It’s 4:45 on a Friday afternoon at Accounting Firm, USA. Fee earners are itching to start their weekends, but one final task remains. Before the happy hour beer taps can flow, before elated dogs (and disinterested cats) can greet their returning owners home, before the family can pile into the minivan and head out to […]
Imagine a month-end close process in which the close checklist, reconciliation schedules, and general ledger are in three different places, making it a nightmare for management to know what’s ready for review, if mistakes had been made, and what deadlines had been missed. Sounds dreadful, doesn’t it? But that scenario used to be a reality […]
Leaked financial statements are fun. This morning Sam Biddle at Gawker published Snapchat's internal balance sheet and 11-month income statement from last year. It's nothing to get too worked up about; the company lost a lot of money last year, which is to be expected, and they have a lot of cash on hand. Again, […]
We all know someone who's a little too resistant to technological advances in accounting and the accounting business. The partner who never uses email. The office manager who insists on going to the post office rather than printing postage off the web. KPMG. But even the fussiest Luddites have adapted to the various improvements […]
Obama says he’s not caving on tax cuts [CNN]
President Barack Obama declared Friday that his “number one priority” is preserving tax cuts for the middle class, and sharply denied that comments by his senior adviser David Axelrod suggest that his administration is about to cave in to Republicans who also want to extend the Bush tax cuts for the wealthy.
“That is the wrong interpretation because I haven’t had a conversation with Democratic and Republican leaders,” Obama said of a Huffington Post article suggesting that in advance of negotiations with lawmakers next week, the White House has calculated that giving in on tax cuts for the rich is the only way to get the middle too.
Companies Would See Big Tax Shifts [WSJ]
Tax-reform plans proposed by President Obama’s deficit-cutting commission would radically change corporate tax policy and, business groups say, could improve U.S. competitiveness in global trade. But they also could create winners and losers among U.S. companies.
Business groups and economists have long sought fundamental changes to the tax code, which hasn’t been overhauled since 1986.
Pwning the social debate [AccMan]
Proceed with caution. Sayeth Dennis Howlett, “If the title of this post bamboozled you, the rest will make your head explode.”
House Dem leaders’ reactions to fiscal panel report differ sharply [The Hill]
Speaker Nancy Pelosi (D-Calif.) came out swinging, calling the proposals “simply unacceptable,” while the two men battling to be her deputy, Majority Leader Steny Hoyer (Md.) and whip James Clyburn (S.C.), released muted responses. Neither Hoyer nor Clyburn criticized the commission, avoiding a politically explosive set of ideas as they wrestle for support from their Democratic colleagues for the post of minority whip.
Backdating Scandal Ends With a Whimper [DealBook]
“These prosecutions went out with a whimper rather than a bang,” said Christopher J. Clark, a criminal defense lawyer at Dewey LeBoeuf who has done work on backdating cases. “With few convictions and no substantial sentences, juries and the courts simply did not agree with the government’s position that stock option backdating represented a serious financial crime.”
Richard Hatch still surviving life’s rocky road [Providence Journal]
Survivor champ, convicted tax dodger and “l’m living on borrowed 15-minutes-of-fame time” Richard Hatch is now going to be on the Celebrity Apprentice.
A QuickBooks Alternative for the Accounting-Phobic Owner [You’re the Boss/NYT]
Spooked by QuickBooks? WorkingPoint may be the solution for the debit-credit disinclined.
Newsweek, Daily Beast Set Merger [WSJ]
Under the proposed agreement, expected to be disclosed Friday, the two news organizations will be combined in a 50-50 joint venture called the Newsweek Daily Beast Co. The deal comes three weeks after the two sides abandoned talks of a merger over a disagreement about control.