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December 1, 2022

Accounting News Roundup: Lawsuits Follow SEC Actions on Accounting Fraud; Audit Quality Still a Mystery; Robin Williams’s Estate Planning | 03.31.15

Class-Action Lawsuits Follow SEC Interest in Accounting Issues [WSJ]
The number of SEC accounting-fraud enforcement actions increased 46% in 2014. The number of lawsuits charging accounting malfeasance increased 47%. 

PwC, Deloitte, KPMG or EY, which Big Four firm pays the most? [EFC]
It appears, according to one study, that if you can stick it out for 15+ years, EY will pay the best. In the UK, anyway.

Bitcoin Secret Agents Were Pirates Themselves [Bloomberg View/Matt Levine]
Carl Mark Force IV was simultaneously a DEA agent investigating Silk Road and funneling Bitcoins into his personal accounts because, when your name is Carl Mark Force IV, that's what you do.

PCAOB Inspection Reports at 5: What Can We Learn [CW (Subscription)]
"[N]obody is quite sure how good audits actually are." 

Robin Williams Restricted Exploitation of His Image for 25 Years After Death [THR via TaxProf]
Fascinating estate and tax planning here for anyone who's working in the entertainment sector: "[T]he Trust restricts exploitation of Robin Williams' right of publicity for 25 years after his death. That means, there won't be any authorized advertisements featuring Williams until at least August 11, 2039. The provision also interferes with someone immediately doing, say, a hologram of a Robin Williams standup routine or digitally inserting him into a new film. […] According to insiders, this appears to be a direct reaction to a dispute happening at the moment between the estate of Michael Jackson and the IRS over how to value the late singer's publicity rights for estate tax purposes. The federal government claims the King of Pop's estate owes more than $500 million in taxes from his publicity rights and must also pay almost $200 million more in penalties."

Stop Working On Your Days Off [Lifehacker]
Nothing to add here.

The First Church of Cannabis was approved after Indiana’s religious freedom law was passed [WaPo]
In less than a week, it has received $2,000 in donations (presumably tax deductible).

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