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February 2, 2023

Accounting News Roundup | 04.25.13

H&R Block: IRS clears returns affected by glitch [AP] 
H&R Block says the Internal Revenue Service has finished processing most returns affected by a software glitch. The Kansas City-based tax preparer said Wednesday that more than 90 percent of affected clients have received their refunds or a notice of a possible refund date.

Finance Leaders Bemoan Talent Shortage [CFO]
For public consumption, finance executives are happy to talk about what wonderful teams they have. In private, most are not very impressed with the talent at their disposal. Finance managers rate few of their direct reports as effective in the behaviors and skills that drive excellent performance by the finance function, according to new research by CEB. And on average, finance workers are more skilled in the areas that have the least positive impact on value creation.

New PCAOB policy describes rewards for extraordinary cooperation [JofA]
Registered public accounting firms and auditors whose cooperation with PCAOB investigations is deemed “extraordinary” may be rewarded with reduced penalties in disciplinary proceedings. The PCAOB issued a formal policy statement Wednesday that defines extraordinary cooperation and describes incentives for firms and individuals that make voluntary, extra efforts to aid the PCAOB during investigations.

Treasury awards $3.5 billion in tax credits [The Hill]
The $3.5 billion given out under the New Markets Tax Credit will be funneled to 85 organizations in all, located in 28 states and Washington, D.C. “These credits are often critical in turning these redevelopment efforts into a reality,” Sen. Chuck Schumer (D-N.Y.), a key supporter of the tax credit, said on a conference call on Wednesday.

State gives Facebook $18 million for 31 jobs [Tax Update]
That state would be Iowa and their pols are pretty excited. Joe Kristan is less so: "It gives them an excuse to call a press conference and cut a ribbon, claiming credit for the project like a rooster taking credit for the sunrise.  It’s more fun than facing the fact that real economic growth doesn’t come from photo ops.  It doesn’t come from paying $580,000 to a wealthy company for each 'job' it brings."

Most Americans Oppose Soda, Candy Taxes [U.S. News
In the online survey of more than 2,100 adults, respondents were opposed to government taxes on sugary drinks and candy by a more than 2-to-1 margin. Between 56 percent and 58 percent said no to such taxes, while only 21 to 23 percent were in favor. "This is a strong vote against the 'nanny state,'" said Humphrey Taylor, chairman of The Harris Poll.
Things That Make You Nuts [Tax Analysts]
Trying to define candy and groceries for tax purposes.
Why We Love Spreadsheets Too Much [Accounting Onion]
We all have our reasons.


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