Tyco Gets Takeover Offer of $30 Billion [WSJ]
France’s Schneider Electric SA has made a preliminary bid for approximately $30 billion for Tyco International Ltd., according to people familiar with the matter, hoping to draw the Swiss-based conglomerate to the negotiating table. “The board is studying the proposal,” said one person familiar with the matter. The tentative bid “was a surprise,” this person added.
IRS Spared From Budget Cuts as U.S. Agency Seeks Revenue From Tax Cheats [Bloomberg]
The Internal Revenue Service avoided a $603 million budget cut proposed by House Republicans, preventing changes that could have cost the government $4 billion in uncollected revenue. Under the proposed spending bill released today, the IRS budget for fiscal year 2011 would be $12.1 billion, or 0.2 percent less than in fiscal 2010. That level would subject the IRS to the same across-the-board funding cut as all domestic, non-defense agencies.
National Hug-an-Accountant Month [HuffPo]
Who Cheats on Their Taxes? [Economix/NYT]
There was a study – with a chart! – that shows that a person’s relative importance makes them less likely to cheat on their taxes. So yes, doctors and lawyers rarely underreport their income. Somehow accounting and finance professionals didn’t find their way onto the list since they probably would have bucked the trend.
Taxpayer With Tax LL.M. Lacked Substantial Authority for Tax Return Position [TaxProf Blog]
Having just let lawyers off the tax cheating hook, the TaxProf hands us a rebuttal.
Intacct Joins Forces With the White House, SCORE, the AICPA and the Walmart Foundation [Intacct]
Intacct, a leader in cloud financial management and accounting software, the AICPA, and a whole slew of others joined the FLOTUS at the WH in to announce a initiative that will help US military personnel and their families become entrepreneurs.
81 Cents on the Dollar: Gender Pay Gap Persists [FINS]
The wage gap between men and women shrunk quickly in the 1980s and 1990s, but has been stuck near its current level for about a decade. For all jobs in 2010, the median wage for full-time women workers was 81.2% that of men, according to the Institute for Women’s Policy Research.
The Most Dangerous Thing You’ll Do All Day [Yahoo]
I know those Herman Millers are comfy but try to get up every once in awhile.
DOJ Asked to Probe BCS Under Antitrust Law [WSJ]
A group of law and economics professors and practitioners has asked the Department of Justice to investigate college football’s Bowl Championship Series under antitrust law. In a letter, a copy of which was provided to The Wall Street Journal before it was made public, the 21 signatories—who include Richard Thaler of the University of Chicago and Andrew Zimbalist of Smith College—assert that the BCS is a cartel that “secures market access and revenue” for its favored members.