September 30, 2022

Accounting News Roundup: MF Global Customers All Better Now; Colorado Pot Tax Passes; Another KPMG CEO Spotting | 11.06.13

MF Global Customers Will Recover All They Lost [DealBook]
Two years after $1.6 billion vanished from their accounts, MF Global’s customers are now all but assured to collect every last penny. A federal bankruptcy court judge approved a plan on Tuesday that would close the remaining shortfall for some 20,000 customers, many whose lives were derailed when their money disappeared in the firm’s final days.

Colorado voters approve new taxes on recreational marijuana [DP]
A measure to impose hefty taxes on recreational marijuana passed easily Tuesday, as voters across the state overwhelmingly chose to make pot one of the most heavily taxed consumer products in Colorado.

IRS Cracks Down on Breaks Tied to Land of Rich Americans [Bloomberg]
[T]he IRS is challenging a complex and obscure tax break that benefits some of the nation’s wealthiest property owners. Without giving up land, they donate the hard-to-calculate value of a perpetual promise to leave the property undisturbed. For that, they claim a big tax deduction. “They’re overwhelmingly to high-end individuals and provide little to no benefit to the public,” said Dean Zerbe, who examined easement donations as a Republican aide on the Senate Finance Committee. “I don’t know if I could design a tax break that’s more targeted toward the millionaire set.”

Colorado Education-Tax Measure Fails [WSJ]
A ballot measure to raise income taxes to fund education in Colorado failed by a wide margin Tuesday, two years after state voters rejected a similar plan to increase taxes for schools. Roughly 66% of voters had rejected the tax proposal, with 85% of Colorado precincts reporting, according to the Associated Press. The measure, known as Amendment 66, would have raised close to $1 billion a year for schools and overhauled the way the state assigns money to school districts.

CEO of KPMG visits SJU [Torch, Earlier]
That is, John Veihmeyer visited a non-Notre Dame Catholic University.

A couple of interesting career possibilities on Twitter this morning:

IFRS Foundation swaps BDO for GT as auditors [Accountancy Age]
BDO had the audit for 11 years.

H&R Block sees lawsuits over faulty returns get consolidated [KCBJ
A bunch of botched Form 8863s has resulted in 14 different lawsuits, so a judge figured this could be made easier.  

Spousal Tasing Prompted By Gridiron Bet [TSG]
According to a criminal complaint, John Grant, a 42-year-old Chicago Bears fan, and his wife Nicole, a Green Bay Packers backer, made a taser wager on the game at Lambeau Field. If the visiting Bears won, the couple agreed, John would be able to tase Nicole for three seconds. When the Bears prevailed 27-20, Nicole was tased several times while the couple partied at the Sidelines Tap bar in Mayville, a city 50 miles northwest of Milwaukee. While Nicole told cops that she had not agreed to the tasing, a cell phone video reviewed by officers showed that she was “standing still with her arms up and the male subject applies the Taser to her. In the video, Ms. Grant is seen laughing and it seemed apparent that Ms. Grant had consented.” When asked if the tasing caused pain, Nicole told police, “Hell yeah it hurt.” She reported that while the electric device had “been used on the outside of her clothing…it caused burn marks on her buttocks.” She declined medical treatment, however.

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