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February 2, 2023

Accounting News Roundup: Big 4 Not Obliterating Law Conferences…Yet | 02.12.18

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Twilight Of The Law Firms: The Big 4 Are Poised To Conquer The Legal Landscape [ATL]
One thing we discuss around here with increasing regularity is Big 4 firms elbowing their way into the legal world unencumbered. Joe Patrice writes a good overview at Above the Law, noting that at a recent legal conference, “the Big 4’s shadow loomed” more so than the technology threatening some law firms’ relevance. “[I]f the Big 4 really wanted to they could obliterate this conference,” someone said. Sometimes I get the feeling that the Big 4 could obliterate anything they wanted to, if they weren’t so busy obliterating themselves.

Wells Fargo auditors could soon deliver another blow to the bank [MW]
University of Texas Lecturer Jeff Johanns writes about “the very real possibility of an adverse opinion from the auditors identifying material weaknesses in the bank’s controls.”

High Income Tax States Strike Back Against Limitation of State Tax Deduction [BNA]
SALT pros can catch up the latest bright ideas from high-tax states fighting the TCJA’s limit on state tax deduction.

New Tax Law Haunts Companies That Did ‘Inversion’ Deals [WSJ]
Valeant’s CFO said, “Many foreign-domiciled companies that use intercompany debt as part of their tax structure are likely to be impacted negatively.” In English: the limitations on deducting interest expense will cramp the style of companies like…Valeant.

Former Waltham Accountant To Go To Prison For Tax Fraud [Patch]
We touched on the Accountants Behaving Badly story of Greg Takesian last fall, and the latest news is that he’ll spend two years in prison. But I’m here more so for the editorial flair that says what everyone was thinking: “Takesian spent more than $991,000, taken from Takesian & Company’s bank account, on personal expenses, including cash and check payments to his wife and his girlfriend. Yes, both.”

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From the archives: China MediaExpress CEO Responds to Fraud Allegations by Falling Back on ‘Reputable and Well-Known Auditors

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