Obama’s Proposal to Simplify Tax Code Complicated by a Mix of Tax Breaks [Bloomberg]
President Barack Obama laid the groundwork for reducing the corporate tax rate and simplifying the tax code in his State of the Union address. He also erected a political hurdle to these efforts as they could lead to higher rates for millions of businesses. Obama said in the Jan. 25 speech that he wants to rid a “rigged” tax code of “loopholes” that allow some corporations to pay less than others, and would use the savings to reduce the top 35 percent corporate rate, one of the world’s highest. He also called for “millionaires to give up their tax break” after an extension of Bush-era tax cuts expires in 2013.
Blue-Ribbon Panel: Just Tweak GAAP for Now [CFO]
The blue-ribbon panel charged with addressing generally accepted accounting principles for private companies presented its recommendations to the Financial Accounting Foundation on Wednesday, in the form of a 70-page report the FAF is slated to consider at its next meeting in February. At its core, the report urges the FAF to create a separate board to modify existing GAAP for the needs of private for-profit companies, allowing for “differences, where warranted, in measurement, recognition, and presentation, and not just disclosure” between public and private companies. However, it stops short of asking for a radical departure from current norms. “At least in the near term, the system should focus on making exceptions and modifications to U.S. GAAP,” the report reads, “rather than move toward a separate, self-contained GAAP for private companies or a wholesale reorganization of GAAP.”
University of Texas at Dallas team takes top honors in AICPA competition [AW]
The students from the University of Texas took first place this past weekend in a national case competition sponsored by the AICPA that focused on enhancing sustainability practices at a business. For winning the AICPA Accounting Competition January 21, the team from Texas, which called itself Eco Consulting LLC, was awarded $10,000. Eco Consulting was comprised of students Dariel Dato-on, Diane Henry, Jinson Jose, and Jennifer Rauschuber. The students were advised by director of undergraduate accounting John Barden, CPA.
‘I’m like a mayor of a medium-sized city’: An interview with IRS Commissioner Douglas Shulman [The Federal Coach/WaPo]
Stewart CEO Leaves To Be Missionary After Differences With Chairman [Dow Jones]
Now who’s doing God’s work?
Lawsuit alleges San Carlos bookkeeper embezzled $4.8 million [SJMN]
The guilt finally got to Georgia Engelhart, who spent the last 30 years stealing the money from Don and Carole Tanklage’s company. She admitted to the embezzlement in a letter to the couple.