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December 4, 2022

Accounting News Roundup: Auditor Resignations Are Down (So Far); Grading the PCAOB; Tax Breaks for Lawyers? Tax Breaks for Lawyers | 02.12.14

More Public Company Auditors Staying Put [CFOJ]
They're probably just waiting for this year's audit to be completed and then the firings will start. "Just 35 auditors resigned their posts so far this year, representing about a 60% decrease from this time last year, according to data tracker Audit Analytics. The decline could reflect fewer auditor mergers and less contentious fee discussions between auditors and clients."

The American Accountancy Regulators’ Report Card: Not a Pretty Sight [Re: Balance]
Jim Peterson is a tough grader: "Two 'F’s' — two 'D’s' — and one big, glaring 'Incomplete.' "

U.S. taxes Olympians for medaling; GOP lawmakers trying to change policy [WaPo]
Today in bills that are going nowhere news: "Last week, Reps. Blake Farenthold (R-Texas), Walter Jones (R-N.C.) and Pete Sessions (R-Texas) took action to change that policy, proposing a bill that would exempt medalist earnings from the Olympic Committee starting this year. The House Ways and Means Committee is considering the measure."

Hustler Club in Manhattan owes more than $2 million in back taxes for lap dances: judge [NYDN]
This comes after the "Nite Moves" decision by the Court of Appeals that said exotic dancing was not an art form: "[
T]he Hell’s Kitchen jiggle joint will have to pay $2.1 million in sales tax on the $23.8 million worth of scrip, or the club’s in-house currency, that it sold between June 1, 2006 and November 2008." 
 
Contrary to recent buckling by others, it's still a blog post! Semantics matter!

Tax Breaks for Lawyers — No Joke [David Brunori/Tax Analysts]
Lawyer David Brunori doesn't believe his ilk, like Sedgwick LLP, need any help from state governments. It's hard to disagree.

Lease Accounting Changes Could Jar Bank Covenants [CFO]
And we mustn't disrupt the banking industry! "Bankers are warning that altering lease accounting could significantly change a borrower’s balance-sheet profile, possibly making it look more leveraged than it actually is. The changes could also worsen the financial ratios that govern a loan’s covenants, to the point where the borrower is in violation of its agreement with the bank."

Rihanna: I Was Bankrupt Because of My Stupid Accountant [TMZ]
It's a classic case of "WHY DIDN'T YOU TELL ME I WAS SPENDING $9 MILLION A YEAR?"

There are 177,000 ways to tie a tie, mathematicians report [io9]

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