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Accounting News Roundup: Just Quit Already; Handicapping 2013 Tax Rates; IRS Gives Lindsay Lohan Some Attention | 01.11.12

Posted on by Caleb Newquist

Romney Wins G.O.P. Primary in New Hampshire [NYT]
 Mitt Romney swept to victory in the New Hampshire primary on Tuesday, turning back a ferocious assault from rivals who sought to disqualify him in the eyes of conservatives, in a contest that failed to anoint a strong opponent to slow his march to the Republican nomination. Mr. Romney, a former governor of Massachusetts, won by a double-digit margin, a validation of his strategy to use his neighboring state to cement his standing as the front-runner. The candidates who had hoped to use the primary to emerge as his leading rival fared poorly, leaving a fractured Republican opposition. “Tonight we celebrate. Tomorrow we go back to work,” said Mr. Romney, who strode into his victory party at Southern New Hampshire University less than 30 minutes after the final polls closed to present himself as the candidate to beat for the Republican nomination.

Hostess Brands Files for Bankruptcy Protection [AP]
Hostess Brands Inc., the maker of Twinkies and Wonder Bread, is filing for bankruptcy protection, blaming troubles with its pension and medical benefits obligations, increased competition and tough economic conditions. The Chapter 11 filing on Wednesday comes just two years after a predecessor company emerged from bankruptcy proceedings. The privately held Irving, Texas bakery company says it will be able to maintain routine operations thanks to a $75 million financing commitment from a group of lenders.

More Firms Enjoy Tax-Free Status [WSJ]
The percentage of U.S. corporations organized as nontaxable businesses has grown from about 24% in 1986 to about 69% as of 2008, according to the latest-available Internal Revenue Service data. The percentage of all firms is far higher when partnerships and sole proprietors are included. Old-line U.S. public companies generally remain taxable, and many complain that they must pay higher effective rates than foreign competitors. They are eagerly seeking a cut in the 35% U.S. corporate-tax rate, now one of the highest in the world. But increasingly they find themselves at odds politically with the growing breed of nontaxable firms. By some estimates, more than 60% of U.S. businesses with profits of $1 million are structured as pass-throughs, the highest rate among developed countries. Their popularity is one big reason why federal corporate tax collections amounted to just 1.3% of GDP in 2010, well below their mark of 2.7% in 2006 and far beneath their peak of 6.1% in 1952.
 
Quit: Do It Now [WSJ]
Yes, you.
 
What Will Tax Rates Look Like in 2013? [WSJ]
Q: Will there be fundamental tax reform in 2012? A: Not a chance, say the experts. On this point, they were unanimous.
 
Lindsay Lohan – IRS Cracking Down Over MASSIVE Tax Debt [TMZ]
Relevancy…waning…

 

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Accounting News Roundup | 01.21.10

• How to find the “best and brightest” [CPA Success]
This may be a better topic for the friendly HR professional but figuring out who these future accounting rock stars are before they show up on their first day is “more art than science”, as Tom Hood notes.
Popular to some old-school thought, GPA does not always indicate who’s going to dominate in the real world and “soft skills” — besides being a terrible term — are in more demand than ever.
• Help The The American Red Cross of Greater Chicago Help Haiti [Re: The Auditors]
The American Red Cross of Greater Chicago is having a drive today and since Francine’s friend is the CFO, we’ll be glad pass around the news:

One of my oldest and dearest friends, Guillermo Becerra, is the CFO of the American Red Cross of Greater Chicago. I asked him how I could help him, and the Red Cross, during what must be an incredibly busy time post-Haiti earthquake.


“The Chicagoland community will come together on Thursday, January 21 to give to the American Red Cross as we help the people of Haiti recover from the catastrophic earthquake that devastated their country last week.
The Chicago Helps Haiti media relief drive begins at 5 a.m. and lasts until 11 p.m. Nearly every TV and radio station in our area will be promoting this fundraising effort throughout the day. You can help too, by giving via phone or online, and sharing your thoughts here, on Facebook or Twitter, and by asking others to give.
To give from 5 a.m. to 11 p.m. CALL 1 (877) 565-5000 or visit www.chicagoredcross.org/haiti

Plus, we’re guessing that if you give, your 2009 tax return isn’t much of a concern.
• If Your Password Is 123456, Just Make It HackMe [NYT]
The Times is concerned that you have a shitty password which puts you at a huge risk of being hacked by someone sitting in their parents’ basement.

Imperva found that nearly 1 percent of the 32 million people it studied had used “123456” as a password. The second-most-popular password was “12345.” Others in the top 20 included “qwerty,” “abc123” and “princess.”

You know who you are, ye with stupid passwords. Also, don’t even think of changing it to “654321” because that drops in at #19.