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Accounting News Roundup: PCAOB Gets UK Clearance; Accounting Will Remain a Hot Career; Tax Reform Won’t Happen Overnight | 01.10.11

Political Heavy Hitters Take on College Bowls [NYT]
Playoff PAC gets the Times treatment, “They are not just producing attack ads; they are also going after the bowls’ finances. In complaints to the Internal Revenue Service, they have raised questions involving three of the four bowls that make up the five-game Bowl Championship Series about interest-free loans, high salaries, lobbying payments and lavish perks for some bowl executives. They have also made accusations about illegal campaign contributions.”

Lehman’s Repo-105 Auditors in U.K. Lose Shield From U.S. Accounting Probe [Bloomberg]
U.S. inspectors blocked from examining whether British auditors of Lehman Brothers Holdings Inc. improperly cleared questionable accounting will get access to the books under an agreement set to be announced today. Authorities in the U.S. and U.K. have settled a jurisdictional dispute that since 2008 has prevented the U.S. Public Company Accounting Oversight Board from reviewing British auditors of U.S. companies, according to a person familiar with the agreement and documents obtained by Bloomberg News.

Verizon Finally Lands the iPhone [WSJ]
The largest U.S. wireless carrier will make the long-awaited announcement at an event Tuesday in New York City, people familiar with the matter said. The phone will make its way to Verizon Wireless stores around the end of January, a person familiar with the matter said. The move will for the first time let U.S. consumers choose the network that carries their iPhone and perhaps give them additional pricing options that could affect their monthly bills.

PTINs a Pain for Some CPAs [JofA]
All paid tax return preparers, including CPAs, now must use a PTIN when signing all tax returns, forms or claims for refund (except for certain specified returns and forms—see Notice 2011-6), and must have obtained or renewed an existing PTIN to prepare returns after Dec. 31, 2010. In addition, persons who exercise discretion or independent judgment to prepare all or substantially all of a tax return, form or claim for refund (again, apart from certain specified ones) must likewise obtain or renew a PTIN, whether or not they sign the return, form or claim for refund. The PTIN requirement is part of the IRS’ broader effort to establish minimum standards for all paid tax preparers that will eventually include, for preparers who are not CPAs, attorneys or enrolled agents, testing and continuing education.

Gulbis confirms Johnson relationship [Fox Sports]
Sorry, guys.

Clifton Gunderson buys N.M. accounting firm [MJS]
Seventh merger for CG since May 2010.

China may launch first-ever property tax in Q1 [Reuters]
China is set to further clamp down on the country’s buoyant housing market by imposing a long-debated property tax for the first time in the southwestern city of Chongqing, domestic media reported on Monday. Chongqing has “in principle” won approval from the Ministry of Finance and may introduce the property tax as early as this quarter, the China Securities Journal cited the city’s government as saying.

Accountant accused of stealing from Libertyville Boys Club [LCNS]

Hot job for the next decade? Try ‘accountant’ [CPA Success]
Great. More MSM articles about accounting being a hot career. Bright side: more GC readers!

My Top 10 Priorities for Improving Internal Auditing [IIA/Marks on Governance]
Aka: internal audit resolutions.

Public Offering Said to Be Unlikely for Zynga This Year [DealBook]
The company that brought you Farmville will remain focused on have people spend their investing dollars on their games rather than their stock. For now.

Playboy Agrees to Hefner’s Offer to Go Private at $6.15 a Share [Bloomberg]
Playboy Enterprises Inc., the owner of the namesake adult magazine and online properties, said it agreed to be taken private by founder Hugh M. Hefner for $6.15 per share. Hefner’s offer to buy the Class A stock and Class B shares he doesn’t own represents an 18 percent premium over the Class B closing price of $5.20 a share on Jan. 7, the company said in a statement today. Hefner said in July he would pay $5.50 a share in cash for the stock he doesn’t already own.

Kyl: Tax reform could take time [On the Money/The Hill]

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