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September 23, 2023

Accounting News Roundup: Inversions in One Chart; UNC’s Online Masters; Your Work Mistakes | 07.08.14

U.S. Scrutiny for Banks Shifts to Commerzbank and Germany [DealBook]
Dummkopfs! "State and federal authorities have begun settlement talks with Commerzbank, Germany’s second-largest lender, over the bank’s dealings with Iran and other countries blacklisted by the United States, according to people briefed on the matter. The bank, which is suspected of transferring money through its American operations on behalf of companies in Iran and Sudan, could strike a settlement deal with the state and federal authorities as soon as this summer, said the people briefed on the matter, who were not authorized to speak publicly."

30 years of companies abandoning the U.S. for lower taxes in one chart [Wonkblog]
It's been a busy decade: "Nearly twice as many companies (47 in all) have shifted their corporate tax paying duties abroad since 2003, or almost double the amount that did in the twenty years prior, according to data from Congressional Research Service (CRS). And the acceleration is only slated to continue: at least another 12 are currently planning to do the same, according to CRS."

UNC to offer master's degree in accounting online [TBJ]
Coming to an Internet near you in 2015: "Starting July 2015, you’ll likely be able to earn a master’s of accounting degree from UNC-Chapel Hill's Kenan-Flagler Business School’s highly-ranked program from the comfort of your couch. The school announced Monday plans for the new online program, Accounting@UNC. […] But signing up for the online course won’t save you any money. The school will charge the same tuition for Accounting@UNC that it charges to out-of-state students in the residential MAC program, says Jana Raedy, associate dean of the MAC program."

GAO: IRS misleads audited taxpayers [The Hill]
If the budget cuts don't convince anyone, the IRS can always blame the Postal Service: "GAO said that the IRS has 'misled taxpayers by providing unrealistic time frames' — saying it would get back to audited taxpayers within 30 to 45 days. In fact, the watchdog says the IRS consistently takes several months to respond to correspondence audits, which are done through the mail and account for about three-quarters of the audits conducted by the tax agency. In all, GAO says that the IRS is behind on more than 50 percent of the correspondence that taxpayers send in to deal with audits."

You're Probably Making These Five Mistakes at Work [FC]
Striving for perfection can backfire on you when a setback occurs: "Disappointments at work can stop you from asking crucial questions or taking on responsibilities that could potentially move you ahead in your job. It’s unrealistic to believe you’ll never make mistakes in a long career, though, and the ability to recover quickly is what can set you apart from the pack."

The standard bearer of America’s cupcake boom just ran out of dough [Quartz]
Au revoir, Crumbs: "When culinary historians chronicle the Great American Cupcake Bubble of the early 21st century, it will open with the improbable “Sex and the City”-fueled success of Magnolia Bakery in 2000, chronicle the apogee of cupcake mania that was rival Crumbs Bake Shop’s high-flying IPO in 2011, and end with the abrupt closure of the 48 remaining Crumbs outlets on the evening of July 7, 2014."

30,000 pounds of Red Bull spill onto Florida highway [AP
A truck driver could've used some wings: "Troopers say the truck hauling more than 30,000 pounds of Red Bull was heading north when the driver tried to move over to the center lane because another truck was disabled on the shoulder of the road. The driver told troopers his attempt to move over was made impossible by traffic in the lane next to him, reports CBS affiliate WKMG in Orlando. When the driver swerved back into the outside lane, his truck sideswiped the parked vehicle. The trailer on the first truck ripped open and the energy drink spilled onto the road."

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