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December 3, 2022

Accounting News Roundup: Before Ireland, There Was Puerto Rico; Cash Piles; Holiday Parties | 12.01.15

Pfizer’s Long War on Taxation [DealBook]
Long before Pfizer decided to call Ireland home, it went to another island for tax creativity: Puerto Rico. Andrew Ross Sorkin writes that Pfizer "was deploying various tax avoidance strategies dating back to at least 1976" including one that gave them tax exemption on profits earned in PR. A 1992 GAO report found that the company saved $759 million over 10 years and the exemption "ultimately cost American taxpayers $24.7 billion in unpaid tax receipts," because it was such a popular tax haven for pharmaceutical companies.   

SolarCity's CFO will step down in February [BI]
If you want to work for Elon Musk, then sorry, the job's already been taken by Tanguy Serra, SolarCity's COO.

McCann helps another accounting firm set up shop in KC [KCBJ]
This McCann is Chuck McCann, one of the founders of Mayer Hoffman McCann aka the auditing division of CBIZ. These days he helps accounting firms in the KC area and he's currently looking "for a merger candidate" to build out an office for Whitlock & Co. So, you know of someone, get in touch.  

Tesco Settles Investor Class Action for $12M [CFO]
One down, one to go for the Walmart of the UK, who's still cleaning up its accounting scandal from last year.

In other news:

  • The Decline of the Office Holiday Party [Bloomberg]
  • 11 companies have cash reserves that are double their revenue. [WSJ]
  • Non Big 4 TAS or stay? [Open Items]
  • "There's not enough time in the day to respond to every dumb thing Donald Trump says." [CNN]
  • Pope rhymes.

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