October 6, 2022

Accounting News Roundup: IRS Lost Some Pocket Change; Small Business Wants Tax Reform, Too, Ya Know; JP Morgan’s Big Fine | 09.26.13

Lost: $67 Million. If Found, Please Return To IRS [Forbes]
Tony Nitti: "That’s $67 million of taxpayer dollars that were spent on, well…nobody is quite sure what it was spent on, other than it appears to have used for employee workspaces and technology. In other words…Grand Theft Auto V for everyone!"

Messi in Court Shows Tax Collectors Set to Pursue Star Athletes [Bloomberg]
[Lionel] Messi, 26, the four-time global player of the year, and his father are due in a Barcelona court tomorrow to face a complaint that they evaded 4.2 million euros ($5.7 million) in taxes on payments from Adidas AG (ADS), PepsiCo Inc. (PEP), Procter & Gamble Co. and other companies. According to court documents, the Messis diverted 10 million euros to tax havens Belize and Uruguay from 2007 through 2009. The government is pursuing the case even after the Messis paid 5 million euros — the amount prosecutors say they evaded, plus interest — on Aug. 15. The hearing Friday is to determine whether to charge them with criminal tax evasion. If charged and convicted, they could be fined as much as 21 million euros and given a 1-year suspended prison sentence.

Feds: Kirkland accountant bilked his own brother while cheating the IRS [SPI]
Ahhh, family.

A list of all the reasons why JP Morgan may be facing the biggest bank fine ever [Quartz]
Author Tim Hernolz sums up in this tweet: "At what point do you consider JP Morgan a criminal enterprise?"

Don't Forget Small Business in Tax Reform [CFO]
Because jobs!

Marriage and Religious Freedom Act Promotes Neither [Tax Analysts]
David Brunori: "When politicians lose on an issue, they often turn to the tax code to address their grievances, and the anti-gay crowd has been losing in the courts and before the public on the issue of marriage equality. It turns out that people, especially young people, don't really care who consenting adults want to marry, so these members of Congress decided that organizations fighting for "tradition" need some help. The proposed law will allow section 501(c)(3) organizations to engage in political activity, as long as it's for championing heterosexual marriage, while 501(c)(3)s supporting marriage equality cannot engage in partisan political activity. No matter what you think of the issue, that is bad government and a misuse of the tax laws to further a political agenda. "

'F*** off back to your own country': What accountant 'told Asian man during Tube rant that was caught on camera and uploaded to YouTube' [DM]
Accountant Claire Moloney was filmed screaming at the unidentified man in a foul-mouthed video clip which was later uploaded to YouTube. Two and half years later, she was arrested on suspicion of racially aggravated assault, with prosecutors claiming that she had caused distress to the man and to onlookers. But she denies she was racist, saying she was upset at being told she had 'blood on my hands' and being criticised because she had been drinking alcohol. […] The video opens in the middle of an argument, with Moloney telling an Asian-looking man: ‘I f****** respect people in their countries, f*** you c***.’ She stood up in her seat, saying: ‘You come in this country, you wanna have f*****g everything on a plate. F*** off back to your own country if your country is so good.’

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