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February 3, 2023

Accounting News Roundup: McGladrey Shopping in Dixie; SEC Clawbacks; Ending Property Tax Exemptions | 02.11.15

McGladrey Expands in Alabama [AT]
McG will acquire "substantially all of the assets" of Birmingham-based Sellers Richardson Holman & West.

Jailhouse accountant gets more prison time for false tax returns [PBJ]
Steven Scott Pearce received an additional 33 months in prison for filing 17 bogus returns that requested $285k in false refunds.

SEC Announces Half-Million Dollar Clawback from CFOs of Silicon Valley Company That Committed Accounting Fraud [SEC]
William Slater and Peter E. Williams III will giver back $337,375 and $141,992 respectively since the shoddy financial statements of Saba Software went down on their watches.

Private Equity Firms in a Frenzied Race to Hire Young Investment Bankers [DealBook]
Look at what you're missing! "Private equity’s recruiters, trying to secure the best workers for their clients, have helped accelerate the interview timeline, so that it is now the norm to interview workers about 18 months before their jobs will actually start. Some private equity executives say this means the candidates, who have barely encountered their first Wall Street deals, are performing more poorly in interviews. Participants liken the situation to what is known in game theory as the 'prisoner’s dilemma,' in which a lack of information causes private equity firms to act according to their own self-interest rather than find a solution that would be mutually beneficial to all parties."

Colorado's Pot Tax Tally Has Lessons for Other States [AP]
Yeah, they got $44 million but taxing pot and collecting the revenue is harder than it looks.

It's Time to End Property Tax Exemptions — for Everyone [Tax Analysts]
That means ending them for non-profits and local governments, too.   

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