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November 29, 2022

Accounting News Roundup: Mission Impossible: Conflict Minerals Reporting; Linklaters and EY Mentioned Together Sans Lehman; TNSTAAFL | 09.08.14

SEC Preps Mutual Fund Rules [WSJ]
More rules to keep you all employed: "The Securities and Exchange Commission is preparing new rules to boost oversight of mutual funds, hedge funds and other firms as part of an effort to gain insight into whether the $50 trillion asset-management industry poses risks to the financial system, according to people familiar with the discussions."

U.S. Concedes Conflict Minerals Prove Impossible to Track [CFOJ]
Who could've seen this coming?! "[T]he government has had to admit that it isn’t up to the challenge of figuring out which smelters are financing the violence in the Congo."

Schumer Anti-Inversion Tax Plan Could Reach Back to 1994 [Bloomberg]
Richard Rubin reports that Chuck's proposal "would reduce the amount of deductible interest for inverted companies to 25 percent of U.S. taxable income from 50 percent."  

Treasury to Decide in ‘Near Future’ on Inversions: Lew [Bloomberg]
In the short-term, Treasury can handle this, but in the longer-ish term, Jack Lew would Congress to get their shit together: "I want to emphasize once again how important it is for Congress to solve this problem," Lew said. “It is imperative that lawmakers get this done. Still, the administration is clear-eyed about the possibility that Congress may not move as quickly as necessary to respond to the growing wave of inversions.”

Speaking of Congress: 

Linklaters first UK organisation to win EY diversity award [The Lawyer]
It bears repeating: Lehman Brothers!

IRS looking into tax-exempt meals at companies [NYP]
Duke tax law professor Lawrence Zelenak thinks, "[t]here’s really potentially a lot of tax revenue involved.” Google serves as the prime example: "The rules may address the unusual legal question of whether employees at the Googleplex in Mountain View, Calif., are more like New York office workers who can duck out for lunch or akin to lumberjacks in a remote logging camp who need to have food trucked in."

Nine-Year-Old in Pajamas Steals City Bus Just Because He Could [Gawker]
In Saskatoon, Saskatchewan.

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