October 5, 2022

Accounting News Roundup: BofA Execs Snubbed Prior to Dividend News; Big 4 Flexibility; Happy Tax Freedom Day | 04.12.11

BofA Kept Executives in Dark on Dividend [WSJ]
Bank of America Corp.’s internal auditors are reviewing why two top finance and accounting executives weren’t consulted before the bank disclosed to investors that a dividend increase had been rejected by regulators, according to people familiar with the situation. The March 23 filing with the Securities and Exchange Commission was more explicit than an earlier news release. It showed that the Federal Reserve had “objected” to the proposed dividend increase following a “stress test” of all major U.S. financial institutions.

St Joe appoints new CFO [Reuters]
Real estate development company St Joe Co said it had entered into a separation agreement with Chief Financial Officer William McCalmont, and appointed Janna Connolly to succeed him. St. Joe, which owns about 574,000 acres, mostly in Northwest Florida, said in a filing that McCalmont will remain as an officer and employee through May 20.

How Twitter Could Unleash World Peace [BBW]
Is there anything it can’t do?

Why is Overstock.com obstructing California District Attorney’s investigation into allegations of consumer fraud? [WCF]
Accounting rules > California District Attorney?

The Most Flexible Jobs in Finance [FINS]
With a shortage of accountants in the profession, said Barbara Adachi, national managing principal for the Women’s Initiative at Deloitte, big four firms have taken steps to make accounting as flexible a career choice as possible. At Deloitte, another of the big four firms, employees determine the how they will manage projects and travel each year. They can take up to five years off and still have their accounting licenses renewed by the company. At PwC, employees can change their work schedules every season and a mentor program helps new moms get back to work after having a baby. And at Ernst & Young, another member of the big four, any employee who works 20 hours per week is eligible for full-time benefits.

HSBC Client Pleads Guilty to Conspiring to Hide Indian Accounts From IRS [Bloomberg]
The plea by Vaibhav Dahake, 44, in federal court in Trenton, New Jersey, came four days after a U.S. judge in California gave permission to the Internal Revenue Service to serve a so-called John Doe summons on HSBC for information about Americans who may have banked in India to hide accounts from the IRS.

America Celebrates Tax Freedom Day® [Tax Foundation]
It took only 102 days for most people. If you’re in the tri-state area, you’ll be working for taxes for another two weeks or so.

BofA Kept Executives in Dark on Dividend [WSJ]
Bank of America Corp.’s internal auditors are reviewing why two top finance and accounting executives weren’t consulted before the bank disclosed to investors that a dividend increase had been rejected by regulators, according to people familiar with the situation. The March 23 filing with the Securities and Exchange Commission was more explicit than an earlier news release. It showed that the Federal Reserve had “objected” to the proposed dividend increase following a “stress test” of all major U.S. financial institutions.

St Joe appoints new CFO [Reuters]
Real estate development company St Joe Co said it had entered into a separation agreement with Chief Financial Officer William McCalmont, and appointed Janna Connolly to succeed him. St. Joe, which owns about 574,000 acres, mostly in Northwest Florida, said in a filing that McCalmont will remain as an officer and employee through May 20.

How Twitter Could Unleash World Peace [BBW]
Is there anything it can’t do?

Why is Overstock.com obstructing California District Attorney’s investigation into allegations of consumer fraud? [WCF]
Accounting rules > California District Attorney?

The Most Flexible Jobs in Finance [FINS]
With a shortage of accountants in the profession, said Barbara Adachi, national managing principal for the Women’s Initiative at Deloitte, big four firms have taken steps to make accounting as flexible a career choice as possible. At Deloitte, another of the big four firms, employees determine the how they will manage projects and travel each year. They can take up to five years off and still have their accounting licenses renewed by the company. At PwC, employees can change their work schedules every season and a mentor program helps new moms get back to work after having a baby. And at Ernst & Young, another member of the big four, any employee who works 20 hours per week is eligible for full-time benefits.

HSBC Client Pleads Guilty to Conspiring to Hide Indian Accounts From IRS [Bloomberg]
The plea by Vaibhav Dahake, 44, in federal court in Trenton, New Jersey, came four days after a U.S. judge in California gave permission to the Internal Revenue Service to serve a so-called John Doe summons on HSBC for information about Americans who may have banked in India to hide accounts from the IRS.

America Celebrates Tax Freedom Day® [Tax Foundation]
It took only 102 days for most people. If you’re in the tri-state area, you’ll be working for taxes for another two weeks or so.

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