EY reports 2015 global revenues up by 11.6% [EY]
The firm earned $28.7 billion for the year ended June 30, 2015 and all lines of service are going gangbusters:
All of EY's service lines continued to grow in FY15 ahead of their FY14 growth: Advisory grew 17.6% (vs. 14.4% growth in FY14); Assurance 8.1% (vs. 4.5% in FY14); Transaction Advisory Services (TAS) 15.5% (vs. 6.5% in FY14); and Tax 10.3% (vs. 4.3% in FY14).
U.S. revenues were $11.2 billion, an increase of 12.5%, the largest growth in 10 years.
New blow for Yahoo’s Alibaba spin-off bid [FT]
Last week Yahoo got no news about its spinoff. Yesterday it got some very bad news:
An official IRS document issued on Monday said it and the Treasury were “most concerned” about the balance between investment assets and operating businesses in spin-off corporations. “The Treasury Department and the Service are also concerned about transactions in which the distributing corporation or the controlled corporation owns a small amount of Qualifying Business Assets compared to its other assets,” said the document. “[They] have concluded that, under current law, distributions involving small Qualifying Businesses may have become less justifiable.”
One lawyer quoted in the piece said that after last week's mealy-mouthed guidance, there was still a chance Yahoo might do the spinoff. Now? Not so much.
The Surprising Target of Jeb Bush’s Tax Plan: Private Equity [DealBook]
As long as Jeb Bush is in the race for POTUS, I imagine this issue in his tax plan will get the most attention. It will be for naught, of course, as this is a perfect example of a poplulist issue that has no hope for becoming actual policy. Still! It'll get people worked up for months to come.
Mark Cuban: I'm not running for president [CNBC]
In other not-gonna-happen-in-real-life POTUS news, Cuban says, "I just don't have the temperament, at least not at this point, to be a politician."
Hatch, Wyden sneak preparer regulation into ID theft bill [Tax Update]
Eagle-eyed Joe Kristan spots Senators trying to work in some additional oversight authority for the IRS.
The Smartest Ways to Network at a Party [WSJ]
Incredibly, "Get drunk and walk around eating out of a bowl chips," is not among the advice.
A historian thinks he’s pinpointed the oldest known use of the f-word [Quartz]
“Roger Fuckebythenavele” appears three times in a UK court document from 1310.