yacht Loophole,” added Peters. “Homeownership is part of the American Dream and we should encourage it, but yacht owners don’t need any special handouts, especially in the middle of a budget crisis.”
Also, it’s our understanding that the Reps will use the following footage to make a case for their bill:
Obviously if you’re already against higher taxes, this is of little concern. If you’re more of a David Cay Johnston type, the Center for Freedom and Prosperity’s casting for its videos may be aimed directly at you.
If one example doesn’t convince you, I suggest you check out the other 12 videos on CFP’s YouTube page.