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Accounting News Roundup: Post-Irene – Commuting, Insurance, and Extended Tax Deadlines | 08.29.11

Commuters in Line for Long Rides [WSJ]
Some trains would run, officials said late Sunday. New York’s subways would be largely operating, with the exception of some express trains and lines in the Rockaways. Officials warned that trains would likely be less frequent and more crowded. But many trains from the suburbs won’t be running—stranding hundreds of commuters who use them to get to work. Metro-North Railroad and New Jersey Transit were going to remain almost completely shut down.

Irene Forecasters Missed Storm’s Intensity While Correctly Predicting Path [Bloomberg]
Forecasters overestimated the strength of Hurricane Irene even as they accurately predicted the direction and timing of the storm’s destructive path along the U.S. East Coast. “This was one of their better forecasts,” Hans Graber, a professor of marine physics at the University of Miami, said in a telephone interview. “Definitely, it helped to save lives.”

Hundreds of thousands still without power in D.C. region [WaPo]
Pleasant weather allowed utility companies to repair thousands of power outages Sunday, but hundreds of thousands of homes and businesses in the D.C. region were still in the dark by the evening, more than 24 hours after Hurricane Irene first brought heavy winds and rain to the area.

Irene Adds to a Bad Year for Insurance Industry [NYT]
The total damage inflicted by Hurricane Irene may reach $7 billion by the time the storm dissipates in the coming days, making one of the insurance industry’s worst years even tougher, according to an early estimate by the Kinetic Analysis Corporation in Silver Spring, Md. Most of the loss will very likely come from property in New York and New Jersey, according to industry experts. Although Irene had diminished to a tropical storm by the time it reached New York early Sunday, those two states have the most valuable coastal property on the Atlantic Coast.

Yes, the rich do pay higher taxes [Tax Update]

Frequency of Accounting Reports [Grumpy Old Accountants]
From the Grumpies: “As is well known, we currently produce financial statements every three months and one of these reports is audited by an independent auditor. Some would like to pick up the pace and perhaps even supply data on a daily basis.”

Hurricane Irene Pushes IRS To Extend Tax Deadline [Dow Jones]
Hurricane Irene hammered the East Coast of the U.S., causing death and destruction, but at least one group of people is getting some relief thanks to the storm: Taxpayers who have money stashed in bank accounts overseas will get more time to apply to an IRS amnesty program. The IRS said Friday it would move the deadline for the program, known as the Offshore Voluntary Disclosure Initiative, or OVDI, to Sept. 9, “due to the potential impact of Hurricane Irene.” The deadline had been Aug. 31.

Tax Haven’s Tax Haven Pays a Price for Success [WSJ]
Zug’s history of rock-bottom tax rates, for individuals and corporations alike, has brought it an A-list of multinational businesses. Luxury shops abound, government coffers are flush, and there are so many jobs that employers sometimes have a hard time finding people to fill them.

Posted in ANR