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Accounting News Roundup: Exhibit A for Early Birth Tax Dodging; GT’s New Head of West; EY Founders’ Archives Going to Case Western | 08.15.13

Wal-Mart Cuts Profit Forecast as Higher Taxes Damp Sales [Bloomberg]
Wal-Mart Stores Inc. (WMT), the world’s largest retailer, cut its annual profit forecast after higher payroll taxes reduced customer traffic in the second quarter. […] Chief Executive Officer Mike Duke has been advertising Wal-Mart’s low prices to draw U.S. shoppers coping with elevated unemployment and higher taxes. Sales at Wal-Mart U.S. stores open at least 12 months excluding fuel fell 0.3 percent in the quarter ended July 26. Analysts estimated a 0.9 percent gain.

The true-life story of a baby born early to dodge taxes [WaPo]
For the skeptics out there.

PCAOB fixes what isn’t broken in new proposals [Lexology]
This opposition to the Board's proposals has slightly more substance than what has been offered by the U.S. Chamber.

Praxity Alliance receives boost with German & Icelandic firms [Accountancy Age]
Praxity Alliance has increased its offering with its recent signing of firms from Germany and Iceland. The second-largest alliance by fee income announced that German firm HWS would join its group. HWS has six offices in Stuttgart and Baden-Wurttemberg, employing 120 staff. Praxity also announced that ENOR, one of the top ten firms in Iceland would also join the alliance. ENOR has 11 employes and two offices.

Grant Thornton’s Irvine-based Exec Named Managing Partner of West Region [OCBJ]
Jacqueline Akerblom succeeds Joel Anik who is retiring.

Ernst & Young donates archives of its founders to university [CPA Practice Advisor]
The "Ernst & Young Founders Archive" will be part of the Kelvin Smith Library at Case Western Reserve University.

Taco Bell Starts Testing Chicken & Waffle Taco [Gawker]
This is getting out of hand.

Chinese man was nearly shipped to US in container [UPI]

Jiang Wu nearly got himself shipped to America after he locked himself in a container that was an hour away from departing on a two-week-long trip to Los Angeles. Wu reportedly mistook the container for the B&B he was staying in after a night of drinking in Qingdao, eastern China. Upon waking up the following day he had to call police to get out.


Posted in ANR