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Accounting News Roundup: Your BFF Is Now Your Boss; TurboTax vs. H&R Block vs. CPA; Coe Tells IRS to Shove It | 03.08.11

When Your Friends Become Your Subordinates [FINS]
[W]hat happens when you’re promoted and your closest work friends are left behind? You could suddenly be overseeing someone who trained you. Or perhaps you bested a buddy in a competition for the promotion. Some of your most important relationships on the job may be threatened by the transition.

Scorsese slapped with $2.85M back-tax bill [NYP]
More fallout from the “accountant marries stripper, starts Ponzi scheme” tale.

Google, Infosys Fight `Daughterly Guilt’ to Lure Indian Women [Bloomberg]
When Preethi Mohan Rao quit her job following the birth of her first child in 2006, the 28-year-old tax professional was prepared to put her career on hold indefinitely. Her bosses at Ernst & Young’s Global Shared Services in India would have none of it. As E&Y’s Indian operations grew to almost 4,000 employees by 2010 from about 200 in 2002, the company accomplished something rare in India: having an equal number of male and female workers[.]

Tax prep winners? CPAs in a landslide [CPA Success]
A three-way face-off between TurboTax vs. H&R Block vs. CPA for the best refund.

Insider Trading Hurts: McKinsey Survives But Target Companies Suffer [Forbes]
Francine McKenna explains the difference between a McKinsey and a Big 4 insider trading scandal.

Why I’ll Never Comment on TechCrunch Again [JDA]
Something to do with Facebook.

SEC `Capacity Gap’ Risks Oversight Lapses as Regulator’s Targets Multiply [Bloomberg]
The U.S. Securities and Exchange Commission is about 400 employees short of what it needs to manage its current workload, according to a consultant’s four- month internal review mandated by the Dodd-Frank Act. The preliminary findings by Boston Consulting Group Inc. reinforce arguments by SEC officials that the agency is underfunded and understaffed as it takes on oversight of derivatives, credit-rating firms and municipal bonds, according to a draft copy of the report obtained by Bloomberg News.

Country star to IRS: ‘Shove It’ [Tax Watchdog]
That’s a $1.6 million shove.

Posted in ANR