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Accounting News Roundup: Obama to Make New Offer on Corporate Taxes; Barnes & Noble’s Messy Books; Herbalife Still Feeling London Effects | 07.30.13

Obama to Offer New Deal on Corporate Taxes, Jobs [WSJ]
Hoping to break an impasse, President Barack Obama today will extend a new offer to congressional Republicans in which he would back an overhaul of the corporate tax system in exchange for a guarantee that a resulting one-time windfall be used to underwrite various job creation proposals. Mr. Obama will lay out the plan in a speech he is to deliver in Chattanooga, Tenn., in a bid to win over Republican lawmakers who've opposed White House requests for new spending on roads and bridges and other projects aimed at boosting employment. The deal is part of a renewed White House effort to jumpstart its domestic agenda and focus attention on jobs and the economy.

The Question of Taxing Employer-Provided Health Insurance [Economix/NYT]
Everything you could possibly want to know about the largest tax expenditure (i.e. spending) in the code.

Barclays reveals £12.8bn balance sheet hole [FT]
Barclays has revealed a £12.8bn hole in its balance sheet as it announced a £5.8bn rights issue, buttressed by a plan to shrink its balance sheet and issue £2bn of contingent convertible debt. The bank’s shares, which fell 4 per cent on Monday after the Financial Times reported news of the rights issue, fell a further 5.5 per cent to 291.8p in early trading in London. The rights issue is the biggest since 2009, and the fourth biggest in British banking history.

Sloppy books at Barnes and Noble [Crain's]
Barnes & Noble Inc., the struggling bookseller, reported "material weakness" in its accounting and restated three years of financial results. Investors seemed alarmed by more bad news from the unprofitable retailer whose chief executive stepped aside earlier this month and they bid down its stock by 5%. Barnes & Noble said Monday that errors in reporting sales and occupancy costs, plus an inaccurate tally of income-tax refunds received when it was unprofitable in 2011 and 2012, caused the company to over-report losses over those two years by $9 million. Actual losses over those two years were $134 million, not the $143 million, the company reported.

Deloitte warns serious misconduct ruling could damage financial advisory industry [CityAM]

Herbalife (HLF) Won't File 10-Q for Q213 on Time Due to Auditor Shift [HLF]
London! [screams at the sky]

Max Baucus tax reform push at risk [Politico]
Senate Majority Leader Harry Reid is undercutting the Montana Democrat with warnings that tax reform should generate about $1 trillion in revenue — far more than Baucus is comfortable seeking. His so-called blank slate approach to tax reform, meanwhile, invited rehashed talking points from both parties that might do little to move the process forward. "The wind has kind of come out of the sails,” said Sarah Binder, an expert on Congress at The Brookings Institution. “From the slow-moving process in the committee and the dismissive comments from Reid, Democrats have kind of lost their enthusiasm for renovating the Tax Code.”

Woman CPA Sees Little Progress In A Generation [Forbes]
"Let’s get that women’s firm off the ground. Where to start? I am too old, but it needs to happen." 
Accountant admits stealing $100,000 from Planned Parenthood [BN]
A 44-year-old woman, has three prior theft convictions, stole $102k from August 2012 to March 2013.
Florida Police Sergeant Played Nude Online Sex Game While On Duty [Gawker]
Daytona Beach Police Sergeant Penny Dane reportedly confessed to investigators that she regularly spent hours playing Red Light Center — described as "a porn-themed version of Second Life" — while she was supposed to be on duty supervising officers. Dane had initially accused a fellow officer of sexual harassment, and relinquished her police-issued desktop and laptop as part of the investigation. A search of the hard drives revealed scores of sexual photos, including at least 23 "extremely pornographic" pics of the sergeant — several of which were taken in uniform.
Posted in ANR