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September 29, 2023

Accounting News Roundup: PwC’s Revenues; Shutdown Explainers; Tax-Exempt Bond Benefactors | 10.01.13

PricewaterhouseCoopers Revenue Growth Slows [WSJ]
PwC posted global revenue of $32.1 billion in the fiscal year ended June 30, up 4% from the previous year when foreign-exchange rates are held constant. Last year, the firm posted year-to-year growth of 8%. Like the other major accounting firms, PwC is an international network of private partnerships in individual countries and doesn't disclose quarterly earnings as companies widely held by public shareholders do. But the revenue gives a sense of the firm's scale: by revenue, it is roughly comparable to Goldman Sachs Group Inc., which had $34.2 billion in net revenues in 2012. The firm said PwC affiliates around the globe were still boosting revenues "despite ongoing tough economic conditions and increasingly fierce competition in our markets." PwC's slower revenue growth follows that of Deloitte Touche Tohmatsu, which in September announced fiscal 2013 revenue growth of 3.5% in U.S. dollars, to $32.4 billion—below the 8.6% year-over-year growth it posted in fiscal 2012.

Absolutely everything you need to know about how the government shutdown will work [Wonkblog]
This more or less covers it.

With Shutdown, Taxes Still Due But You Can't Ask IRS For Help [Forbes]
Audits are halted; tax returns are still due; call and walk-in centers are closed; ACA and CI people are reporting for work. Here's a 61 page document that explains it all, courtesy of Kay Bell.

Federal workers who check their e-mail during a shutdown will be breaking the law [WaPo]

Former archdiocesan accountant: Church paid priests despite sexual misconduct [MPR]
Scott Domeier, the former accounting director for the archdiocese, pleaded guilty in May to filing improper tax returns and stealing more than $600,000 from the archdiocese. Domeier's sentencing Monday focused mostly on the time he will serve in prison — 39 months — and the amount of money he'll have to repay his former employer. During sentencing discussions, however, Domeier's attorney tried to introduce an exhibit that detailed his concerns about payments the archdiocese has made to the nine priests. Judge Joanne Smith wouldn't allow the document to be discussed in court, but Domeier's attorney later released it to the media.

Who Benefits from Tax-Exempt Bonds?: An Application of the Theory of Tax Incidence [TPC]
Unless the poor have started getting tax planning advice from VITA volunteers, I imagine the wealthy are the benefactors.

Man named Fudge accused of stealing from Coldstone Creamery [DMR]
Iowa City Police say security footage showed Conor P. Fudge, 25, entering the 39 S. Dubuque St. Cold Stone Creamery after business hours on Sept. 11 and 12 and taking money from a safe. Fudge was also witnessed on security footage taking cakes and containers of ice cream, police say. […] The value of stolen money and property was worth $501, according to police.

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