September 28, 2022

Accounting News Roundup: Tax Reform Bill Is All the Rage; Positive Thinking During Busy Season; Some Delayed Scott London Effect? | 02.27.14

A Republican’s Tax Overhaul Envisions Big Changes [NYT]
The best quote in this article indicates that Rep. Camp is on the right track with his bill: "To get those rate reductions, Mr. Camp would leave behind what Chris Krueger, a policy analyst at Guggenheim Partners, called a 'veritable killing field of sacred cows.' "

Tax Overhaul Plan Faces Key Hurdles [NYT]
Here's something of interest for lots of people in the audience: "Under the plan, the tax rate for about 99 percent of Americans would be, at most, 25 percent, but the remaining 1 percent, whose income is above $450,000 or so, would also be subject to a 10 percent tax surcharge on certain types of income, according to congressional aides. The surcharge would affect salaried professionals, like lawyers and accountants, while excluding those whose income comes from industries that produce goods, like manufacturing and farming." 

Lobbying Fury Begins Over Tax Revamp Unlikely to Advance [Bloomberg]
Winners: "Retailers, medical device makers and franchise businesses yesterday were supportive of the plan." Losers: "The oil, financial services, private equity and real estate industries were more critical."

Keep thinking positive!

Credit Suisse Said to Face SEC Probe of Accounting Moves [Bloomberg]
The best part about making your own rules is not following them when you don't want to: "Credit Suisse didn’t follow its own policies for determining the value of new assets, and shifted them between regions to hide a decline in the Switzerland-based unit, the subcommittee said. [CEO Brady] Dougan acknowledged in a December interview with the subcommittee that the Zurich-based bank may not have followed those policies in at least one instance, according to the Senate report."

Is this part of the Scott London effect? A-Mark is in Santa Monica and Spectrum is in Irvine and BDO did take Skechers after L'Affaire London. It's a theory!   

Suspect: I didn't know cocaine is illegal [KIN]
Today in Florida Man: "A Key West man was jailed Sunday for alleging trying to ditch a bag of cocaine in a planter at the Pier House Resort at 1 Duval St. in Key West. Guy Lanchester, 46, reportedly told Officer Darnell Sealy he didn't know why he was being arrested: 'I don't understand. I thought cocaine wasn't illegal in Florida.' "

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