Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: Demand Media Ballparks IPO; Can Accounting Networks Rival the Big 4?; Are You Willing to Swing the Axe? | 01.12.11

US Supreme Court Upholds IRS Tax On Medical Residents [Dow Jones]
The U.S. Supreme Court on Tuesday upheld an Internal Revenue Service requirement that medical residents pay Social Security taxes. The ruling would appear to settle a long fight between the IRS and teaching hospitals including Mayo Clinic, and deprives the hospitals of millions they had hoped not to have to pay the government in the future.

Analysis: Goldman’s accounting still hazy, investors say [Reuters]
Goldman Sachs Group Inc is partially pulling back the curtain on a balance sheet some have criticized as opaque, but the change is unlikely to provide all the answers some investors want. On Tuesday, the investment bank — after a review initiated by Chief Executive Lloyd Blankfein at the company’s 2010 annual meeting — released a 63-page report with 39 recommendations from its business committee for improving transparency for investors.

Demand Media Gives Price Range for I.P.O. [DealBook]
Much to the chagrin of some, Demand appears to be moving towards an offering, “Demand Media, the controversial online content publisher, disclosed on Wednesday that it hopes to raise a maximum of $138 million in its planned initial public offering. In an amended prospectus filed with the Securities and Exchange Commission, Demand’s set the price range for its I.P.O. at $14 to $16 per share.”

Will Obama Call for Tax Reform in the State of the Union? [TaxVox]
If you don’t hear a peep from the President on this issue in the next couple weeks, writes Howard Gleckman, you can forget anything meaningful happening before 2013.

Accounting networks could take on the Big Four [Accountancy Age]
Guy Jubb, head of corporate governance at Standard Life, told a Lords inquiry into the audit market that eight was a “comfortable number” of competition from which clients should be able to choose an auditor from. Other major accounting networks, which are effectively loose associations of firms across the globe, could be organised to take on the Big Four in running the audits of the biggest companies.

Would You Be the Axe-Man? Sign or Decline [FINS]
Would you fire subordinate to get your dream job? That is, would you sit across from them and give them the Trump treatment yourself?

MetLife Seeks Treasurer After Moving Steven Goulart to Investment Position [Bloomberg]
Get your résumé in now.

Posted in ANR