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February 2, 2023

Accounting News Roundup: RSM Revenues, Cop Has Tax Prep Side Gig, Grim Outlook for Charitable Deduction | 01.16.18

accounting news rsm revenues

Just let that sneeze go, people.

RSM global revenues pass $5bn mark [Economia, RSM]
In sticking with accounting firms’ tradition of deceptive self-reporting of revenues, the international firm formerly known as McGladrey reports, “Each of RSM’s service lines grew in 2017” but declined to say how much it grew for its largest service line, audit and accounting. Also noteworthy is the firm’s mention of “recent introduction of significant legal services across several RSM firms,” marking the first time we’ve seen RSM acknowledging that it had jumped on that particular bandwagon.

He Studied Accounting. Now He Hunts the Taliban. [NYT]
In addition to his accounting degree from the University of Pennsylvania, Navy Lt. William Conway also has a law degree from Georgetown and an MBA from the University of Chicago. I guess what I’m saying is: Don’t get your hopes up for chasing terrorists just because you bombed FAR a couple times.

Lieutenant did other cops’ taxes on taxpayer dime [NYP]
NYPD Lieutenant Wilbert Morales prepared tax returns for “12 to 14 cops” and “charged around $70 per job” but denies doing them while on duty. In a fun twist of irony, Lt. Morales was his precinct’s Integrity Control Officer.

21 Million Taxpayers Will Stop Taking the Charitable Deduction Under The TCJA [TPC]
The Tax Policy Center estimates that the number of households that take a deduction for their charitable giving will drop from 37 million to 16 million and that total giving will fall from $63 billion to $42 billion.

SCOTUS Grants Certiorari in South Dakota v. Wayfair [BNA]
This is for the SALT nerds out there. This case directly challenges Quill Corp v. North Dakota, which established a physical presence requirement for compelling a business to collect sales tax.

Previously, on Going Concern…

Jason Bramwell wrote talked to some controllers about preparing for their year-end audit.

Grant Hutchinson asked: Is your firm holding you back?

From the archives: “Busy season is just getting rolling, but I’ve got a loud problem on my hands. A manager (not on my team) has a cube near mine in the office and he spends the whole day and night on the phone, and he doesn’t have much of an inside voice.”

In other news:

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