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December 8, 2022

Accounting News Roundup: KPMG’s Ties at RBS; McGladrey Settles Florida Fraud Lawsuit; Tax Reform Needs a Big Break | 06.14.13

Fears raised over close ties between RBS and top accountant KPMG [TI]
Concerns rose last night over the close relationship between taxpayer-owned Royal Bank of Scotland and the accounting giant KPMG, which dominates RBS's boardroom and wins a large share of the bank's multimillion-pound contracts. News of the ties triggered warnings to RBS to reject candidates who have held senior KPMG posts as they hunt for a chief executive and – potentially – a chairman to replace Stephen Hester and Sir Philip Hampton. RBS has no fewer than three former KPMG executives on its board, all of whom sit on the nominations committee which will select the new chief executive.

Help-Wanted Ad Posted by Obama for Thankless IRS Position [BBW]
“You’ve got a thankless, complex, under-resourced position,” said Mark Matthews, a former IRS deputy commissioner. “This is high risk, no reward.”

Lionel Messi paid his taxes, Barcelona presidents say [AP]
Joan Laporta sounds like he's hoping there's an accountant to blame, "The situation could be that they don't have any responsibility in these events. There can be third parties who are responsible."

Behind the Big Profits: A Research Tax Break [WSJ]
An analysis by The Wall Street Journal shows that the extension of a big tax credit quietly boosted the profits of dozens of companies. Under accounting rules, the companies reported a year's worth of benefits from the research-and-development tax credit in their first-quarter results, lifting profits for many of them by more than 10%. 

Brownback signs Kansas tax measure [KCS]
Gov. Sam Brownback signed a continuation of Kansas income tax cuts into law Thursday, enacting a measure made possible by keeping sales taxes higher.

Feds: Clifton accountant, client tried to bribe IRS agent [NJ]
They were just hoping for a little reduction in a tax bill.

McGladrey settles fraud lawsuit over Abbate embezzlement [SFBJ]
The McGladrey accounting firm has settled a lawsuit that accused the firm of fraud in connection with embezzlement by Miami Beach Community Health Center CEO Kathryn Abbate. Although terms of the settlement were not confidential, the center’s attorney Steven Brodsky declined to reveal the terms. Abbate was sentenced to six years in prison on Wednesday for embezzling $7 million over a period of five years.

Improving the Integrity of Excel's SUM Function [AWEB]
Doesn't this sound useful?

Tax Reform Bumps Into More Political Reality [TaxVox]
"
Reform just can’t catch a break."

Lawsuit Filed To Prove Happy Birthday Is In The Public Domain; Demands Warner Pay Back Millions Of License Fees [TechDirt]
That's right; you've been violating copyright all these years.

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