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Accounting News Roundup: Colorado’s Fat Sack of Taxes; EY Gets Their Very Own Chinese Law Firm; Take Two Minutes to Get Something Done | 02.21.14

Grant Thornton pair lose disclosure battle in Tchenguiz UK lawsuit [Reuters]
Whatever instinct they had, it seemed to have backfired: "Two senior employees of UK auditor Grant Thornton, named in a legal battle between the Tchenguiz brothers and the Serious Fraud Office, have lost an appeal against a court order forcing them to hand over sensitive documents to the property moguls. Grant Thornton was dragged into the spotlight in 2011 by Vincent and Robert Tchenguiz, who have brought a record 300 million pound ($500 million) damages claim against the SFO over a botched investigation into the circumstances surrounding the collapse of Icelandic bank Kaupthing in 2008. Lawyers for the brothers have alleged that Grant Thornton partner Steve Akers and Mark McDonald, a director, gave the SFO "misleading and inaccurate" information that sparked a flawed criminal investigation, costing the brothers more than 2.5 billion pounds and damaging their reputation."

Colorado Expects to Reap Tax Bonanza From Legal Marijuana Sales [NYT]
NOOO WAAY: "For Colorado’s new flock of recreational marijuana growers and sellers, Thursday was Tax Day — their first deadline to hand over the taxes they had collected during their inaugural month of sales. And as store owners stuffed cash into lockboxes and made the nervous trek to government offices, new budget numbers predicted that those marijuana taxes could add more than $100 million a year to state coffers, far more than earlier estimates."

EY to offer legal advice in China through local affiliation [Accountancy Age]
Deloitte isn't allowed to have all the fun! "EY has launched a legal services arm in China by incorporating local firm Chen & Co into its network. In accordance with PRC regulations, which restrict international firms from practising local law on the ground, EY has created an affiliation with the Shanghai-outfit, as opposed to a shared-ownership structure, in a bid to tap China's growing legal services market, sister publication Legal Week reports. Chen & Co, a 75-lawyer firm founded in 1998, will remain a separate, licensed Chinese firm but is ultimately expected to move into EY's offices in the Shanghai World Financial Centre."

Misdeeds at USA Capital Won't Fall to Auditor [CNS]
Speaking of Deloitte, I'm sure the general counsel's office is grateful to scratch something off their list. 

HP Finance Chief Fought Autonomy Deal [CFO]
"[Catherine] Lesjak vehemently opposed the acquisition to the full HP Board in July 2011[,] stating, in part, ‘I’m putting a line down. This is not in the best interests of the company.’” 

Why is the U.S. Olympic Committee Tax Exempt? [TaxVox]
This post is a week old but I'm sure you've been asking yourself the same question this past two weeks.

Use the Two Minute Rule to Stop Procrastinating and Get Things Done [Lifehacker]
Have a productive day.

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