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Accounting News Roundup: Obama Blames Accountants; Accounting Makes it Rain; The Accounting Rule You Don’t Care About | 08.07.14

Accounting is most profitable industry, study shows [Chicago Tribune]
Here's something that's probably not a surprise to many: An industry all about crunching numbers is also the most profitable. And 7 of the 15 most profitable industries are related to health care or real estate, according to newly released data. Sageworks, a Raleigh, N.C.-based collector of financial data from private companies, ranked all industries by profit margin over the past year and found that accounting, tax preparation, bookkeeping and payroll services topped the list, at 19.8 percent.

Obama Blames Accountants for Inversion Trend [AT]
During a press conference Wednesday following a summit with African leaders, Obama said, “You have accountants going to some big corporations—multinational corporations but that are clearly U.S.-based and have the bulk of their operations in the United States—and these accountants are saying, you know what, we found a great loophole—if you just flip your citizenship to another country, even though it’s just a paper transaction, we think we can get you out of paying a whole bunch of taxes.”

Ready or Not (And You're Probably Not) Lease Accounting Changes Are Coming [GlobeSt]
Like you give a shit.

Lawyer Disbarred After Claiming Accountant Was Secret Agent [Connecticut Law Tribune]
Sorry, source is subscription. But headline is LOL.

How You Can Become 'Super Accountant' [AWeb]
What do your clients consider a good accountant? Someone who keeps their checks and balances in line? Someone who puts them on the path out of debt? Or maybe just someone that keeps the IRS out of their lives? Whatever their definition—or your definition—may be, there's always more you can do for your clients.

The Muddled Road to Overhauling Corporate Taxes [NYT]
Every loophole has its lover. That’s why, despite the furor that has erupted over American companies adopting foreign headquarters to reduce their taxes, it is proving so difficult to fix a corporate tax system that most everyone agrees is badly broken.

The Strange, Sad Story of the Army's New Billion-Dollar Camo Pattern [Gizmodo]
You might be in the wrong line of work.