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December 6, 2022

Accounting News Roundup: SEC Bans Black; A $2 Billion Tax Bill; Résumé Fraud | 08.16.13

India Seeks to Overhaul a Corporate World Rife With Fraud [DealBook]
In the wake of global scandals involving kickbacks and accounting fraud, one unlikely country, India, is aiming to set a tone in overhauling its corporate oversight laws. This month, the nation’s upper house of Parliament passed the Companies Bill, 2012, sweeping legislation meant to overhaul auditing, impose stiffer penalties for fraud and create more government oversight of businesses. The lower house had passed the bill last year. Once India’s president, Pranab Mukherjee, signs it into law, it will replace India’s 57-year-old corporate legislation that critics say had failed to keep up with changes in business practices.

SEC bars Conrad Black from U.S. directorships [Reuters]
The U.S. securities regulator on Thursday banned former press baron Conrad Black from acting as a director of a U.S. company and said he must pay $4.1 million in restitution in a settlement that ends a long-standing lawsuit over Black's dealings as the head of the Hollinger media empire. In its heyday, Hollinger International operated a raft of newspapers that included the Chicago Sun-Times, the Jerusalem Post, Britain's Daily Telegraph and the National Post in Black's native Canada. Black, 68, gave up Canadian citizenship when he became a member of Britain's House of Lords. The final judgment by the U.S. Securities and Exchange Commission followed Black's appeal of an October 2012 SEC judgment that ordered him to pay $6.1 million. He was released from U.S. prison more than a year ago after serving a sentence for fraud and obstruction of justice.

IRS Hits Estate of Former Detroit Pistons Owner With $2 Billion Tax Bill [TaxProf]
The estate tax is a chief reason being rich is overrated.

Miccosukee Tribe sues IRS over back taxes owed on gambling distributions to members [MH]
On the hook for $170 million in income taxes and related bills, the Miccosukee Tribe of Indians is suing rather than settling with the Internal Revenue Service over the tribe’s failure to report and withhold income from its gambling distributions to members. But what makes the federal lawsuit filed in Miami so distinctive is that the tribe has mounted the counteroffensive not only against its longtime nemesis, the IRS, but also against Attorney General Eric Holder and the secretaries of the Treasury and Interior departments.
 
How to Avoid Résumé Fraud [CFO]
Remember Scott Thompson? Yead, don't do that.
 
Samsung Said to Unveil Wristwatch-Like Smartphone Next Month [Bloomberg]
I'm sure this won't be annoying.
 
The Case Against Eating Lunch Outside [Slate]
The obvious flaw with eating outside is that the weather is often unpleasant. That's why people aren't suggesting that we eat outside all the time. Only on special "it's such a nice day!" kind of days do people want to go outside. But what's a nice day? Well, it's a day when the temperature outside approximates the results of indoor climate control technology.

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