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October 3, 2023

Accounting News Roundup: Revenue Recognition Anxiety; Taxes > Indiana Basketball; Too Busy to Reduce Stress? | 03.14.14

Bayern Munich’s Hoeness Sentenced to Prison for Tax Evasion [NYT]
To put this in context, it's like the owner of the Dallas Cowboys (or New York Yankees, L.A. Lakers, take your pick) was convicted of tax evasion. "Uli Hoeness, the president of the European champion soccer club Bayern Munich, was convicted Thursday of tax evasion and sentenced to three and a half years in prison after a four-day trial that had consumed the country. The news even drowned out anxious reports about the increasing tension in Ukraine. Frankfurter Allgemeine Zeitung, a normally staid newspaper, said on its website that the case had been Germany’s 'most sensational trial in decades.' " 

Revenue Accounting Could Hit Loans, Bonuses [CFO]
There could be a whole lot of misoverestimating now that so much judgment will be involved: "
By erasing so many narrowly defined, often industry-based rules, the transformation would add a great deal of subjective judgment and estimation to the process of recognizing revenue. At the same time, the proposed standard, Revenue from Contracts with Customers, would require many companies to front-load those estimates rather than simply wait until revenues are collected to book them."

Bob Kravitz: Taxes are more fun than watching IU, Purdue [IS]
The Indianapolis Star columnist would rather "
leaf through another pile of W-2s and 1099s than watch another minute of IU or Purdue basketball."

Sorry tax pros, more taxpayers filing on their own [DMWT]
Something tells me there's still plenty of work to go around.

Looming Payday Edition. And: incentives galore! [Tax Update]
Joe Kristan reminds everyone that if you want to deduct accrued 2013 bonuses, you have to cut the check by tomorrow. You do NOT get the extension to Monday: "The tax law provides that when tax returns are due on a weekend, the deadline is extended to the following monday. That’s why 2013 calendar-year corporation returns are due March 17, 2014 – March 15 is on Saturday this year. But the IRS says that doesn’t work for compensation. Rev. Rul. 83-116 holds that it only applies to 'acts required to be performed in connection with the determination, collection, or refund of taxes'  – things like filing returns.  So, according to IRS, the March 15 deadline still stands for payment 0f 2013 accrued compensation." 

The Busy Person's Guide to Reducing Stress [Lifehacker]
Know anyone like that?

US Airways plane blows tire on takeoff in Philadelphia, passengers evacuated [CNN]
US Airways Flight 1702 resembles a drunk person who has face planted into a couch: "A US Airways plane blew a tire during takeoff Thursday evening at Philadelphia's airport, an airline spokesman said, with witnesses recalling seeing the plane "bounce" before screeching to a halt. Citing initial reports, US Airways spokesman Todd Lehmacher said the commercial airliner's pilot decided to abort takeoff after the tire issue. Philadelphia International Airport tweeted, and photos indicate, that the plane's nose gear collapsed. Philadelphia Fire Commissioner Lloyd Ayers said two women from the plane were transported to the city's Methodist Hospital, one with a minor injury and the other with a minor illness. 'This is a good time,' Ayers said, referring to the response and the fact things turned out as well as they did. 'It worked out alright.' "

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