Accounting News Roundup: PwC Partner Profits (UK); Romney’s Tax Message Gets Lost; A Golden CPA | 09.17.12

PwC partners see profits fall [Accountancy Age]
Partners at PwC saw their average take-home pay fall to £679,000 in 2012, from 707,000 a year earlier. Despite strong revenues, with the firm growing 7% to £2.6bn for y/e 30 June 2012, annuity distributions to former partners took out of the pot, available to current partners. Total profit for the financial year was £727m, from £656m a year earlier. Average profit per partner prior to other distributions was £798,000, from £763,000 a year earlier.

Romney's Tax Plan Fails to Gain a Foothold [WSJ]
Mitt Romney, who has proposed new cuts to individual and corporate taxes, has lost his recent lead over President Barack Obama on the question of which presidential candidate would best handle taxation, a reversal that turns up in several polls and presents a worrisome trend for the GOP nominee. Republicans who favor tax cuts as a way to boost the economy, and who believe the issue should be a political winner for the GOP, are wondering why Mr. Romney hasn't gained traction with his tax-cut plan. Some say he simply isn't promoting it well or arguing forcefully that it would bring economic benefits. Other Republicans say Mr. Obama is winning the message war by focusing on a simple idea with wide appeal—ending tax breaks for wealthier taxpayers—while Mr. Romney pushes a broader cut to marginal rates for all income brackets. That plan would be coupled with an overhaul of the tax code to narrow breaks and loopholes to offset the proposed cuts, although Mr. Romney hasn't offered many specifics.

Harry Reid Has a Glass-House Quandary on Taxes [Bloomberg]
Democrats, including Senate Majority Leader Harry Reid, continue to make much of the refusal of Mitt Romney, the Republican presidential nominee, to release more than two years’ worth of tax returns. It is all a red herring. The key to bringing fairness to our tax laws would be for all 535 members of Congress — including Reid — to release their returns. One thing that congressional tax records can tell us is how many members of the House and Senate benefit from the tax breaks they enact. To take one example, if you own stock outside of your retirement account, then you are eligible for the preferential rate of 15 percent. But if your income is mostly from wages or from the amounts drawn from your retirement account, then your tax rate can be as high as 35 percent. While fewer than one in five Americans have incomes eligible for the 15 percent rate, almost nine in 10 senators do.

IRS proposes changes to Circular 230 rules governing written tax advice [JofA]
FYI.
 
Why Progressives Should Want to End the Estate Tax, Too [HP]
Perhaps the worst aspect of the estate tax is how uneven its impact is in practice. By utilizing careful estate planning, many wealthy taxpayers are able to shield much of their income from taxation upon their death. The people that tend to get hit the hardest are those that die unexpectedly, or, like farmers, have their assets tied up in illiquid holdings.

Abilene accountant recognized for maintaining CPA license for 50 years [ARN]
Maybe shoot to achieve 5% of that.

Florida mother arrested for beating son's father with his own prosthetic leg [Examiner]
Jadian Faye-Marie Hatfield was arrested for an August 27th altercation at the home of her former boyfriend. The report states that Jadian shared custody of her two-year-old son with the boy’s father, 25-year-old Brandon Fleming. Fleming told deputies that he received a text message from Jadian earlier in the day which, according to the report claims that she told him that she was tired of him and would put him six feet under. The report claims that Jadian showed up at Fleming’s home to pick up her son around 11 pm. Fleming told her that she couldn’t take the boy and reportedly went to call deputies. While Fleming attempted to call the authorities, Jadian escaped out of a bedroom window with the boy and reportedly took him to her car. Fleming then went after his baby’s mother, and claims that on his way out the front door two men grabbed him and started fighting. During the altercation, Hatfield reportedly came up behind Fleming and pulled off his prosthetic leg, striking him repeatedly with it as he was held down by the two men. 

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