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January 29, 2023

Accounting News Roundup: Audit Deficiencies Are Global; Paying Taxes with Art; Who Wants a Simple Tax Code? | 04.11.14

Problem Audits Are Global Issue, Survey Finds [WSJ]
The International Forum of Independent Audit Regulators just wrapped up a three-day meeting (ugh) on the issue of audit quality: "Big accounting firms are producing deficient audits around the world, according to a new survey of 30 countries' audit regulators—mirroring the experience in the U.S., where regulators have found deficiencies in more than a third of audits by major accounting firms that they have inspected in recent years."

In Mexico, Artists Can Pay Taxes With Artwork [The Atlantic]
Mexico is the only country that allows an arrangement of this kind, Pago en Especie

House Panel Votes to Hold Former IRS Official in Contempt [Bloomberg]
Congressional GOP members wants "answers" and "truth" but I'm still not clear as to what the questions are. According to the Ways and Means letter, "Lerner misled investigators about when she became aware of the scrutiny of Tea Party groups. It cited her use of a private e-mail address to which she sent some taxpayer information. If someone other than Lerner accessed the information, that may be a crime, the letter said." If that's it, Congress is better at wasting time and money than I thought.

Tax writers seek Section 179 extension [The Hill]
And increase the allowance back to $500k.

A Four-Decade Tax War [TNY]
Tax reform is hard.

Does Anyone Care About a Simple Tax Code? [TaxVox]
Nope! But they might care about "fairness": "A complex law is almost by definition opaque.  And people who don’t understand the tax code often believe it is unfair. They think they are getting the shaft while their neighbor is driving his new BMW through some lucrative loophole."

David Feherty Does A Pretty Good Sean Connery Impression [Deadspin]
For you golf people. Since it's Masters week and all.

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