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Accounting News Roundup: New Hampshire Needs Accountants; Lots or Tax Refunds; Is It Okay to Leave Work at 5 pm? | 04.18.14

SEC's information technology at risk of hacking: report [Reuters]
The best part: "The report comes just two days after the SEC issued a nine-page blueprint that put Wall Street firms on notice that they should brace themselves for some tough questions from agency examiners about their cybersecurity policies and practices."

Shortage of young people entering New Hampshire’s accounting industry is a worrisome trend [NHBR]
If you're an aspiring CPA down on his/her luck, may we suggest a move to the Granite State? "What is driving this accountant drought? Like many fields in New Hampshire, it’s the aging population. The New Hampshire Society of CPAs conducts a demographic survey of its members, identifying age, location and field of employment. Of the group’s 1,145 members, 51 percent are over the age of 50. Eight percent are between the ages of 25 and 30."

IRS: Four of five refunds already out the door [The Hill]
85 million refunds for those scoring at home.

It was only safe for YCN to tweet this after April 15th.

Waterville accountant who cheated on taxes going to prison [The Blade]
Ronald Durbin, 72, didn't file for 2006 through 2009. He had $1.3 million in income during those years.

If Congress Lets Firms Expense Investments, It Should Take Away Their Interest Deduction [TaxVox]
But this would require logical thinking on the part of Congress! UNACCEPTABLE. "When a firm can expense its capital costs, the tax rate on that investment is zero. If the business can also deduct interest, it is paying a negative tax on that equipment—effectively receiving an investment subsidy from the government."

Cathay passenger wielded Toblerone 'like sword' and demanded to be flown to Sochi [SCMP via Reuters]
This has to be quoted at length so you may enjoy it appropriately: "Armed with a large Toblerone bar, Antti Oskari Manselius, 23, from Finland, informed flight attendants he was 'robbing' the plane and demanded the Amsterdam-to-Hong Kong flight be redirected to Sochi, Tsuen Wan Court heard. Manselius, who has pleaded not guilty to behaving in a disorderly manner on an aircraft and giving false information on the existence of a bomb, claims he was only making 'fun and jokes' to entertain passengers and did not mean the threats. The court heard that flight attendants Luk Ka-chun, 26, and Leung Hiu-lun, 37, saw Manselius walking towards the cockpit at about 1.15am, almost six hours into Cathay Pacific flight 270 on February 14. The passenger's head was wrapped in two economy class blankets, leaving only his eyes visible, and he wore another blanket on his back like a cape. In one hand was a large Toblerone chocolate bar that Manselius was 'grasping like a sword', said Luk."

Posted in ANR