Please ensure Javascript is enabled for purposes of website accessibility
December 3, 2022

Accounting News Roundup: Koskinen and Trump; Wells Fargo’s Loans; Millennials and Taxes | 12.15.16

IRS commish on Trump, not GAF

This Tax Analysts interview of IRS commissioner John Koskinen makes it pretty clear that he has, at the very least, a decent relationship with Emperor-elect Donald Trump. In fact, when Koskinen was nominated as the new commish back in 2013, Trump called to congratulate him. Koskinen says that when he got to know Trump in the '70s he "was irrepressible but energetic, hard-working," which is probably enough of compliment for JK to keep his job. Not that he's too concerned. When asked about the impeachment threats from the House of Representatives, Koskinen said, "I was concerned less about myself — as everybody knows, I came out of retirement, what are they going to do to me?"

I'm really, really, really hoping Trump keeps Koskinen at the IRS.

Wells Fargo

When your high-pressure sales tactics result in employees creating millions of fake accounts, you're gonna get attention for the run-of-the-mill stuff. I'm fairly certain that's why the SEC's questioning of Wells Fargo's loan accounting made news yesterday. The correspondence revealed that the SEC is satisfied with the bank's explanation, which essentially was, "challenging, and that is the answer that Wells Fargo is offering," as one professor quoted by Reuters put it.


With all the marketing and media aimed at millennials, I'm a little surprised a company whose strategy is essentially "Tax Preparation for the Millennnial Generation" hasn't popped up. I think the trick would be to use the right language: "Your tax return is not like any tax return in the world." Or, "Your tax return is special because it's you." Or, "This tax return is 100% organic and free-range." I don't know, maybe everyone will just start using Credit Karma's free tax returns? That undercuts the chance of a Tax Prep Unicorn, but I'd be okay with that. In any case, here are year-end tax tips for millennials that you can share with your friends so they won't bug you for help this year.

University partner viewpoint: Is there a (future) doctor in the house?

If you're weighing your options for 2017 and one of those options is a doctorate, you should read this University of Scranton article on the shortage of them and its impact on the accounting profession.

Previously, on Going Concern…

I wrote about another Deloitte affiliate in trouble with the PCAOB.

In other news:

Get the Accounting News Roundup in your inbox every weekday by signing up here.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]