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September 28, 2023

Accounting News Roundup: Profitable Firms; Accounting Semantics; Bernie Sanders’s Tax Plan | 08.31.15

Accounting Leads Most Profitable Industries [AT]
A Sageworks analysis of private company financial statements found that accounting, tax prep, bookkeeping and payroll services firms had a net profit margin of 19.6%. The next highest was "lessors of real estate" at 16%.

An exclusive look inside KPMG's new Dallas Arts District home [DBJ]
Which includes an honor-system "Aramark-stocked Fresh Market grocery store."

A rare detailed look inside the IRS’s massive data breach, via a security expert who was a victim [Quartz]
It's even weirder than you'd expect.

Hoogervorst Hokum Re Historic Cost [Accounting Onion]
If you enjoy debating accounting semantics, this Tom Selling post will be right up your alley:

[T]he definition of an “asset” is like a Costco: it is spacious enough to hold practically anything.

And then he gets to the crux of his post, historical cost:

A historic cost refers to a cost that was incurred in the past. When an asset originally measured at its historic cost is adjusted, it is not an exercise in updating a valuation, but merely an exercise in subsequent allocation

You get the idea.

EY employees tucking their shirts into jeans???? [Open Items]
An important OI from the weekend.

Tax Planning For The Risk Of A Bernie Sanders Win [Forbes]
Peter Reilly went there and discovered something interesting:

The funniest thing about the tax proposals is that this candidate who is as far left as you can go without getting into Green Party territory is promoting a  tax package that would pretty much bring us to the second half of the Reagan administration  when it comes to income and estate tax.

As unlikely as a Trump vs. Sanders general election is, we can still hope.

Image: "Bernie Sanders 2014" by United States Department of Veterans Affairs Licensed under Public Domain via Commons

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