September 27, 2022

Accounting News Roundup: PwC, HP Sued for Stealing Trade Secrets; Groundhog Day for Audit Quality; Pot Taxes Pipe Dream | 04.15.14

PwC, And HP, Sued By Mobile Monitor Technologies LLC For Theft of Trade Secrets [Re:The Auditors]
A show of hands from auditors who enjoy their mobile monitors! "Mobile Monitor Technologies, LLC (MMT), a privately owned Massachusetts-based technology company, filed suit on April 3, 2014 in California against PricewaterhouseCoopers and Hewlett-Packard for what it says were the two firms 'combined market dominance, anti-competitive pricing, client-sharing arrangements, misappropriation of trade secrets, and fraudulent and deceptive advertising [that have] irrevocably blunted MMT’s prominence in the portable monitor market and resulted in a persistent and ongoing decline in its revenues.' MMT seeks damages in excess of $100 million."

Silvio Berlusconi to carry out community service in nursing home [CNN]
Evading taxes seems to be worth it. Old people are a hoot!

Filing season tip: leave tracks when you file. [Tax Update]
Once upon a time, Joe Kristan was just like many of you; a "green 25 year-old staff accountant," who was tasked with putting the finishing touches on an important tax return. "It was April 15. I was to collect [the client's] signature and his check and get the return to the post office." It's a good thing Joe sent it certified mail and got a return receipt: "Two weeks later the partner in charge calls me into his office to show me a penalty notice from the IRS saying the Captain of Industry’s return had been filed late. The postmarked receipt kept me from being fired that day, and I got to keep my job when the IRS reversed the penalties after we sent them a copy of the receipt."

Arthur Levitt! Is that you?

Pot taxes won't be as high as hoped [CNNMoney]
Hoping for $67 million, the latest projects $55 million. 

Should Walgreen Move to Europe for Leaner Taxes? [BBW]
Illinois tax rates are getting on people's nervers.

Baker Tilly to join RSM International network [Accountancy Age]
Well, this is interesting: "Baker Tilly is to become accountancy network RSM International's UK member firm. The firm will formally join the network later this year on completion of a notice period with its existing network Baker Tilly International. During the transition period, the firm will continue to trade as Baker Tilly, but will disclose prominently that it is an independent member of RSM International, after which the firm will then adopt the global network name and corporate identity."

Happy April 15th.

 

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