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Accounting News Roundup: Apple Wins Again (in Tax Planning, Anyway); ‘Tax reform isn’t going anywhere’; IRS Commish Job Expectations | 07.02.13

Posted on by Caleb Newquist

Apple paid no UK corporation tax in 2012 [Telegraph]
No gimmicks here!

Zero-Based Tax Reform [Economix/NYT]
Bruce Bartlett: "Until a specific proposal on the table can be discussed, analyzed and amended, tax reform isn’t going anywhere. Senators Baucus and Hatch are not helping; they are just wasting time."

Tax Reform or Shotgun Wedding? [Tax Analysts]
Clint Stretch: "With his pending retirement, it’s understandable that Baucus would want to talk the country into a sort of shotgun-wedding approach to tax reform. Sadly, the real groundwork has yet to be laid, so the rehearsal dinner promises to be a food fight that threatens the whole effort." 

XBRL is Not Just Another Compliance Burden [CFO]
FYI.

Lew: There's a 'deficit of confidence' in the IRS that must be rebuilt [The Hill]
All IRS Commish candidates should take note of what your new boss will expect of you: "It has to become a better customer service experience, it has to work well, and we know there's a deficit of confidence now that has to be rebuilt and that will be the job for the new commissioner of the IRS." 
 
Accounting Is Not the Language of Business [Thriveal]
It's Latin. Who knew it was still useful?
 
China Law Forces Adults To Visit Parents [CP]

Mothers and fathers aren't the only ones urging adult children to visit their parents. China's lawbooks are now issuing the same imperative. New wording in the law requiring people to visit or keep in touch with their elderly parents or risk being sued and facing penalties came into force Monday, as China faces increasing difficulty in caring for its aging population. It remains to be seen how much the amended law changes the status quo, however. Elderly parents in China already have been suing their adult children for emotional support, and the new wording does not specify how often people must visit or clarify penalties for those who do not.

 

Posted in ANR

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Do Employees Still Feel Lucky to Have Jobs? [You’re the Boss/NYT]
“Though the economists say the recession was over months ago, the small-business owners I talk to have not seen sales rebound to where they were. Some businesses haven’t rebounded at all. I have been in business for more than 30 years, and I have never seen anything like this. It’s like a normal recession but with an extra year or two thrown in. Yes, things have stabilized, and in some cases they have gotten better. On the human side, things are precarious.”

Just Say No [TaxVox]
Kim Rueben writes, “There were about a hundred ballot initiatives affecting state budgets, some increasing states’ abilities to raise revenues or determine spending levels and others curtailing them. For better or worse, in most cases the voters said no and the status quo remained.”

Deloitte Ranked Largest Forensics and Dispute Advisory Practice [PR Newswire]
“Deloitte’s performance validates the depth, breadth and quality of forensic and dispute services that we offer our clients,” said Greg Swinehart, partner and leader of the forensic and dispute services practice of Deloitte Financial Advisory Services LLP. “The combination of deep technical experience, proprietary leading-edge technology and analytical tools, and access to the global network of DTTL member firms and their affiliates, allows us to quickly deploy experienced teams virtually anywhere around the world to help address our clients’ complex needs.”

Qantas Grounds Airbus A380 Fleet After Emergency Landing [Bloomberg]
An engine exploded. Nothing major.

NetSuite to buy Sage? [AccMan]
Just kicking some ideas around.

The Big Four Accounting Firms Are Down to Critical Mass: Says the Financial Times – So It Must Be Official [Re:Balance]
Jim Peterson reacts to the recent Financial Times article on the Big 4 stranglehold.


TIGTA Releases FY 2011 Audit Plan [TaxProf Blog]
An approximate outline of the IRS nagging schedule.

Accounting Day, 2010 [The Summa]
Next Wednesday. Mark your calendars.

Patrick Byrne Absent From Third Quarter Earnings Call [White Collar Fraud]
Sam speculates as to the cause of PB being MIA: “Back in the Crazy Eddie days, it was known as ‘SEC induced sudden illness syndrome’ or by the short acronym SIS. Common symptoms include panic attacks, headaches, nausea, cold sweats, trembling, stomach pains, vomiting, and worst of all, diarrhea. At least the weight loss isn’t so bad. However, the SEC commonly refers to anyone suffering from SIS as a SISsy.”