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.

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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 editor@goingconcern.com.

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