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Accounting News Roundup: What to Do With Tax Cuts and Petty Accounting Crimes | 02.20.18

Tax Overhaul Gains Public Support, Buoying Republicans [NYT]
A recent survey found that 51 percent of respondents support the law while 46 percent disapprove. The approval rating is up from a low point of 37 percent in December.

Impacts of New Tax Law Still Fuzzy [CFO]
Another survey found that many companies don’t really know what they’ll do with their windfall. “[O]nly 16% of the participants said their company was firm on its direction for allocating savings associated with the new tax cuts.”

Most Taxpayers’ Benefits Come Mainly from the TCJA’s Individual Provisions, But the Rich Get Much of Their Tax Cuts from Corporate Changes [TPC]
Part of the reason being that most of the individual provisions will expire after 2025 while the corporate changes are permanent.

Johnston accounting clerk charged with 5 felonies after audit finds $13,000 missing [DMR]
File to Accountants Behaving Badly: Petty theft, significant consequences. Teresa Osbourne is charged with “multiple counts of theft and fraudulent practices, as well as felonious misconduct in office” for allegedly helping herself to $13.5k from the town of Johnston, Iowa. The State Auditor discovered that she “failed to deposit” the funds from library fines, proceeds from a farmer’s market, “registration fees for senior citizen bus trips” and also “$38.71 in personal purchases from Amazon.”

Previously, on Going Concern…

From the archives: Bad Spelling Can Derail an Otherwise Promising Career in Fraud

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