September 25, 2022

Accounting News Roundup: Fired E&Y Partner Accuses Firm of Corruption; The Latest ‘Serious’ Tax Cut Plan From Dems; Grover Norquist’s SNL Moment | 12.05.11

‘Dismissed’ partner accuses Ernst & Young of corruption [Telegraph]
Accountant Ernst & Young is facing an allegation of corruption at one of its global headquarters as part of a whistleblowing case brought by one of its ex-managing partners.

Cuomo Pushes New Tax Rates for Big Earners [NYT]
While Mr. Cuomo did not provide specifics on his tax proposals, he and legislative leaders were negotiating a deal, the officials briefed on the plan said, that would allow the state’s so-called millionaires’ tax — a surcharge on incomes over $200,000 for individuals — to lapse as scheduled on Dec. 31. But one or more new tax brackets for high-income earners would have those individuals paying less than they did under the surcharge — allowing officials to say that the millionaires’ tax had lapsed — but paying at a higher rate than they would have been under existing tax brackets.

Zynga Eyes $1B in Biggest Web IPO Since Google [Bloomberg, S-1]
Zynga Inc., the biggest maker of games on Facebook, is seeking as much as $1 billion in the biggest initial public offering by a U.S. Internet company since Google Inc. (GOOG)’s debut. The company is offering 100 million shares for $8.50 to $10 apiece, according to a regulatory filing today. The high end of the range would value San Francisco-based Zynga at $7 billion.

Enron’s Tenth Anniversary: Conclusion—Or Is It? [GOA]
The Grumpies are thankful for Enron because it gives them a lot of blogging fodder.

Senate Democrats to Offer New US Tax Cut Plan [Reuters]
U.S. Senate Democrats plan to offer a new proposal on Monday to extend a popular payroll tax cut amid signals that Republican leaders would accept a compromise that covers the cost to the federal Treasury. Senate Budget Committee Chairman Kent Conrad, a Democrat, said that the offer would be a “serious attempt to move this ball forward,” and avoid a Dec. 31 expiration of the popular tax cut.


Grover Norquist on Saturday Night Live [TaxProf]

‘Dismissed’ partner accuses Ernst & Young of corruption [Telegraph]
Accountant Ernst & Young is facing an allegation of corruption at one of its global headquarters as part of a whistleblowing case brought by one of its ex-managing partners.

Cuomo Pushes New Tax Rates for Big Earners [NYT]
While Mr. Cuomo did not provide specifics on his tax proposals, he and legislative leaders were negotiating a deal, the officials briefed on the plan said, that would allow the state’s so-called millionaires’ tax — a surcharge on incomes over $200,000 for individuals — to lapse as scheduled on Dec. 31. But one or more new tax brackets for high-income earners would have those individuals paying less than they did under the surcharge — allowing officials to say that the millionaires’ tax had lapsed — but paying at a higher rate than they would have been under existing tax brackets.

Zynga Eyes $1B in Biggest Web IPO Since Google [Bloomberg, S-1]
Zynga Inc., the biggest maker of games on Facebook, is seeking as much as $1 billion in the biggest initial public offering by a U.S. Internet company since Google Inc. (GOOG)’s debut. The company is offering 100 million shares for $8.50 to $10 apiece, according to a regulatory filing today. The high end of the range would value San Francisco-based Zynga at $7 billion.

Enron’s Tenth Anniversary: Conclusion—Or Is It? [GOA]
The Grumpies are thankful for Enron because it gives them a lot of blogging fodder.

Senate Democrats to Offer New US Tax Cut Plan [Reuters]
U.S. Senate Democrats plan to offer a new proposal on Monday to extend a popular payroll tax cut amid signals that Republican leaders would accept a compromise that covers the cost to the federal Treasury. Senate Budget Committee Chairman Kent Conrad, a Democrat, said that the offer would be a “serious attempt to move this ball forward,” and avoid a Dec. 31 expiration of the popular tax cut.


Grover Norquist on Saturday Night Live [TaxProf]

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