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Accounting News Roundup: Medtronic Gets in on Inversion; Deloitte’s New Seattle OMP; Grant Thornton’s ‘Dr. Poof’ Problem | 06.16.14

Medtronic to Buy Device Maker Covidien for $42.9 Billion [Bloomberg]
Any guesses where Covidien is located? "Medtronic will pay the equivalent of $93.22 for each share of Dublin-based Covidien, or about 29 percent more than Covidien’s New York closing price of $72.02 on June 13, the companies said yesterday in a statement. The combined company, called Medtronic Plc, will be based for tax purposes in Ireland."

IRS lost emails by official in tea party probe [AP]
Apparently Lois Lerner's computer crashed in 2011. This is sitting well with some people: "The fact that I am just learning about this, over a year into the investigation, is completely unacceptable and now calls into question the credibility of the IRS’ response to congressional inquiries," said Rep. Dave Camp, R-Mich., chairman of the House Ways and Means Committee. "There needs to be an immediate investigation and forensic audit by Department of Justice as well as the inspector general."

Fmr KPMG Partner Scott London Shares Cautionary Tale Before Prison [Forbes]
When asked how this came to pass, SL tries to explain this way: "Between the long tenure of being in the same position in my firm for possibly too long and the desire to help out a friend, those factors may have lead to an impairment of judgment on my part."

Ed Thomas named managing partner at Deloitte in Seattle [ST]
A step up from his role as the partner in charge of tax of the Pacific Northwest.

Lawsuit: Grant Thornton knew about 'Dr. Poof' [KCBJ]
Apparently Allen Davison made taxes disappear, illegally, and some of his former clients say that GT was in on it: "In a new lawsuit filed in Jackson County District Court, they allege that Grant Thornton executives not only knew about Davison’s tax schemes, but also endorsed them."

KPMG employee put forward for police commendation for river rescue []
Paul Sopher already got free drinks for pulling a woman out of the Thames, so this seems to be icing on the cake.

Extenders advance, estimates loom [Tax Update]
Joe Kristan reminds us that second-quarter estimates are due today.

'Money Pit' for sale: $12.5M [NYT]
The house from the 1986 Tom Hanks movie sounds like it spend a couple of decades preparing for a second film: "[T]he current homeowners, Rich and Christina Makowsky, who bought the 5.4-acre estate in 2002, said their experience imitated art. 'We didn't realize how bad it was,' said Mr. Makowsky, a shoe manufacturer and distributor. 'The house was falling apart when you went from room to room. We definitely could have done the sequel.' "

The Nissan Van Taxi That Will Rule NYC’s Streets Is Actually Great [Wired]
Mostly because you'll be able to charge your phone in them.

Posted in ANR