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November 27, 2022

Accounting News Roundup: McConnell Promises to Block House Bill on Tax Cuts; Morrison & Co. Merges with WithumSmith+Brown; Section 409A Relief | 12.02.10

U.S. Bill to Extend Middle-Class Tax Cuts Likely to Stall After House Vote [Bloomberg]
At least six House Democrats said yesterday that they would vote against the measure or were considering doing so because they either agreed with Republicans or were concerned about the $3 trillion measure’s effect on the growing federal budget deficit. The House has 255 Democrats and 179 Republicans.

Even if the measure passes the House, Senate Minority Leader Mitch McConnell of Kentucky said Republicans would block its passage in his chamber because it would amount to a tax increase for high earners.

World Cup Bids Go Down to the Wire [WSJ]
As you may recall, PwC had a big hand in England’s push to land the 2018 Cup. The announcement comes today circa 9 am, although the Journal states, “keeping with the opaque nature of international football politics, no one knows exactly when or how the result will be announced.”

Morrison & Company merges with WithumSmith+Brown [AW]
Forensic accounting firm Morrison & Company, P.A., has merged with New Jersey-based CPA firm WithumSmith+Brown, P.C. (WS+B). Effective this week, the union adds 14 professionals to the WS+B roster.

The Morrison & Company staff currently based in the Paramus office will remain at that location, under the WS+B name.

Green Mountain Coffee Roasters, Time to Spill the Beans? [White Collar Fraud]
Sam Antar wants some hippies in Vermont to share all the details about their accounting errors.

Senate votes to exempt CPAs from ‘red flags rule’ [CPA Success]
The AICPA reports that the Senate has passed the “Red Flag Program Clarification Act of 2010,” a measure that narrows the definition of “creditor” in the Fair Credit Reporting Act and thus likely excludes CPAs and CPA firms from having to comply with the Federal Trade Commission’s “red flags rule,” which requires certain business entities to “develop and implement written identity theft prevention programs” that could detect the red flags that signal identity theft.


IRS Provides Additional Relief Under Section 409A Document Failure Correction Program [JofA]
Aka: “Relief for the Worst Tax Enactment of the Last Decade.”

The Obama Deficit Panel’s Tax Reform Version 2.0 [TaxVox]
The wonks at the Tax Policy Center feel that 2.0 is “specific and more realistic than their initial plan.”

U.S. Bill to Extend Middle-Class Tax Cuts Likely to Stall After House Vote [Bloomberg]
At least six House Democrats said yesterday that they would vote against the measure or were considering doing so because they either agreed with Republicans or were concerned about the $3 trillion measure’s effect on the growing federal budget deficit. The House has 255 Democrats and 179 Republicans.

Even if the measure passes the House, Senate Minority Leader Mitch McConnell of Kentucky said Republicans would block its passage in his chamber because it would amount to a tax increase for high earners.

World Cup Bids Go Down to the Wire [WSJ]
As you may recall, PwC had a big hand in England’s push to land the 2018 Cup. The announcement comes today circa 9 am, although the Journal states, “keeping with the opaque nature of international football politics, no one knows exactly when or how the result will be announced.”

Morrison & Company merges with WithumSmith+Brown [AW]
Forensic accounting firm Morrison & Company, P.A., has merged with New Jersey-based CPA firm WithumSmith+Brown, P.C. (WS+B). Effective this week, the union adds 14 professionals to the WS+B roster.

The Morrison & Company staff currently based in the Paramus office will remain at that location, under the WS+B name.

Green Mountain Coffee Roasters, Time to Spill the Beans? [White Collar Fraud]
Sam Antar wants some hippies in Vermont to share all the details about their accounting errors.

Senate votes to exempt CPAs from ‘red flags rule’ [CPA Success]
The AICPA reports that the Senate has passed the “Red Flag Program Clarification Act of 2010,” a measure that narrows the definition of “creditor” in the Fair Credit Reporting Act and thus likely excludes CPAs and CPA firms from having to comply with the Federal Trade Commission’s “red flags rule,” which requires certain business entities to “develop and implement written identity theft prevention programs” that could detect the red flags that signal identity theft.


IRS Provides Additional Relief Under Section 409A Document Failure Correction Program [JofA]
Aka: “Relief for the Worst Tax Enactment of the Last Decade.”

The Obama Deficit Panel’s Tax Reform Version 2.0 [TaxVox]
The wonks at the Tax Policy Center feel that 2.0 is “specific and more realistic than their initial plan.”

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