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December 7, 2022

Accounting News Roundup: Bank of America’s Settlement; Myths of Losing Clients; Ice Bucket Challenge Charitable Donations | 08.21.14

Bank of America Expected to Settle Huge Mortgage Case for $16.65 Billion [DealBook]
That Countrywide acquisition is really working out well: "The Justice Department is poised to announce a $16.65 billion settlement with Bank of America over accusations that it duped investors into buying troubled mortgage securities, say people briefed on the matter — the single largest government settlement by a company in American history. Yet even as that accord nears completion, prosecutors are preparing a separate civil case against Angelo Mozilo, the man who came to embody the risk-taking for which Bank of America is now paying dearly, a rare move against a senior executive at the center of the financial crisis."

Family Dollar Rejects Takeover Bid by Dollar General [DealBook]
And it's NOT because they have an insecure CEO: "In its announcement on Thursday, Family Dollar brushed aside accusations by Dollar General that its chief executive, Howard Levine, was uninterested in a deal because he might lose his job. Instead, it focused on what it described as unacceptable antitrust risk from putting together two of the biggest dollar stores in the country." 

IRS introduces voluntary certification program for tax preparers [JofA]
FYI: "
Tax return preparers who receive a Record of Completion will not be allowed to use the terms 'certified,' 'enrolled,' or 'licensed' to describe their status, nor may they make representations that they are endorsed by the IRS."

The 6 Myths of Losing Your Clients [AWEB]
Including: "They would tell you if they're unhappy."

Could The IRS Disallow Ice Bucket Challenge Charitable Contributions? [Tony Nitti/Forbes]
Post this to your Facebook feed: "
So let’s say you were challenged via social media to either take the Ice Bucket Challenge or contribute to ALS. Assume further that you are unable or unwilling to get cold and wet, and choose instead to donate to ALS. Do you possess the necessary donative intent if you otherwise wouldn’t have contributed to the cause, and are doing it merely to avoid being publicly chastised by your Facebook friends? Did you make the donation with the anticipation of receiving the benefit of, you know…not having to dump a freezing bucket of water on your head?" 

Exactly How Much and How Often You Should Be Drinking Coffee [FC]
About 4 cups 8 oz. cups. 

Chinese beer maker arrested after putting Viagra in drinks: Report [NewsEveryday]
His motive: "Facing stiff competiton."

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