September 29, 2022

Accounting News Roundup: Auditing Research Subjects; KPMG Battling Billionaire’s Lawsuit; Behavioral Psychology and Taxes | 04.17.15

Former JPMorgan Chase Broker Charged in $20 Million Fraud [DealBook]
Michael Oppenheim told his victim that he was investing their money in municipal bonds when in reality he was day trading options on tech companies.

CAQ and AAA Provide Auditors for Research Projects [AT]
This sounds like auditors getting a little taste of their own medicine: "The Review Committee of audit partners and senior academics evaluated the proposals based on factors such as the ability to address important research questions that are important to practice, methodological soundness and contribution to academic literature. An estimated 500 audit staff of varying levels from the eight CAQ Governing Board firms will be asked to participate in the four research projects."

KPMG Can't Shake Ron Burkle's $10M Blown Tax Shelter Suit [Law360]
Burkle claims the firm put him in tax shelters "that didn’t withstand scrutiny by state tax officials." 

Don't panic, college seniors: It's getting easier to land a job as employers seek fresh talent [U.S. News]
EY plans to hire 9,000 off campus this year, up from 7,500 last year.  

The Behavioral Psychology of Why Taxes Suck [Wired]
Exhibit A: the mortgage interest deduction: " 'People make economic decisions based on the tax code, not the economics of the situation,' says Thomas Hungerford, senior economist and director of tax and budget policy at the Economic Policy Institute. […] [I]n practice the mortgage interest deduction 'has the bizarre incentive of encouraging people to buy bigger homes than they probably really need,' Hungerford says, while having no impact on homeownership rates.

Woman removed from plane for poking snoring passenger with pen [FoxChicago]
People just can't sit still in awkward silence anymore.

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