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Footnotes: Fast Track to Partner; A Bitcoin Robbery; Florida Man at it Again | 03.04.14

Posted on by Adrienne Gonzalez

Are you an aspiring partner? Why not fast track the process? [JofA]

Judge Calls Chevron Verdict Product Of `Egregious Fraud,' Unenforceable [Forbes]

Obama budget proposes more child care help for younger kids [Don't Mess With Taxes]

Remember the California couple who found $10 million worth in buried gold coins? Not only will they likely have to pay taxes on the find, they might not get to keep it at all [ABC]

A Bitcoin "bank" in Canada got "robbed" [The Globe and Mail]

Obama's Budget Seeks Overhaul of Business-Tax Codes [WSJ]

Still going with this IRS scandal, I see [FOX]

White House budget would increase IRS spending by 6 percent President Obama’s 2015 budget plan calls for $12 billion in base funding for the Internal Revenue Service, which would represent an increase of 6.3 percent compared to the 2014 spending level The White House proposed investing more in IRS programs that support tax compliance and customer service, including $165 million for an “opportunity, growth and security initiative” that aims in part to help call centers boost their response rates from 60 to 80 percent. [Federal Eye via WaPo]

'Real Housewives' stars plead guilty to fraud charges in N.J. [LA Times]

Is Microsoft a two trick pony? [Bloomberg]

Oh that Florida Man, always getting into a new pickle. This time, he was busted for a DUI while trying to "drive it off" [Gawker]

 

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Lehman Working to Pay Off Debt, One Tchotchke at a Time

lehman tote.jpgIn a couple months it will be at the one year anniversary of the collapse Lehman Brothers. In order to catch you up on the firm’s progess in paying off the $250 billion in debt owed to creditors, we proudly present The Lehman Store, courtesy of eBay.
So far the Lehman Store has 100% positive feedback with comments such as: “Great Lehman tie and excellent delivery time.” and “A+ SELLER”.
Lehman couldn’t be more pleased, “‘We are really excited to be able to offer this to the public because there is a demand,’ said Lehman spokeswoman Kimberly Macleod in a telephone interview.”
“There is a demand“, people. And since there are currently 66 items on the auction block, you’d better get on this, PRONTO.
Lehman Holds EBay Garage Sale, Hawking Trinkets to Pay Off Debt [Bloomberg]

Five Year Outlook: Will You Be an Accountant?

Thumbnail image for Thumbnail image for Thumbnail image for accountant.jpgStupid question you say? Okay but a recent survey done by E-conomic says a nearly half of our friends across the pond want to be doing something else in five years because the tax and financial reporting regulation will continue to be a nightmare.
The difference between wanting to do something else and actually doing something else is well, sorta big.
Accountancy Age:

Anders Bjornsbo, E-conomic’s operational director, said: “It’s alarming that half the accountants we spoke to said they were thinking of leaving the profession. While that’s unlikely to happen, it is perhaps illustrative of the dissatisfaction and disillusionment felt by accountants today.”

Dissatisfaction and disillusionment is something that has been discussed here in spades on our exodus post. But people getting out of the numbers game altogether? Bah. That just doesn’t strike us as a trend we’ll see soon. The survey indicates that most of you will seek advisory gigs as more compliance work moves offshore, “[T]hree quarters seeing themselves moving away from their traditional role to a more profitable consultant and business adviser position.”
That sounds about right. Despite the widespread misery, there are too many jobs out there that pay well. And let’s face it, you guys like money. You’re not going to leave it all behind to join the clergy or become philosophers.
Discuss your outlook and if you’re leaving the traditional accountant life behind for the advisory world or if you’re a lifer as tax/audit/financial reporting. And if you’re leaving all the glamor for the Peace Corps, let us know about that too.