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November 29, 2022

Accounting News Roundup: Big 4 Bigwigs at Davos; N-O-L! N-O-L! N-O-L!; The Award for Most Film Tax Credits Goes To… | 01.22.14

Big 4 bigwig with facial hair Davos Shot #1

Big 4 bigwig with facial hair Davos Shot #2

Clean shaven Big 4 bigwig Shot #1

In other clean shaven Big 4 bigwig news, Dennis Nally is on Twitter and he's throwing out Davos sagacity, natch. [Twitter]

A $1 Billion Offer From Warren Buffett [WSJ]
I guess this is what rich guys do when they get bored: "Quicken Loans announced on Tuesday a $1 billion prize paid out over 40 years—insured by Warren Buffett's Berkshire Hathaway BRKB +0.07%  —to anyone who pulls off the ultimate forecasting feat in sports: predicting every tournament game's winner. Past contests tied to the tournament have dangled seven- and eight-figure rewards, but this one significantly ups the stakes, even without the extra incentive of investment advice that Buffett promises. The exact chances of nailing the winner of all 63 games are incalculable. 'There are no true odds on something like this,' Buffett said in an interview. 'Einstein himself could not figure out the odds.' "

Why Delta, With Huge Profits, Won't Pay Taxes for Years [BBW]
The more I think about it, the more I'm starting to think that DTAs are BS. "Delta reported fourth-quarter earnings of $558 million on Tuesday and reversed the value of its deferred tax assets, booking an $8 billion noncash gain to end 2013. Valuing a corporate tax benefit into the future is a tricky accounting exercise, but Delta calculated that its $15 billion in losses equate to an $8 billion benefit to offset future taxes, airline spokesman Trebor Banstetter said. 'I would anticipate that there’ll be some adjustments to it' over time, he says. The airline said today that it will begin booking taxes at a 39 percent rate, but that expense will be only on paper and won’t require any cash outlay."

Oscar Nominees Cash In On State Tax Subsidies [TaxVox]
Howard Gleckman writes about the Manhattan Institute's discovery around film tax credits: "Each of the nine movies nominated for this year’s Oscar for best film may already have taken home a pile of tax subsidies. Seven brought back state goodies from the U.S. and two got cash for their work in the U.K. And, according to data collected by the Manhattan Institute, the winner is….Wolf of Wall Street. The $100 million black comedy about (irony alert) over-the-top greed among sleazy stockbrokers got a 30 percent tax credit for making the movie in New York State."

Woman Swept Away By Wave After Taunting Mother Nature [HP]
Don't worry, she lives.

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