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December 1, 2022

Accounting News Roundup: H&R Block Selling RSM to McGladrey; Job Hating in the Genes; Satyam’s Tax Notice | 08.23.11

H&R Block selling RSM for $610 million [MW]
H&R Block Inc. said on Tuesday that it is selling its RSM McGladrey unit to McGladrey & Pullen, LLP for $610 million. The firm said the deal will result in a $53 million, or 17 cents a share, after tax charge to s expected to close by the end of the year.

Tax Break for Clergy Questioned [WSJ]
As Congress scrutinizes every nook and cranny of the budget for possible revenue, a surprising court decision is allowing clergy members to buy or live in multiple homes tax-free. The U.S. Tax Court ruled that Phil Driscoll, an ordained minister and Grammy Award-winning trumpeter who went to prison for tax evasion, didn’t owe federal income taxes on $408,638 provided to him by his ministry to buy a second home on a lake near Cleveland, Tenn. Under a provision of the tax code known as the parsonage allowance, first passed in 1921, an ordained clergy member may live tax-free in a home owned by his or her religious organization or receive a tax-free annual payment to buy or rent a home if the congregation approves.

Obama Talks to Buffett About Economy [Bloomberg]
“The president and Mr. Buffett discussed the overall outlook on the economy and the reaction to the headwinds we’ve experienced over the last couple of months,” said Josh Earnest, an administration spokesman. “They talked a little bit about some possible measures that would spur investment and increase economic growth and they also talked about some measures that could address the long-term fiscal situation in this country.”

Mandatory Auditor Rotation: If PCAOB Sanctions Were “Case-By-Case” [Re:Balance]
JP: ” [I]f the PCAOB can sustain its proof that long audit tenure was causally related to its definition of “audit failure,” it could include rotation in its toolkit of post-inspection sanctions.”

Hate Your Job? It May Run In the Family [WSJ]
Sayeth a new study.

Sharma to step down as S&P president [FT]
Deven Sharma is stepping down as president of Standard & Poor’s only weeks after the rating agency issued an unprecedented downgrade of the credit of the US, the company said. Mr Sharma will remain as an adviser to S&P’s owner, McGraw-Hill, for four months and leave the company at the end of the year. He will be replaced as S&P president by Douglas Peterson, chief operating officer of Citibank, the banking unit of Citigroup.

Satyam Gets $463.3 Million Tax Notice [WSJ]
India’s Satyam Computer Services Ltd. Monday said it has received a preliminary draft notice from local authorities for a tax claim of 21.13 billion rupees ($463.3 million) disallowing the exemptions claimed by the company and dealing a setback to its attempt to recover from a fraud in 2009.

H&R Block selling RSM for $610 million [MW]
H&R Block Inc. said on Tuesday that it is selling its RSM McGladrey unit to McGladrey & Pullen, LLP for $610 million. The firm said the deal will result in a $53 million, or 17 cents a share, after tax charge to earnings. The deal is expected to close by the end of the year.

Tax Break for Clergy Questioned [WSJ]
As Congress scrutinizes every nook and cranny of the budget for possible revenue, a surprising court decision is allowing clergy members to buy or live in multiple homes tax-free. The U.S. Tax Court ruled that Phil Driscoll, an ordained minister and Grammy Award-winning trumpeter who went to prison for tax evasion, didn’t owe federal income taxes on $408,638 provided to him by his ministry to buy a second home on a lake near Cleveland, Tenn. Under a provision of the tax code known as the parsonage allowance, first passed in 1921, an ordained clergy member may live tax-free in a home owned by his or her religious organization or receive a tax-free annual payment to buy or rent a home if the congregation approves.

Obama Talks to Buffett About Economy [Bloomberg]
“The president and Mr. Buffett discussed the overall outlook on the economy and the reaction to the headwinds we’ve experienced over the last couple of months,” said Josh Earnest, an administration spokesman. “They talked a little bit about some possible measures that would spur investment and increase economic growth and they also talked about some measures that could address the long-term fiscal situation in this country.”

Mandatory Auditor Rotation: If PCAOB Sanctions Were “Case-By-Case” [Re:Balance]
JP: ” [I]f the PCAOB can sustain its proof that long audit tenure was causally related to its definition of “audit failure,” it could include rotation in its toolkit of post-inspection sanctions.”

Hate Your Job? It May Run In the Family [WSJ]
Sayeth a new study.

Sharma to step down as S&P president [FT]
Deven Sharma is stepping down as president of Standard & Poor’s only weeks after the rating agency issued an unprecedented downgrade of the credit of the US, the company said. Mr Sharma will remain as an adviser to S&P’s owner, McGraw-Hill, for four months and leave the company at the end of the year. He will be replaced as S&P president by Douglas Peterson, chief operating officer of Citibank, the banking unit of Citigroup.

Satyam Gets $463.3 Million Tax Notice [WSJ]
India’s Satyam Computer Services Ltd. Monday said it has received a preliminary draft notice from local authorities for a tax claim of 21.13 billion rupees ($463.3 million) disallowing the exemptions claimed by the company and dealing a setback to its attempt to recover from a fraud in 2009.

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