Pfizer Piles Profits Abroad [WSJ]
The company's effective tax rate of 25.5% in 2014 includes deferred taxes Pfizer would pay if it repatriated foreign earnings. That reporting treatment is unusual, since it results in a hit to earnings. By the Journal's calculations, Pfizer's tax rate is more like 7.5%, making its claims of being at a "tremendous disadvantage" due to the US tax code a little squishy.
Toshiba Sues Three Former Presidents Over Accounting Scandal [Bloomberg]
And two former CFOs!
This CPA Not Rooting For AICPA In Its IRS Lawsuit [Forbes]
Peter Reilly doesn't know why the AICPA is so worried about the IRS's database of PTIN holders who are qualified to represent clients before the Service. Frankly, it doesn't make a lot of sense to me either, but the AICPA seems to be on a roll in that regard.
How stupid am I? [Open Items]
If you take the first job offer from an accounting firm with a meager salary, I don't think that makes you stupid. A bit rash, maybe, but not stupid. I think the error a lot of people make when it comes to career decisions is pulling the trigger when possessing too little information. That and not knowing what you're worth in the job market. That results in people taking a job — any job! — when, if they exercised a little patience, might find a better situation.
In other news:
- "Is the singularity near? The moment when robots become self-aware, become far more intelligent than all of us idiots wandering around playing Angry Birds?" [WSJ]
- Hollywood Reporter Sued by Accountant Wrongly Tied to Sony Hack [The Wrap]
- Valeant’s Chief Forced to Sell Company Shares He Pledged Against Loans [DealBook]
- Tax consequences of being an Airbnb host. [Tony Nitti/Forbes]
- Morbid license plates. [BBC]
- Girl Scout cookie prices. [CNN]