Accounting News Roundup: State of the Union Disappoints Tax Wonks; Tui Investors Not Thrilled to Have PwC Back; Hope for Tax Reform in 2012 | 01.26.11

Obama’s State of the Union: What I Heard, And What I Did Not [TaxVox]
Howard Gleckman levels with us, “[W]e are policy wonks here at the Tax Policy Center, and from a wonk point of view, the speech was disappointing.”

CNN Fact Check: 16,500 IRS agents to police health care? [CNN]
The short answer: no.

No Audit At All: Deloitte and Bear Stearns [Forbes]
Francine McKenna takes a closer look at the lawsuit that was given the green light earlier this week.

IRS slaps lien on Goldman derivatives partnership [Reuters]
A Goldman Sachs Group Inc (GS.N) partnership that specializes in selling derivatives to U.S. municipalities owes $1.55 million in unpaid federal taxes. The U.S. Internal Revenue Service filed a federal tax lien against the Goldman partnership earlier this month for an unpaid balance of taxes from 2009. Although the tax assessment is a drop in the bucket for Goldman, which earned $8.35 billion in 2010, it’s another dose of unwelcome attention for a partnership that has already attracted unwanted scrutiny over its dealings with municipalities and state agencies.

Yahoo CFO Says Revenue Headwinds ‘At Their Worst’ In 1Q [Dow Jones]
Translation: you people shouldn’t expect much, “[Tim] Morse said he had previously cautioned investors about the impact of the search deal and suggested that Wall Street analysts had perhaps gotten ahead of the curve. ‘Some of the (financial) models I’ve seen out there were a little odd,’ he said.”

TUI saga continues: PwC reinstatement ‘unacceptable’ [AWUK]
In the latest twist of the TUI Travel saga, PIRC is opposing the appointment of PwC because it was the incumbent auditor when “fundamental flaws in internal controls” led to the discovery by KPMG of reporting inaccuracies. In a circular to shareholders, PIRC said: “The company is now seeking to reinstate PwC as auditor of the continuing entity which we regard as unacceptable.”


Baucus: Tax reform bill ‘hopefully’ in 2012 [On the Money/The Hill]
Maximus sounds tepidly optimistic.

UK not planning competition probe into auditors [Reuters]
Don’t hold your breath if you’re expecting anti-trust hearings.

Obama’s State of the Union: What I Heard, And What I Did Not [TaxVox]
Howard Gleckman levels with us, “[W]e are policy wonks here at the Tax Policy Center, and from a wonk point of view, the speech was disappointing.”

CNN Fact Check: 16,500 IRS agents to police health care? [CNN]
The short answer: no.

No Audit At All: Deloitte and Bear Stearns [Forbes]
Francine McKenna takes a closer look at the lawsuit that was given the green light earlier this week.

IRS slaps lien on Goldman derivatives partnership [Reuters]
A Goldman Sachs Group Inc (GS.N) partnership that specializes in selling derivatives to U.S. municipalities owes $1.55 million in unpaid federal taxes. The U.S. Internal Revenue Service filed a federal tax lien against the Goldman partnership earlier this month for an unpaid balance of taxes from 2009. Although the tax assessment is a drop in the bucket for Goldman, which earned $8.35 billion in 2010, it’s another dose of unwelcome attention for a partnership that has already attracted unwanted scrutiny over its dealings with municipalities and state agencies.

Yahoo CFO Says Revenue Headwinds ‘At Their Worst’ In 1Q [Dow Jones]
Translation: you people shouldn’t expect much, “[Tim] Morse said he had previously cautioned investors about the impact of the search deal and suggested that Wall Street analysts had perhaps gotten ahead of the curve. ‘Some of the (financial) models I’ve seen out there were a little odd,’ he said.”

TUI saga continues: PwC reinstatement ‘unacceptable’ [AWUK]
In the latest twist of the TUI Travel saga, PIRC is opposing the appointment of PwC because it was the incumbent auditor when “fundamental flaws in internal controls” led to the discovery by KPMG of reporting inaccuracies. In a circular to shareholders, PIRC said: “The company is now seeking to reinstate PwC as auditor of the continuing entity which we regard as unacceptable.”


Baucus: Tax reform bill ‘hopefully’ in 2012 [On the Money/The Hill]
Maximus sounds tepidly optimistic.

UK not planning competition probe into auditors [Reuters]
Don’t hold your breath if you’re expecting anti-trust hearings.

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