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February 3, 2023

Accounting News Roundup: New York vs. TCJA, a Bad Q4 Looms, a ‘Misunderstood’ Generation | 01.04.18

accounting news oregon pump gas

Striking fear into the hearts of Oregonians.

New York reviewing tax system changes after new federal tax bill [Reuters]
Governor Andrew Cuomo plans to sue the federal government because the Tax Cuts and Jobs Act is “unconstitutional on the grounds that the first federal double taxation in U.S. history violates states’ rights and equal protection.” This is mostly about the SALT deduction, of course, and other states with higher income taxes are weighing their options.

Taxes and the Terrible, Horrible, No Good, Very Bad Fourth-Quarter Earnings Season [WSJ]
Lots of companies will be writing down their deferred tax assets, and others will be taking a hit from the one-time tax on repatriated earnings.

At 53, Illinois accountant skating for spot on U.S. Olympic long-track team [CT]
Theron Sands would be the oldest winter Olympian ever, and that is not lost on his coach: “For a 53-year-old to take on this challenge is very odd. You have to be an eccentric guy to do that.”

‘Work-life balance’ top priority for Millennials, global survey finds [AT]
The study’s chairman claims, “Our study’s findings offer significant insight into this much-scrutinized and misunderstood generation.” [Eyeroll] As if work-life balance is some fad that will go out once working ourselves ragged makes a comeback.

Petrobras to Pay $2.95 Billion to Settle U.S. Suit Over Corruption [WSJ]
The settlement is the 5th largest securities class-action and the highest ever paid by a foreign corporation.

Previously, on Going Concern…

Think you need to stay at a Big 4 firm until manager? Think again. We published a Q&A with three FloQast employees who bolted earlier than the standard advice often heard within the firms and what that meant for their careers. (This post is sponsored by FloQast. You can read more about our partnership with them here.)

Also, I advised scumbag accountants to keep their focus on the TCJA this busy season.

In Open Items, a user asks about giving notice at a Big 4 firm during busy season.

In other news:

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