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Accounting News Roundup: Treasury’s One-Page Wonder; Unhelpful H.R.; ‘Sheer Curiosity’ | 12.12.17

accounting news tax bill

Trump administration explains details of how tax plan would pay for itself, immediately gets attacked for assumptions [WaPo]
No one is buying the conclusions of a one-page memo that expects the tax plan to generate a full percentage point more of economic growth than the Congressional Budget Office estimated. “One percentage point of higher growth sounds like a little bit, but it’s the equivalent of me being one foot taller and able to dunk a basketball,” one economist said.

Meanwhile: “[European] finance ministers said the U.S. overhaul contains protectionist measures that could violate double-taxation treaties and breach world trade rules.”

Sexual Harassment Cases Show the Ineffectiveness of Going to H.R. [NYT]
Human resource departments don’t have a great track record when it comes to handling sexual harassment complaints, and that makes things worse: “The lack of trust manifests itself as a self-perpetuating quandary: Women are hesitant to approach human resources departments and those departments cite the absence of complaints as proof of a respectful workplace.”

Earlier: When will the #metoo shoe drop on public accounting partners?

Louisiana man admits misusing Trump’s Social Security number [AP]
Jordan Hamlett tried to access President Trump’s tax returns after he tried “to open an online application for federal student aid” with Trump’s name and social security number. Prior to pleading guilty yesterday, Hamlett’s lawyer said that his client’s attempts were made “out of sheer curiosity.” A Treasury agent testified that when he was apprehended, “Hamlett immediately took credit for his ‘genius idea.'”

From the GC archives: A Picture of a Cat Led to a Suspect in the Stolen Romney Tax Returns Caper

Food Review App Shuts Down ICO [CFO, SEC]
The SEC says Munchee, a “California-based company selling digital tokens to investors to raise capital for its blockchain-based food review service,” was essentially selling unregistered securities.

Elsewhere: People are taking out mortgages to buy bitcoin

Survey says…

Reminder: We want to know about your experience with the month-end close process.

Previously, on Going Concern…

Megan Lewczyk wrote about the massive DoD audit.

In Open Items, a user wants to know when to give notice since “my official 2 weeks notice would fall on Christmas.”

In other news:

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