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November 28, 2022

Accounting News Roundup: Looking Good, IRS Employees; The Audit Rotation Fable; Not a Good Day for Discount Tax Prep Cos. | 03.11.13

Number of Tax-Delinquent Government Workers Up 11.5% [Bloomberg via TaxProf]
The number of tax-delinquent federal workers and retirees increased by 11.5 percent in 2011, according to Internal Revenue Service data. The delinquency rate rose to 3.2 percent from 2.9 percent the previous year. The 311,566 delinquent taxpayers owe a total of $3.5 billion in federal taxes, according to the IRS data released today. Among large executive branch agencies, the Department of Housing and Urban Development had the highest percentage of delinquent workers at 4.4 percent. The Treasury Department, which includes the IRS, had the lowest, at 1.1 percent

Whitehall enlists Deloitte to plug skills gap [FT]
The Department for Culture, Media and Sport had to enlist the help of Deloitte to finish its accounts because of a lack of financial expertise within its ranks. Staff from the auditor were brought in as the department buckled under the task of including the BBC and other bodies in its figures for the first time. As well as highlighting the practical obstacles to improving financial reporting in the public sector, the move illustrates the closeness between the government and leading accounting companies.

Re-Structuring the Audit Profession: The UK's Competition Commission Hunts the Woozle [Re:Balance]
Jim Peterson's latest musings are inspired by Pooh…and maybe Kate Upton.

Nasdaq Proposes Listed Companies Have Internal Audit Function [The Corporate Counsel via Francine McKenna]
From the proposal: "Each Company must establish and maintain an internal audit function to provide management and the audit committee with ongoing assessments of the Company's risk management processes and system of internal control. The Company may choose to outsource this function to a third party service provider other than its independent auditor. The audit committee must meet periodically with the internal auditors (or other personnel responsible for this function) and assist the Board in its oversight of the performance of this function. The audit committee should also discuss with the outside auditor the responsibilities, budget and staffing of the internal audit function. A Company listed on Nasdaq on or before June 30, 2013, must establish an internal audit function by no later than December 31, 2013. A Company listed after June 30, 2013, must establish an internal audit function prior to listing."

H&R Block snafu could delay tax refunds for college students, parents [TO]
“I've got friends who filed through TurboTax, and they're getting their money,” said Brendan Williams, a graduate student in Oregon. Williams said he was relying on his $3,000 refund to pay rent and utility bills, which are now overdue. He might not see any more money until April 1, when a student loan check is scheduled to arrive.

Don't use TurboTax, Minnesota Department of Revenue warns taxpayers [MST]
Citing "multiple issues with the products", the Minnesota Department of Revenue issued a crisp statement today urging tax filers to avoid using Intuit products to prepare or file their state income taxes. The products include TurboTax, Lacerte, Intuit online and ProSeries. The state warned that using the products could "jeopardize the accuracy of your return or delay your return."

Google Is Working On A Talking Shoe [BI]
This could be the perfect gift for the CPA that's spending a little too much time at the office. "Go home, absent parent. Go home, absent parent."

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