Accounting News Roundup: Deloitte Still Wants Roland Berger; Big 4 Knew UK Banks Were Getting a Bailout; The Tax Angle on Oprah’s Giveaway | 11.29.10

Democrats Gird for Tax-Relief Battle [WSJ]
Only 32 days remain! “Congressional Democrats, under pressure from their liberal wing, are preparing to put up a fight over tax relief for wealthier Americans before they agree to any compromise with Republicans that could extend the Bush-era breaks.

With the lame-duck Congress reconvening Monday, House Speaker Nancy Pelosi (D., Calif.) may hold a vote mid-week on legislation that would extend the 2001 and 2003 tax cuts only for families with income less than $250,000, while allowing the upper brackets to expire.”

Deloitte hopes to resurrect Roland Berger deal [ft.com/cms/s/0/2e44af2a-f8bb-11df-b550-00144feab49a.html#axzz16gAzoSvU”>FT]
Deloitte does not take “no” for an answer.

PCAOB Signals More Enforcement, Fee Increase in 2011 [Accounting & Auditing Update/CW]
The Public Company Accounting Oversight Board has signaled through its 2011 budget that it is beefing up its enforcement staff to handle an increasing caseload. The board also signaled that public companies can expect a 5.4-percent increase in the support fee they will pay in 2011 to help fund the operations of the PCAOB.

Another Guilty Plea in Iowa Film Fiasco [Tax Update Blog]
Despite this round of justice, Joe Kristan reminds everyone, “Whatever the merits of the case against Ms. Runge, if any, it’s hard to believe that she is the only person out there who should be worried. The State Auditor reported that fully 80% of the tax credits issued under the program were issued improperly, with millions of dollars milked from the state for imaginary or grossly-inflated expenses and through the use of strawmen LLCs to funnel cash improperly out-of-state.”

Turkey, Gravy, Networking: How Savvy Job-Hunters Spend the Holiday [FINS]
Though hiring probably won’t pick up until the new year, savvy candidates are cramming their calendars with informational interviews, meetings with recruiters and as many holiday happy hours as they can handle.

“The general rule is that it’s a really good time to network, because people are in a mindset of charity, goodwill and warmth,” said J. Patrick Gorman, principal at iFind Group, a New York based recruiter of accountants.

The Answer Is No [JDA]
But what’s the question you ask? Go find out.

Big 4 Bombshell: “We Didn’t Fail Banks Because They Were Getting A Bailout” [RTA]
Prior notice is always helpful, “The leadership of the Big 4 audit firms in the UK has admitted that they did not issue ‘going concern’ opinions because they were told by government officials, confidentially, that the banks would be bailed out.”

The House of Lords Looks at the Role of Auditors: And Then Everyone Went for Tea [Re:Balance]
Jim Peterson was pleasantly surprised by the testimony of the Big 4 in the UK, although he had low expectations.


Tax Consequences of Oprah’s Latest Car Giveaway [TaxProf Blog]
From the Prof, “Oprah was back at it last week, giving away to her studio audience a 2012 VW Beetle, a $1,000 Nordstrom gift card, an iPad, and a limited edition Oprah 25th anniversary watch from Phillip Stein encrusted with 58 hand-set diamonds, among other things.”

We should also mention that the audience’s screaming is unbearable.

Destiny’s Child star Kelly Rowland ducks ‘Bills, Bills, Bills’ [Detroit News/Tax Watchdog]
We’re not sure where she left it with Beyoncé but maybe she’ll call Jay-Z to help out?

Twenty Lies You’ll Hear on a Job Interview [Bloomberg BuisnessWeek]
Including a couple of our favorites: “We’re all about work-life balance” and “We don’t have office politics here.”

Democrats Gird for Tax-Relief Battle [WSJ]
Only 32 days remain! “Congressional Democrats, under pressure from their liberal wing, are preparing to put up a fight over tax relief for wealthier Americans before they agree to any compromise with Republicans that could extend the Bush-era breaks.

With the lame-duck Congress reconvening Monday, House Speaker Nancy Pelosi (D., Calif.) may hold a vote mid-week on legislation that would extend the 2001 and 2003 tax cuts only for families with income less than $250,000, while allowing the upper brackets to expire.”

Deloitte hopes to resurrect Roland Berger deal [FT]
Deloitte does not take “no” for an answer.

PCAOB Signals More Enforcement, Fee Increase in 2011 [Accounting & Auditing Update/CW]
The Public Company Accounting Oversight Board has signaled through its 2011 budget that it is beefing up its enforcement staff to handle an increasing caseload. The board also signaled that public companies can expect a 5.4-percent increase in the support fee they will pay in 2011 to help fund the operations of the PCAOB.

Another Guilty Plea in Iowa Film Fiasco [Tax Update Blog]
Despite this round of justice, Joe Kristan reminds everyone, “Whatever the merits of the case against Ms. Runge, if any, it’s hard to believe that she is the only person out there who should be worried. The State Auditor reported that fully 80% of the tax credits issued under the program were issued improperly, with millions of dollars milked from the state for imaginary or grossly-inflated expenses and through the use of strawmen LLCs to funnel cash improperly out-of-state.”

Turkey, Gravy, Networking: How Savvy Job-Hunters Spend the Holiday [FINS]
Though hiring probably won’t pick up until the new year, savvy candidates are cramming their calendars with informational interviews, meetings with recruiters and as many holiday happy hours as they can handle.

“The general rule is that it’s a really good time to network, because people are in a mindset of charity, goodwill and warmth,” said J. Patrick Gorman, principal at iFind Group, a New York based recruiter of accountants.

The Answer Is No [JDA]
But what’s the question you ask? Go find out.

Big 4 Bombshell: “We Didn’t Fail Banks Because They Were Getting A Bailout” [RTA]
Prior notice is always helpful, “The leadership of the Big 4 audit firms in the UK has admitted that they did not issue ‘going concern’ opinions because they were told by government officials, confidentially, that the banks would be bailed out.”

The House of Lords Looks at the Role of Auditors: And Then Everyone Went for Tea [Re:Balance]
Jim Peterson was pleasantly surprised by the testimony of the Big 4 in the UK, although he had low expectations.


Tax Consequences of Oprah’s Latest Car Giveaway [TaxProf Blog]
From the Prof, “Oprah was back at it last week, giving away to her studio audience a 2012 VW Beetle, a $1,000 Nordstrom gift card, an iPad, and a limited edition Oprah 25th anniversary watch from Phillip Stein encrusted with 58 hand-set diamonds, among other things.”

We should also mention that the audience’s screaming is unbearable.

Destiny’s Child star Kelly Rowland ducks ‘Bills, Bills, Bills’ [Detroit News/Tax Watchdog]
We’re not sure where she left it with Beyoncé but maybe she’ll call Jay-Z to help out?

Twenty Lies You’ll Hear on a Job Interview [Bloomberg BuisnessWeek]
Including a couple of our favorites: “We’re all about work-life balance” and “We don’t have office politics here.”

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