Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: Congress Is on These Tax Extenders; Accounting Leaders on Audit Regulation; PwC’s Latest Pickup | 05.17.12

Tax chairman: More work coming on temporary provisions [The Hill]
[Dave] Camp [R-MI] and [Pat] Tiberi [R-OH] have said they are taking a more methodical look at tax extenders, as they try to lay the groundwork for comprehensive tax reform. Tiberi told reporters on Wednesday that House Republicans hoped to have a legislative solution on tax extenders in the months to come. “If extenders are beneficial and are helping the economy, then they should be seriously considered,” Camp will say Thursday at a conference hosted by the Federal Policy Group and Baker and Hostetler. “On the other hand, if an extender has outlived its value, and if it is not producing the economic benefits it once was, then we need to determine whether there is merit in continuing that provision.” 

Leaders from large accounting firms bullish but monitoring regulation, complexity, human capital [JofA]
“If it enhances audit quality, we ought to be for it,” said John Veihmeyer, chairman and CEO of KPMG LLP. He said he worries some of the measures under discussion by the PCAOB and European Commission would not improve audit quality and would have unintended consequences, including a level of regulation and second-guessing that would create barriers to attracting and retaining top talent to accounting.

Obama Proposes New Tax Credit for Small Businesses That Hire [YTB/NYT]
Under the White House proposal, which the president previewed in a video address over the weekend, a company would get credit against income taxes worth up to 10 percent of the increase in total wages in 2012, which could come either in the form of salaries for new hires or raises. A company that increased its payroll by $4 million would see a $400,000 income tax credit. The tax credit is capped at $500,000 to make it more valuable to smaller companies. And the White House specifically targets middle-income earners by limiting the proposal to the top wage that is subject to Social Security tax, $110,100. “Unlike the House Republican proposal,” the White House said in a news release outlining the tax, “the president’s proposal ensures that companies that offer raises only to already well-paid executives would be ineligible for the tax relief.”

Pinterest Raises $100 Million With $1.5 Billion Valuation [WSJ]
The funding is led by Japanese e-commerce site Rakuten Inc., with Pinterest's existing venture-capital investors such as Andreessen Horowitz, FirstMark Capital and Bessemer Venture Partners also participating, said the people familiar with the matter. Pinterest was last valued at $200 million in a funding round late last year. Pinterest chose Rakuten to lead the funding round because of the Japanese company's global presence and how it can help the start-up both enhance its product and expand internationally, said one of the people.

Former Bakery Accountant Accused Of Stealing More Than $235K [CBS]
Ligia Baciu was rolling in the dough because she thought she kneaded things like an engagement ring, fertility treatments, and an Audi.

KPMG Centre posted for June foreclosure auction [DBJ]
KPMG Centre, a 34-story, 828,000-square-foot office tower at 717 N. Harwood St. in downtown Dallas, has been posted for the June foreclosure auction. This is the second month in a row that KPMG Centre has been posted for foreclosure. The downtown skyscraper has $64 million in listed debt, even though it's appraised for $44 million, according to data from Addison-based Foreclosure Listing Service Inc.

Ken Salgado Joins the Orange County Office of PwC US as Assurance Partner [PwC]
Kenny comes way of Moss Adams.
Local man protests restaurant's all-you-can-eat policy [TMJ4]
At 6'6" and 350 lbs, Bill Wisth admits he's a big guy who can pack it away more than most.  And he wants one restaurant to make all-you-can-eat, all he can eat too. "It's false advertising," said Wisth to TODAY'S TMJ4. Wisth has a beef with the all-you-can-eat fish fry at Chuck's Place.  He was there Friday when the restaurant cut him off after he ate a dozen pieces. "Well, we asked for more fish and they refused to give us any more fish," recalled Wisth. The restaurant says it was running out of fish and patience; arguing Bill has been a problem customer before.  They sent him on his way with another eight pieces, but that still wasn't enough. He was so fired up, he called the police.  "I think that people have to stand up for consumers," said Wisth.


Posted in ANR