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Accounting News Roundup | 04.22.11
- Caleb Newquist
- April 22, 2011
~ It’ll be half day here at GC today, resuming a regular schedule on Monday. We suggest you do the same.
80-Year-Old Ex-UBS Client Given 2 Years Probation In Tax Case [Dow Jones]
An 80-year-old one-time UBS AG (UBS) client was sentenced to two years probation for hiding $4.9 million from the IRS, the Department of Justice said Thursday. Ernest Vogliano was also ordered to pay a civil penalty of $950,381 and a $10,000 fine for five counts of filing false federal income-tax returns and conspiring to defraud the IRS. He pleaded guilty to the charges in December. He was one of seven UBS clients charged in a probe into U.S. taxpayers concealing funds through overseas accounts and companies.
FASB, IASB Extend Timetable For Some Accounting Projects [Dow Jones]
Two organizations in charge of U.S. and international accounting standards said they could take until the end of the year to agree on unified bookkeeping rules for publicly traded companies. Officials at the International Accounting Standards Board and the U.S.-based Financial Accounting Standards Board want to see a single set of accounting standards used worldwide. The boards have been working for years on “convergence” projects to eliminate major differences between U.S. and global rules.
Nice Girls Finish Last [FINS]
And they apologize, among other things.
Business Development Skill Builders for Young CPAs [JofA]
Many firm leaders think that young CPAs lack the necessary business development skills to move to the next level or become a future leader of the firm. However, young CPAs are often not given the opportunity to develop those skills on a daily basis. Business development is a difficult thing to teach, and it’s unrealistic to expect the skills to come naturally to many CPAs.
Hatch will oppose any deficit-reduction deal that includes raising taxes [The Hill]
Sen. Orrin Hatch (R-Utah) poses a significant obstacle to any bipartisan deficit reduction deal in the Senate that would raise taxes, according to Senate aides and activists. Hatch would have significant say over any deficit-reduction as ranking Republican on the Senate Finance panel, which has jurisdiction over taxes, Social Security, Medicare and Medicaid. He told conservative activists shortly before the April recess that he would oppose any deficit-reduction package that raises taxes, period.
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Accounting News Roundup: Deloitte Loses a Case Up North; On the Hunt for K-1s; Merger Rumor Accuracy | 04.07.14
- Caleb Newquist
- April 7, 2014
Livent creditors win key ruling, awarded $85-million [Globe and Mail]Deloitte is on the hook: "Ontario […]
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Accounting News Roundup: Ernst & Young Reports Sluggish Revenues; Obama Shifting Tax Rhetoric; Wipfli Makes Another Acquisition | 10.06.10
- Caleb Newquist
- October 6, 2010
Ernst & Young revenues fall slightly to $21.3 bln [Reuters]
“For the full fiscal year ended June 30, revenues were down 0.9 percent to $21.3 billion from $21.4 billion in fiscal year 2009, Ernst & Young said.
Revenues from advisory services grew by 2 percent, but other areas of the firm, including tax and audit services, posted declines.”
Goldman Sachs Says U.S. Economy May Be `Fairly Bad’ [Bloomberg]
Or ‘very bad.’ Either way, it’s there’s no good to be found.
Deloitte 2010 Annual Review: Reaching new heights, As One [Deloitte]
In coordination with the “We are the champions” announcement, D rolled out its annual glossy detailing what a bang-up year it was.
Obama’s Tax Pitch: Income Gap That Millionaires Should Fill [Bloomberg]
“President Barack Obama has shifted his central argument against the Bush-era tax cuts to make the income gap as much a voter concern as the budget gap.
Since Sept. 3, Obama has chided Republicans for wanting to extend tax cuts for “millionaires and billionaires” — a line he repeated in a morning television interview, a weekly radio address, backyard chats in Des Moines and Albuquerque, and three times during one speech at a community college in Cuyahoga County, Ohio. Before then, administration economists cast taxing the wealthy largely as a matter of fiscal prudence — a way to free up $700 billion from the deficit over the next 10 years.”
Wipfli acquires Illinois firm [The Business Journal of Milwaukee]
“Wipfli LLP, a CPA firm headquartered in Milwaukee, said that officers and associates of Rockford, Ill.-based Lindgren Callihan Van Osdol & Co. Ltd have joined Wipfli through an acquisition.
The transaction was effective Oct. 1 but was announced late Tuesday. Terms of the deal were not disclosed.
Lindgren Callihan Van Osdol, which was founded in 1963, specializes in audit, accounting and consulting services to businesses and to individuals. The acquisition is one of the largest in Wipfli’s history, said managing partner Rick Dreher.”
Karl Rove group, other tax-exempt orgs under fire for alleged political activities [Don’t Mess with Taxes]
Hard to believe that Karl Rove would be involved in anything shady.
Sun Chips Bag to Lose Its Crunch [WSJ]
YOUR LUNCH WILL BE QUIETER SOON.