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Accounting News Roundup: The SEC Judge Who Took on the Big 4; NFL Tax Exempt Status Much Ado About Nothing; PwC Denver Nearly Outscores Broncos | 02.03.14

SEC judge who took on the 'Big Four' known for bold moves [Reuters]
It sounds like Cameron Elliot is no slouch: "Of the three judges who sit on the SEC bench, Elliot has the shortest tenure, having joined in April 2011. He served as a submarine officer in the U.S. Navy and Naval Reserve and holds a physics degree from Yale and a law degree from Harvard, according to his SEC biography." And he also knows the law pretty well too, "Defense attorneys say Elliot is viewed as being sympathetic to the agency's enforcement division. He has issued more than 50 'initial decisions' at the SEC, and while the SEC has not always gotten everything it wanted, he has yet to rule against the agency. At the same time, however, none of his initial decisions have been overturned on appeal, suggesting they have legal muster to withstand challenges."

Flap About NFL Tax Exemption Seems Silly [Forbes]
Peter Reilly digs into the numbers to find that there's not much to be gained from stripping the NFL of its non-profit status: "
Turning the money losing exempt organization into a taxable entity does not look like it will cost anybody any additional taxes.  Conceivably if they organized it as an LLC, they might save a few dollars."

You Can Thank or Blame Richard Stanger for Writing 401(k) [BBW]
A bit of tax history for you this Monday morning: "How 401(k) grew from an insignificant provision into a behemoth that transformed retirement savings and started an industry that holds $4 trillion in Americans’ assets is a study in the sometimes unintended consequences of Washington action. Consider: The initial provision was estimated to have a 'negligible effect upon budget receipts.' Now, defined contribution plans are the fifth-biggest tax break for individuals, with an estimated revenue loss to the government of $61.4 billion in fiscal 2014."

And a little bit more tax history:

PwC grows its real estate practice in Denver [DBJ]
I'm sure the headline was misleading but this is a far better performance than the one the Broncos put on display: "PwC (PricewaterhouseCoopers) has expanded its real estate practice in the Rockies market with the hires of industry veteran Robert Lund and a team of experienced tax professionals. Lund joins PwC’s Denver office as a tax managing director and will lead the Rockies real estate tax team. Kathleen Machamer and Jill Kaplan join as tax directors and Beth Kroupa joins as a tax manager, also based in Denver."

Obama: Not 'even a smidgen of corruption' behind IRS targeting [The Hill]
I'm sure this will end the debate.

Pictures From the Great Super Bowl Transport Nightmare [Gawker]
Can't blame Chris Christie for this one… … Oh, sure we can!


Posted in ANR