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October 1, 2023

Accounting News Roundup: What’s the Deal with Corporate Taxes Anyway?; Apple Is Now a Joke; Jello Jumping! | 05.31.13

Punchlines: Accounting for Apple [USA Today]
What a joke. *wahhh wahhh*

Pippa Middleton sets up her first company using Simon Cowell's accountant [Daily Mail]
Since her starring role at her sister's wedding, she's been in near constant demand. And with her party planning business and literary career taking off Pippa Middleton appears to be taking financial matters very seriously, setting up her own registered company and even hiring Simon Cowell's accountants.

Kevin Harried joins PwC's Risk Assurance Practice [PR Newswire]
PwC US announced today that Kevin Harried has joined the firm's risk assurance practice as a managing director based out of the Jacksonville, Florida office. Harried will concentrate on leading the development and delivery of Governance Risk & Compliance (GRC) capabilities and opportunities, including Enterprise Risk Management, Business Continuity Management and Ethics & Compliance.

No Replacement for Corporate Taxes [NYT]
In response to the recent Senate hearing on tax avoidance at Apple, some pundits have argued that the best solution is to abolish the corporate income tax altogether. Their contention is that multinational corporations — which hold trillions of dollars in mostly untaxed profits offshore — are so complex and so expert at avoidance that even trying to tax them is pointless. It would be better, they say, to quit trying and to raise needed tax revenue in other ways. This would be a completely wrong approach.

Far-reaching Senate tax plan closes loopholes, adds sales taxes [Charlotte Observer]
Senate leaders on Thursday rolled out the most comprehensive proposal to overhaul the state’s tax code, eliminating dozens of loopholes, but also shutting down popular tax breaks on food, mortgage interest payments and prescription drugs that would bring in more than $1 billion in revenue to help reduce overall tax rates. The N.C. Fair Tax Act also taxes Social Security benefits for many retirees and extends the sales tax to more than 130 services, such as landscaping and legal help. While it closes many loopholes for businesses, it does continue some for certain sectors while bringing in roughly a billion dollars less in revenues over the next three years.

Insight: How Treasury's tax loophole mistake saves companies billions each year [Reuters]
Tax lobbyist Ken Kies was not worried. A decade earlier, he had led a fight to preserve a key loophole – known in Treasury Department shorthand as the "check the box" rule – when another Democratic president, Bill Clinton, had tried to kill it. "I told my clients, 'Don't sweat this. This is never going to happen,'" recalled Kies, who has advised corporate giants Microsoft and General Electric on the issue. Kies was right.

Oh and did you hear? Freed Maxick is going to Jello dive for a good cause [freedstyle]

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