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February 2, 2023

Accounting News Roundup: PwC Settles Petrobras; Deloitte Sued Over Steinhoff; Tax Acrobatics | 02.05.18

The face we’re all making because Chris Hemsworth, Danny McBride, and Paul Hogan won’t be in a movie together.

Deal with PwC brings Petrobras investors’ recovery to $3 billion [Reuters]
PwC’s Brazilian firm agreed to settle for $50 million. “We were keen to put this protracted legal matter behind us, and a settlement was the best way to achieve this,” a spokeswoman said.

Shareholders bring lawsuit against Steinhoff and Deloitte [Accountancy Age]
Shareholders from all over the world are eligible to join the lawsuit that’s being brought in the Netherlands.

Here’s the Trump Tax Loophole Your Accountant Can Blow Wide Open [Bloomberg]
This isn’t the first article about the acrobatics tax lawyers and accountants will use to qualify for the 20 percent deduction for pass-through businesses, and it’s unlikely to be the last. “You have to be careful. There are people out there who come up with hare-brained ideas,” a UHY principal said.

Tax Reform’s Success Hangs On Capex, Expert Says [CFO]
Georgia Tech Professor Charles Mulford says that these bonuses that companies are announcing are not going to cut it. “If companies don’t shift substantial amounts of their capital allocation from share buybacks and dividends to investments in plants and equipment, ‘then this whole big plan of what tax reform was supposed to do is not going to work.'”

Previously, on Going Concern…

Grant Hutchinson wrote about Chattanooga, Tennessee, the accounting job market’s best-kept secret.

In Open Items, someone is “In a bit of a career pickle.”

From the archives: Diligent CPA Exam Candidate Bamboozled By Cute, Low-Quality Swedish Desk

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