Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: Revenue Neutrality and Tax Reform; EBay Is a CFO Factory; IRS Still Winning Unpopularity Contests | 10.22.13

Delayed Jobs Report Finds U.S. Adding Only 148,000 Jobs [NYT]
The numbers were supposed to be released two and a half weeks ago — the jobs report usually comes out the first Friday of each month — but were delayed by the government shutdown that began Oct. 1. The 16-day shutdown and concurrent Congressional battle over the debt ceiling probably worsened employment in the weeks since the September jobs data were collected, both because hundreds of thousands of federal workers and contractors were furloughed and also because anxiety and uncertainty over the budget battle caused consumer confidence to plummet.

How Washington Handcuffs Tax Reformers [WSJ]
While Messrs. Camp and Baucus may succeed in crafting legislation by the end of the year, the biggest obstacles to enacting pro-growth reform are the conditions lawmakers have placed on themselves. Tax bills must be revenue-neutral, which means that no spending cuts can be used to pay for the rate reductions. Furthermore, corporate tax loopholes must be eliminated to pay for corporate rate cuts, and individual tax loopholes must be eliminated to pay for individual rate cuts.

Where Startups Shop for Finance Talent [WSJ]
The list of eBay veterans who now are corporate-level CFOs includes Rob Krolik at Yelp Inc., Douglas Jeffries at RetailMe Not Inc. and Sean Aggarwal at Trulia Inc., who have all taken their companies public in the past two years. Startups with former eBayers at the financial controls include the online clothing retailer ModCloth Inc., digital-video company Roku Inc. and online ticketing company Eventbrite Inc. […] EBay considers minting CFO as part of its mission. "We recruit people who aspire to be CFOs," says Robert Swan, eBay's finance chief since 2006. "If along the way there are opportunities outside, that's OK.…We have a deep bench."

Commission to survey accounting profession’s diversity climate [JofA]
An AICPA-led body plans to gather perspectives on the profession’s views on diversity and inclusion through a survey and provide a new best practices resource for firms that are developing diversity initiatives. The recently formed AICPA National Commission on Diversity & Inclusion is charged with developing methods to help the profession recruit, retain, and promote a diverse workforce.

Boy Scouts remove 2 men who toppled ancient rock [AP]
Two men already facing possible criminal charges for purposely toppling an ancient rock formation in a state park have now been removed from their posts as Boy Scout leaders. A northern Utah Boy Scouts council announced Monday that Glenn Taylor and Dave Hall will no longer be allowed to lead scouting troops due to what happened Oct. 11 at Goblin Valley State Park, which they filmed and posted on Facebook. The move comes on the heels of the national Boy Scouts of America condemning the men's actions last week and promising a review of the incident. The Boy Scouts' Utah National Parks Council posted a statement on its website saying the men's actions are not in line with the principles the organization teaches about preserving nature.

NJ High Court Won't Hear Madoff Funds' KPMG Appeal [Law360 (Subscription)]
The Supreme Court of New Jersey declined Friday to take up a malpractice suit filed by four feeder funds that were drained by Bernard Madoff's Ponzi scheme due to KPMG LLC's alleged negligence, leaving arbitration as the only option for settling the dispute.

Pew: IRS least popular among federal agencies [The Hill]
Act surprised.

The McDonald's Dollar Menu Is Dead [Gawker]
The least they could do is keep the coffee at $1.

Posted in ANR