November 13, 2018

Accounting News Roundup: AICPA Asks IRS for More Clarity on Taxation of Crypto | 05.31.18

Plus, Deloitte gets dinged over Autonomy, divisive tax policy, Donald Trump is wrong about something, and more.

accounting-news-pcaob-audit-report

Ed. note: This is my last Accounting News Roundup, although, should a critical mass of news coverage of Donald Trump’s tax returns reemerge, I may need to come out of retirement. Thanks for reading, commenting, and sending links over the years. ANR will be on hiatus until further notice.

UK watchdog acts against Deloitte over Autonomy accounts [FT]
The Financial Reporting Council says that two Deloitte auditors “failed to challenge the company’s disclosure in relation to the purchase and sale of hardware and its treatment of reseller contracts” and failed to correct false statements provided to the Financial Reporting Review Panel.

Hong Kong audit reform falls short [China Accounting Blog]
Paul Gillis is disappointed with the legislation moving through Hong Kong’s parliament to install an audit regulatory body that was supposed to help get HK back to “regulatory equivalency” with the European Union. Gillis writes that proposed budget is paltry, and the HK Institute of CPAs has polluted the bill to the point that if it becomes law, it would not obtain regulatory equivalency which was the “whole point of this exercise.”

AICPA asks IRS for FAQs on taxation of virtual currency [AT]
Seeing how many taxpayers with crypto income are so bad at reporting it, and others aren’t reporting it all, some fresh IRS guidance would be helpful.

The Nation’s Partisan Divide Is Infecting Tax Policy [TPC]
Howard Gleckman writes that GOP policies that raise taxes on lower income people and Democratic proposals targeting the rich “are almost caricatures of themselves” and if citizens do wish to have governments provide services and benefits, “everyone ought to help pay for them.”

Trump endorses Rep. Dan Donovan who he mistakenly says voted for tax bill [USAT]
Naturally.

Previously, on Going Concern…

I wrote about a career limiting move that auditors keep making: altering workpapers.

Greg Kyte’s Exposure Drafts cartoon addressed extreme tax planning.

In other news:

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

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.