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Accounting News Roundup: Mnuchin Is Chill; Super Bowl Champ Taxes; Lots of Identity Fraud | 02.07.18

mnuchin tesco trial identity fraud

Treasury Secretary Tries to Ease Concern Over Stock Market Fall [WSJ]
Steven Mnuchin says nothing is fucked here. “I think the fundamentals are quite strong. I don’t think these types of moves, given how much the market has rallied, do have financial stability concerns.”

U.K. Fraud Trial of Ex-Tesco Executives Ended After Heart Attack [Bloomberg]
Ex-Chief Financial Officer Carl Rogberg’s heart attack came “days before the jury was due to begin deliberations” and the judge presiding ruled that it “was inappropriate to continue the trial.” The U.K.’s Serious Fraud Office has until March 2nd to decide if they want to re-try the three former executives.

Super Bowl LII—Are the Philadelphia Eagles Championship Winners but Tax Losers? [BNA]
Much like mega jackpot lottery winners, I’ve never appreciated the analysis of tax consequences for professional athletes who have won a championship. Do you think Nick Foles gathered the team around to discuss the importance of tax compliance and warned them about Minnesota’s jock tax? Dear reader, I assure you, he did not. Besides, I imagine the vast majority of SALT pros in the Philadelphia metro area are still celebrating; they won’t be a help to anyone for another few days.

Identity Fraud Hits Record Number of People [WSJ]
If you’re thinking about getting into cybersecurity, you won’t have to worry about staying busy: “The fraud schemes are more complicated, more sophisticated.”

FBI serves search warrant at accounting firm in south Tulsa [TW]
Although CCK Strategies says it “is not the subject of any investigation,” I imagine FBI and IRS agents showing up at your firm about a person who “has business dealings” with some of your clients is enough to rattle a few people.

Previously, on Going Concern…

Megan Lewczyk wrote about the Defense Logistics Agency’s accounting or lack thereof.

From the archives: Born-Again Christian Learns What People Mean When They Say Taxes Are Evil

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