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December 2, 2022

Accounting News Roundup: KPMG to Make Minor Changes After London Case; Enterprising Tax Maneuvering by Strip Clubs; Jack White Saves the Day | 06.05.13

KPMG Finds Its Safeguards 'Sound and Effective' [WSJ]
KPMG LLP is completing an internal review that is likely to result in only minor changes to the accounting firm's controls in the wake of an insider-trading scandal. […] The case [of Scott London] prompted KPMG to review its internal safeguards, which the firm has said already were "world-class." They include training for employees, a whistleblower system and monitoring of the personal investments of partners and managers. All KPMG employees must agree annually to comply with the firm's code of conduct, which prohibits insider trading and warns against practices that could lead to the release of confidential client information. The review is nearing completion, and the firm "will be considering possible enhancements to our training and monitoring," a KPMG spokesman said. But the review "supports the conclusion that the fundamental architecture of our insider trading policies is sound and effective," he said.

As Strip Clubs Pocket Tax Dollars, Lawmakers Target Tax Credits [Forbes]
What about supporting small business?

IRS Paid Speaker $17,000 to Paint Michael Jordan at Event [Bloomberg]
And Bono. Now, I'm outraged!

That IRS Conference in Anaheim Isn't Really the Scandal Everyone Thinks It Is [MoJo]
Kevin Drum: "And for what it's worth, can I add that every single private company in the country has held more of these kinds of conferences than you can count? Yes, there's a Dilbertish case to be made that they're stupid and a waste of time. I was always fairly cynical about them, myself. But trust me: the rock-jawed titans of the private sector do all this stuff and more every single year. You might think it's dumb, but they all seem to think it's worthwhile. Is it any surprise that IRS management figured it was worthwhile too?"

Conflicting Laws, Regulations Feed IRS Confusion [AP]
While no one interviewed by The Associated Press for this story defended the IRS' targeting of tea party and other conservative groups, no one disputed that the rules governing political activities by tax-exempt organizations are hard for everyone to follow, including the IRS. With one law saying some tax-exempt groups must engage "exclusively" in social welfare work, while a regulation changes the threshold to "primarily," President Barack Obama said last month that the result is "a bunch of ambiguity."

Showing his stripes: Jack White paid Masonic Temple back taxes; theater to be renamed [DFP]
The anonymous benefactor who recently paid the entire $142,000 balance in taxes to prevent Detroit’s Masonic Temple from falling into foreclosure was revealed Tuesday to be musician Jack White, who played there as a solo artist and with his former band, the White Stripes. The Detroit-born White also partly grew up at the Masonic when his mother served as an usher there. In light of White’s gift, the Masonic Temple Association said it would rename the temple’s Cathedral Theater — sometimes known as the Scottish Rite — as the Jack White Theater.

Domino's tests drone pizza delivery [CNN]
Even though this won't fly  in the U.S., you can't deny that getting pizza delivered is preferred to being vaporized.

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