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November 29, 2022

Accounting News Roundup: EU Not Lovin’ McDonald’s Tax Avoidance; Deducting Settlements; Sex at the Office | 12.03.15

EU to Announce Probe Into McDonald’s Tax Affairs [WSJ]
Mickey D's joins the gaggle of companies in the crosshairs of the European Commission for alleged illegal tax arrangements. The company is said to have avoided "€1 billion ($1.06 billion) in taxes between 2009 and 2013 by funneling royalties to Luxembourg."

Tax Deductions Blunt Impact of Large Corporate Settlements, Report Says [DealBook]
Civil settlements are not fines which makes them tax deductible. Of BP's $20.8 billion settlement, just over $5 billion is a fine. For the DOJ's $25 billion mortgage settlement with banks, $20 billion will be deducted from banks' taxable income. Altogether, a  from United States Public Interest Research Group found that the US Treasury has lost $17 billion in tax revenue due to the non-deductible classification of the settlements.    

Seriously, It's Tinder For M&A [Bloomberg]
I'm always skeptical of companies that are "Facebook for rich people" or "Uber for roosters" but I kinda like the idea of a Tinder for M&A because of things like, "I just spoke with a guy who told me, ‘I was sourcing deals from my boxers this morning,' " which is the Tinderiest quote in an M&A article you could hope for. 

Got caught having sex, manager has not said anything or reported it? [r/accounting]
"Was that wrong? Should I not have done that? I tell you, I gotta plead ignorance on this thing, because if anyone had said anything to me at all when I first started here that that sort of thing is frowned upon… you know, cause I've worked in a lot of offices, and I tell you, people do that all the time."      

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