Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: Revenue is Hard; Check Out This Tax Rebate Check; How to Get One Over on the IRS | 09.30.14

State Auditor scolds WorkForce Central over inadvertent job fair accounting error [News Tribune – Tacoma]
Revenue is hard: The problem, according to the report, concerns two job fairs held in 2013 where the consortium “received payments from sponsors that were used to offset the costs of each event. Payments from sponsors are considered program income, which is subject to the federal cost principles.” Under “Cause of Condition,” the report states, “Consortium staff were unaware the revenue received for the two job fair events were considered federal WIA program income and the expenditures of these funds were considered federal expenditures subject to cost principles.” The report questioned $15,008 in unallowable costs.

Hey, that means you had time for a workout too [Twitter]

Awkward questions for Tesco should be answered by its accountants too [Guardian]
So the supermarket that shoved horsemeat in its burgers now admits to sprinkling horse manure on its balance sheet. That quip has been doing the rounds since Tesco confessed last week to exaggerating its profits by £250m, and it strikes at the heart of the scandal. Just as a meat patty is manufactured, so too are a set of accounts. Neither falls from the sky, or gets slung together by a solitary bloke at twilight. They are instead a huge co-production of staff, auxiliaries and quality controllers, and they reflect the culture of the environment in which they are assembled.

Tax rebate checks tout NY's "efforts to reduce taxes" [D&C]
No, neither Gov. Andrew Cuomo's name nor any legislative leaders' names appear on the newly printed $350 tax rebate checks, but there is a message to New Yorkers on the stub of the check. "Dear Taxpayer: Last year's State Budget included this Family Tax Relief Credit. This tax relief is part of New York State's new effort to reduce taxes," the statement reads.

Drug Patents Held Overseas Can Pare Makers’ Tax Bills [NYT]
This global economy stuff is BS.

IRS Falters in Hunt for Unpaid Taxes, Federal Study Finds [AP]
The Internal Revenue Service failed to take all required steps for collecting unpaid taxes from people it can't locate in over half the cases that investigators studied, according to a federal report released Monday.

How To Get Away With Tax Fraud [Forbes]
Tax Girl trynna school ya

Mother arrested after she arranged a fistfight between her daughter and a schoolmate to settle ongoing squabble over boys [Daily Mail]
Back in my day, you arranged your own fights. Damn spoiled kids.

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

dachshund in the sand at the beach sea on summer vacation holidays, wearing red sunglasses with coconut cocktail

Friday Footnotes: More Bad News for PwC; Firm Leader Says AI Will Get People Back in the Office | 6.2.23

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you’re here, subscribe to our newsletter to get the week’s top stories in your inbox every Tuesday and Friday. Bye. Technology AI threat will motivate workers to return to the office, says […]

domestic cat in bed next to an alarm clock

Tuesday Morning Accounting News Brief: CPA Numbers Are Abysmal; PwC Blocked Government Inquiry | 5.30.23

This would have been your Monday news brief but we’re assuming at least a couple people got the day off yesterday. Welcome back to the grind. FT dropped this over the weekend: Candidate numbers for US accountancy exams drop to lowest in 17 years New figures from the American Institute of Certified Public Accountants showed […]