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Accounting News Roundup: Deal for Tax Cuts, Unemployment Benefits Looks Likely; Emerging PCAOB Chair Candidates; Snipes Still Avoiding Prison | 12.06.10

Tax Deal Within Reach [WSJ]
White House officials and congressional Republicans are closing in on a deal that would extend current income-tax rates for all Americans as well as a benefits program for the long-term unemployed, staving off tax increases for middle-class and wealthy taxpayers alike that are set to take effect after this year.

Leaders of both parties appeared optimistic over the weekend about reaching an agreement on a broad tax package by midweek, following the failure of two Democratic-sponsored tax measures in a rare Saturday session of the Senate. Those measures would have extended current tax rates for all except high earners. Failure of the proposals paved the way for the two parties to continue negotiating toward a package that could gain enough votes to pass.

SEC Considers Former Insiders to Head Audit-Industry Watchdog [Bloomberg]
James R. Doty, who served as SEC general counsel from 1990 to 1992, and John J. Huber, who headed the agency’s corporation finance division in the 1980s, are the leading candidates to head the Public Companies Accounting Oversight Board, said three people familiar with the matter who declined to be identified because the process isn’t public.

Madoff trustee sues HSBC for $9bn [BBC]
Iriving Picard, who is seeking to recover funds for Madoff’s Ponzi scheme victims, is alleging 24 counts of fraud and misconduct against HSBC. He alleges that HSBC aided Madoff’s scheme through the creation of a network of international feeder funds.

A Loan Accounting Problem to Make “Amortized Cost” Proponents Squirm [The Accounting Onion]
Loaning money to plaintiffs to fund their lawsuits is a tricky enough proposition without getting into the accounting.

How College Students Should Use Linkedin [The Summa]
Dave Albrecht explains that this should not be Facebook redux.

“Cloud is bullsh*t” – HCL’s CEO, Vineet Nayar, explains why he said just that [Horses for Sources]
Maybe it’s a just attempt to be contrarian.

McGladrey Expands Washington National Tax Office [McGladrey]
“We are thrilled to add Bob’s knowledge and expertise to our firm at such an exciting time. Over the next few years, we plan to more than double the size of our D.C.-based teams with additional strategic hires to better serve our clients,” said C.E. Andrews, president of RSM McGladrey. “Our new office in the heart of our nation’s capital and Bob’s relationships within the IRS will, no doubt, prove invaluable for our clients as we create a ‘gateway of connectivity’ for them with policymakers influencing the tax world.”

Wesley Snipes Asks To Delay Jail For Holidays With Kids [Janet Novack/Forbes]
This guy really doesn’t want to go to jail, ‘In an “Emergency Motion To Stay Self Surrender’ filed Friday, Snipes argues that as the father of four children, aged 4 to 9, he shouldn’t be forced to turn himself in ‘in the middle of the holiday season.’ ”

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