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Accounting News Roundup: Clinton Supports Temporary Tax Cuts; Deloitte Hearts China; Revised GMAT Freaks People Out | 06.06.12

Clinton Suggests Extending Tax Cuts Temporarily [The Caucus/NYT]
Former President Bill Clinton, voicing a new “antiausterity” line opposed by both parties, suggested Tuesday that all expiring tax cuts be extended temporarily and that short-term budget cutting be put off until the country emerges from what he called a recession. Speaking on CNBC’s “Closing Bell,” Mr. Clinton said Washington should do nothing that would slow economic growth. “What I think we need to do is find some way to avoid the fiscal cliff to avoid doing anything that would contract the economy now, and then deal with what’s necessary in the long-term debt-reduction plans as soon as they can, which presumably would be after the election,” Mr. Clinton said.

Deloitte Committed to China [WSJ]
Deloitte Touche Tohmatsu Chief Executive Barry Salzberg pledged to spend about $160 million in China to expand in what he sees as a promising market, even as he continued to defend the firm against a U.S. effort to obtain documents from a Chinese affiliate…Mr. Salzberg said the global auditing firm continues to grapple with demands from U.S. regulators that its China affiliate hand over documents that it says it can't release under Chinese law. He said moves by the firm to comply with a new Chinese rule that requires local Chinese accountants to make up a higher proportion of a firm's partners won't compromise the firm's concentration of experience or expertise in China.
Deloitte Appoints Two New Sector Leaders to U.S. Technology, Media & Telecommunications Practice [Deloitte]
Craig Wigginton will head up telecom; Jerry Belson is the new head for the media group.
Deloitte announces 63 new partners [Accountancy Age]
These numbers are for the UK and Switzerland. If you have information on the new U.S. partners, email us.
Overseer: IRS Could Face ‘Serious Problems’ [WW/WSJ]
“IRS resources continue to be stretched thin, and the current trend of decreased resources coupled with increased complexity exacerbates the problem,” the IRS Oversight Board said in the annual report. “The board cannot predict that a breaking point will occur, but a continuation of current trends increases the risk that the IRS will experience serious problems in the future.”
PwC Signs Long-term Lease in Downtown Des Moines' HUB Tower [PwC]
No word if an open floor plan will pave the way for DM employees newfound hatred of each other.
Q: What Is New and Scary? A: The Revised GMAT [WSJ]
Among the more extreme cases of rushed studying is one test-taker who sat for his GMAT exam last Thursday, despite suffering multiple injuries in a serious motorcycle accident just three weeks earlier. After receiving emergency room attention for a head wound, twisted ankle and hand injury and spending a week on painkillers, he took the test as scheduled because he "didn't want to have to learn a new question type."

And Then There Were Two: Obama v. Romney, the Tax Proposals [Double Taxation]
Just in case your vote doesn't hinge on something of far less substance.

Owner of tax prep service faces 232 years in jail, $9.5 million fine [WAFB]
Wayne Wilkerson submitted 635 tax returns for bogus refunds.
Woman assaults boyfriend because he won't marry her, deputies say [NaplesNews]
Nikoleta Karoly, 24, of the 2400 block of River Reach Drive, was arrested Saturday by Collier County sheriff's deputies at home. According to an arrest report, Karoly's immigration visa expired last week and she was trying to get her boyfriend of two months to marry her so that she can get a new visa. […] He also told deputies that three weeks ago they were arguing over the visa and it resulted in her punching him, according to reports. Deputies said Saturday, when Karoly's boyfriend refused to marry her, she became violent and attempted to choke and scratch him. Karoly's boyfriend also told deputies she had slapped him so hard that it caused his ear to ring to the point he thought he was going deaf. According to reports, Karoly had recently started threatening her boyfriend that she would stab him with a kitchen knife if he did not marry her. When deputies asked Karoly about it, she told them that she had hit and scratched her boyfriend while they were making love because it makes it better.
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