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Accounting News Roundup: Boehner Goes Along; Mitt Romney Not Releasing Tax Returns; A Nice Stocking Stuffer from the IRS | 12.23.11

Ed. note: We're calling it half a day, gang (that means no Daily Grind, btw). Get out there a celebrate a holiday for crying out loud. Also, try to show some love for your friends, family, and colleagues as the year winds down. Just don't expect them to understand or appreciate your methods.

Boehner Signs On to U.S. Payroll Tax Deal [Bloomberg]
Deserted by many of his fellow Republicans, U.S. House Speaker John Boehner surrendered to attacks from President Barack Obama and congressional Democrats and agreed to a two-month extension of a payroll tax cut that he derided hours earlier. The decision kicks the fight over extending the tax cut for 160 million U.S. workers into early next year without resolving deep divides over how to cover the cost through 2012. Democrats are focused on imposing a new tax on income exceeding $1 million while Republicans want to cut the federal work force and freeze pay for government workers. Republicans also want to attach policies to a payroll tax cut extension — opposed by Democrats — such as a rewrite of the unemployment system or weaker rules for industrial emissions.

Romney Says He Won’t Release Tax Returns [NYT]
Mitt Romney, who is one of the wealthiest men ever to seek the presidency, said on Wednesday that he had no intention of releasing his tax returns if he became the Republican presidential nominee, breaking with a long tradition in both parties.

DEA, IRS give local police 'holiday gift' from confiscated drug money [SVMN]
Drug Enforcement Administration and Internal Revenue Service agents announced the distribution of the money from the U.S. Department of Treasury Asset Forfeiture Fund at the Ronald V. Dellums Federal Building in downtown Oakland. "The assets forfeiture program is one of the federal government's most effective tools against drug trafficking, money laundering and organized crime," said Scott O'Briant, IRS-Criminal Investigations Special Agent in Charge. "The program disrupts and dismantles criminal enterprises by seizing their assets" and then distributes those resources to local law enforcement to help fight crime. "This is a true holiday gift," said Hayward police Chief Diane Urban, whose department received nearly $475,000, the largest payment. "It will allow us to offer a higher level of service to our community and to combat crime with funds during tough economic times."

Man Walks Across Subway Tracks To Punch A Stranger In The Face [Gothamist]
Peace be with you, as well.

We Have No Idea If a Ninja Got Arrested at Reagan Airport [JDA]
But someone might be getting some pretty neat (and sharp) toys!


Posted in ANR