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Accounting News Roundup: Amazon vs. California Over Sales Tax; Petty Bickering Over Tax Overhaul; Millennials Are So Over This Economy | 07.12.11

Obama Seeks Grand Bargain on Deficit [Bloomberg]
“Now is the time to deal with these issues,” Obama said at a White House news conference yesterday before resuming talks with congressional leaders on reducing deficits and raising the $14.3 trillion U.S. debt ceiling before the government exhausts its borrowing authority on Aug. 2. “If not now, when?”

Amazon Backs End to Online Sales Tax in California [NYT]
Amazon said Monday that it would back a California ballot initiative that would roll back a new state law that forces more online retailers to collect sales tax. Amazon’s decision to support the proposed referendum pits the world’s biggest online retailer against the state government, which is looking for ways to raise additional revenue to cover budget shortfalls.

High-Speed Tax Rewrite Falters as Lawmakers Bicker Over Basics [Bloomberg]
Republican congressional leaders and President Barack Obama discussed a rewrite of the tax code over the past week and couldn’t resolve even the basic outline of what it should look like. They disagreed on revenue targets, the progressivity of the code, international taxation issues and the treatment of large businesses that aren’t currently taxed as corporations, according to two Republicans familiar with the talks.

Alleged Ponzi Scheme Accountant Settles SEC Complaint [Dow Jones]
In 2009, Philadelphia-area investment-fund manager Joseph S. Forte pleaded guilty to charges of wire fraud, mail fraud, bank fraud and money laundering, all linked to a Ponzi scheme he admitted to the year before. He is serving a 15-year prison sentence. Monday, the SEC said it has filed and settled a civil action against accountant John N. Irwin and his consulting firm, Jacklin Associates Inc. Both agreed to settle the Commission’s charges, without admitting or denying allegations. The complaint claimed Irwin and the firm participated in Forte’s scheme by recruiting investors for it.

Millennials frustrated with weak economy, scarcity of jobs [AW]
Dennis Nally can’t hire everyone now, can he?

KPMG Names Marc Moyers to Head U.S. Private Equity Group [KPMG]
Moyers takes over for Shawn Hessing.

PwC Sends Partners, Staff and Interns to Belize to Boost Financial Literacy Among Students and Teachers [PwC]
Don’t get jealous. It’s probably not too nice down there.

Cantor outlines $353B in Medicare, Medicaid savings [The Hill]
House Majority Leader Eric Cantor (R-Va.) on Monday proposed changes to Medicare and Medicaid he said would save $353 billion over the next decade. Cantor made the proposal in talks at the White House. His plan was immediately criticized by House Minority Leader Nancy Pelosi (D-Calif.), who said it would lead to benefit cuts.

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