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Accounting News Roundup: Short-term Compromise on Estate Tax Possible; Where Do Big 4 Political Contributions Go?; Shrinks for CFOs | 11.08.10

Battles Loom Over Tax Breaks, Spending Cuts [WSJ]
House GOP Whip Eric Cantor and other lawmakers suggested that Republicans in the coming lame-duck session would press for a long-term extension of current tax levels for all earners, despite Democratic opposition. The Bush-era tax cuts expire Jan. 1 unless Congress acts before then.

“I am not for sending any signal to small businesses in this country that they’re going to have their tax rates go up,” Mr. Cantor said on “Fox News Sunday.” Republicans say raising tax rates on higher earners would hit about half of all small-business income. Democrats say that figure is inflated by some large businesses that are structured as small businesses.

Can a Republican House Stop Farm Subsidy Nonsense? Yeah Right [JDA]
Archer Daniels Midland. Have we mentioned how they’re part of the problem? Adrienne reminds us.

Put Your Money Where Your Money Is: The Auditors and the US Midterm Elections [Re: The Auditors]
Francine McKenna goes with the hockey metaphor, “The audit firms put their money more often where the puck is rather than where it’s going and hardly ever chase the puck for strictly ideological reasons.”

Is Internal Audit Meeting the Challenge? Perhaps Not! [Marks on Governance/IIA]
Or, perhaps yes?

Business Groups Back Quick Compromise On Estate Tax [Dow Jones]
Business groups that oppose the federal estate tax say they are willing to back a short-term compromise with congressional Democrats, in order to avoid the tax returning to its highest level in 10 years.

However, Republicans in Congress aren’t ready to back down from their demands for an estate tax rate of 35%, setting up one of the more unpredictable tax battles in Congress’s lame-duck session.

Bloomberg to America: Lay Off The Chinese [Metropolis/WSJ]
“If you look at the U.S., you look at who we’re electing to Congress, to the Senate—they can’t read,” [Hizzoner] said. “I’ll bet you a bunch of these people don’t have passports. We’re about to start a trade war with China if we’re not careful here,” he warned, “only because nobody knows where China is. Nobody knows what China is.”

How Would CFOs Fare on the Couch? [CFO]
“The upside of people who are CFOs is that they’re generally effective communicators, deliberate, prudent. They weigh alternatives, they’re stabilizing, objective, rational, analytical,” says [Dr. Barrie Sanford] Greiff. “But for every upside, when you turn up the intensity, you can find these descriptions, too: overcautious, overanalytic, very controlling, and lacking in a certain degree of flexibility.”

UGA accounting school receives $1 million [AJC]
Thanks, Ernst & Young.

The World’s Most Powerful People [Forbes]
Behind every powerful person is an accountant that is sick of putting up with his/her shit.

‘Tax Lady’ Roni Lynn Deutch unfazed by state fraud suit [Sacramento Bee]
And now that Jerry Brown is going to Governor (again), he actually has bigger problems.

Posted in ANR