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February 2, 2023

Accounting News Roundup: Dodd-Frank; Amazon and City Sales Taxes; Big College Coach Salaries | 03.26.18

Accountants may benefit from Dodd-Frank changes [AT]
The operative word being “may.” The Senate bill that passed earlier this month must be reconciled with a more aggressive House bill that passed last year, and “there are indications that may not happen.” The House bill went so far to roll back some provisions within Sarbanes-Oxley, and that has little support in the Senate.

As Amazon Steps Us Tax Collections, Some Cities Are Left Out [NYT]
Although Amazon has deals to collect sales tax for every state that has one, the company is not collecting many city sales taxes, meaning that the local governments are still struggling to capture that revenue.

It’s March Madness Time – And Duke’s Cost to Keep Coach K Just Went Up! [BNA]
If you’re a tax pro who follows college athletics, then you may or may not have been aware of the new excise tax on executive compensation at tax-exempt orgs. A 21 percent tax is due on salaries of $1 million or more, and this includes many, many, many college coaches. But not those at public universities; they lobbied for and won an exemption in the new tax law.

SEC Stops Ponzi-Schemer Targeting Retail Investors and Obtains Preliminary Injunction and Asset Freeze [SEC]
Niket Shah stole more than $250k from his family and friends to run a Ponzi scheme, according to an SEC complaint, and my hunch is these friendships are over, and that family members wish they weren’t. “Fraudsters who swindle their friends and colleagues using doctored financial statements and outright lies should expect the Commission and its staff to act swiftly and decisively, as we have here today,” said an associate director of enforcement. I hope they act swiftly and decisively when the victims are regular people, too.

Previously, on Going Concern…

I mentioned the IRS’s reminder for everyone with crypto income to be sure to report it.

In Open Items: Fired from national CPA firm; not sure what to do

From the archives: Three Ways to Get Back into Study Mode for the CPA Exam; See also: McGladrey Team’s Request for Confirmation Rubbed Someone the Wrong Way

In other news:

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