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December 3, 2022

Accounting News Roundup: U.S. Corporate Tax System Is Just the Worst; EU Auditor Rotation; Tax Prep Predators | 04.08.14

New Slant on Corporate Taxes [CFOJ]
Pamela Olson's quote is the best: "There is wide recognition that the system we have now is the worst of all possible worlds."

The cost of cosiness [Economist]
Now you can impress (or nauseate) your friends when you said that you read an Economist article on auditor rotation in the EU: "To prevent them from getting too cosy with their clients, companies will be required to put the job out for tender once a decade, and pick a new auditor at least every 20 years. (Some have not switched in a century or more.) They will be banned from buying a wide range of other services from the firm that audits them, including advice on tax. And from 2016 the value of the non-audit services that are still allowed will be capped at 70% of the audit fee over a three-year period."

Tax Preparers Targeting Poor With High Fees [NYT]
Tell your economically challenged friends to use FreeFile or visit a local VITA location.

Taxes: don't forget to report stolen money [WFSB]
A friendly reminder.

Mama Mia! Swedish tax break prompted ABBA's wild outfits [DMWT]
There's a similar deduction available in the U.S. although it's an itemized deduction and subject to a 2% floor. Too bad you Dancing Queens can't deduct your business casual anyway because you can wear it outside of work.

Woman Allegedly Calls Cops To Complain About Weed Quality [AP] 
Apparently, there's no Better Business Bureau for this sort of thing: "
Lufkin police Sgt. David Casper said Monday that an officer went to the home of 37-year-old Evelyn Hamilton to hear her complaint that the dealer refused to return her money after she objected that the drug was substandard. Casper says she pulled the small amount of marijuana from her bra when the officer asked if she still had it. She was arrested Friday on a charge of possession of drug paraphernalia."

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