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Accounting News Roundup: Tax Shelterer Won’t Have Another; It’s Not You, It’s Your Taxes; Eager Beavers | 06.17.14

Paul Reddam's KPMG Tax Shelter Stunk In More Ways Than One [Forbes]
J. Paul Reddam, whose horse, “I’ll Have Another”, won two legs of the Triple Crown in 2012, just got some bad news from the Ninth Circuit. The Tax Court decision that upheld the denial of his $50,164,421 capital loss from a 1999 KPMG designed “OPIS” scheme has been upheld. The OPIS scheme was intended to shelter his capital gain from the sale of subprime lender Ditech to GMAC.

PwC Announces Digital Services Business [DMN]
Why stop at tax, assurance, and consulting services?

One Of The World's Biggest Accounting Firms Says Australia's Tax System Is In Disarray [BIA]
Australia needs a Tax Reform Commission to take responsibility for reforming a system in disarray, says Rob McLeod, the CEO of accountancy and advisory group EY. EY’s report, Tax reform: A better way, highlights the need to depoliticise tax reform in a way which recognises both the acute and long-term need for an effective process.

That's so cute [Twitter]

More companies want to ditch America to cut taxes [CBS]
So, can I have my paycheck sent to an address in Slovenia to avoid taxes?

Expatriate Americans Break Up With Uncle Sam to Escape Tax Rules [WSJ]
Ms. Moon is among record numbers of Americans cutting ties. U.S. offices abroad reported that 1,001 U.S. citizens and green-card holders had renounced their allegiance in the first three months of the year, according to Andrew Mitchel, a lawyer in Centerbrook, Conn., who analyzes Treasury Department data. That figure puts 2014 on track to top last year's total of 2,999 renunciations, he said, which was the most since the government began disclosing the data. Helping boost the exodus, experts say, is a five-year-old U.S. campaign to hunt for undeclared accounts held by Americans abroad.

Destrehan mother, daughter plead guilty to $1.8 million fraud involving tax returns [TTP]
A Destrehan mother and daughter, accused of filing more than $1.8 million worth of fraudulent tax returns at their tax preparation company during a six-month period in 2009, have pleaded guilty to conspiracy to defraud the U.S. government. Each faces a maximum of 10 years in prison, restitution and a $250,000 fine, although maximum punishments are rare in federal court.

DC So Hip That All the Hip People Are Priced Out [Gawker]
I lived east of the river before it was cool.