61 PwC Partners Accused of Tax Crimes Over Bonuses in Spain [Bloomberg]
Spain’s anti-corruption prosecutor accused 61 PricewaterhouseCoopers LLP partners of committing tax crimes, saying they failed to declare a total of 21 million euros ($28.4 million) in bonus payments. The PwC partners categorized the 2002 bonus payments as part of the price of the sale of a consulting division to IBM that carried a lower tax rate, the prosecutor said in an e-mailed statement today. The agency presented a written accusation requesting a criminal trial, according to the statement. “The partners omitted to establish in their tax returns that the sums were payments from work,” the prosecutor said.
Hewlett-Packard accounting chief resigns [AP]
Marc Levine was with HP for 25 years. He was named Chief Accounting Officer two months after the Autonomy purchase.
Solving regulatory battles [China Accounting Blog]
Professor Paul Gillis updates his post, noting that the judge in the SEC's case against the Big 4 and BDO has requested a 100-day extension to decide the case.
Your Workplace Offers Flexibility, But Can You Really Use It? [HBR]
A Harris Interactive poll found two-thirds of the adults surveyed work for employers that will accommodate flexible schedules. However, 47% surveyed said using those perks would hinder their advancement.
An Upcoming Debate on Whether Private Equity Should Pay Higher Taxes [TaxVox]
Are private equity firms passive investors or active managers? TPC's Steve Rosenthal participates in a roundtable hosted by Tax Analysts this Friday at 3 pm. There's free beer and wine afterwards if that's of interest to you.
IRS rides 1884 'dead horse' law to defense of tax preparer rules [Reuters]
The Obama administration on Tuesday defended its effort to regulate the tax return preparation business for the first time in U.S. history, basing its case largely on a 19th century law dealing with horses lost or killed in the Civil War. At an appellate court hearing on a challenge brought by libertarian lawyers challenging the administration, Justice Department Tax Division lawyer Gilbert Rothenberg said: "I hate to beat a dead horse, especially one from the Civil War era."
CPA services mostly exempt from SEC municipal adviser registration [JofA]
CNBC Host Uses Indian Accent, Makes 7-Eleven Joke [Gawker]
Joe Kernan just couldn't help himself.