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September 27, 2023

ANR: Demand for Accounting Grads Is Off the Charts; SEC Setting an Example; Is Your WoW Income Taxable? | 06.20.13

Record-Setting Demand Projected for Accounting Graduates: AICPA Report [AICPA]
As the unemployment rate in the United States is slow to rebound to post-recession levels, accounting graduates are enjoying an unprecedented level of demand from public accounting firms, with a record 40,350 accounting graduates hired in 2012 and 89 percent of those firms forecasting the same or increased hiring of graduates this year.

SEC settlement policy may pressure other agencies to toughen up [Reuters]
"In the financial services arena, the SEC is often the pace setter for other regulators," said Stephen Crimmins, a former SEC enforcement attorney who is now a partner with K&L Gates. "If the public sees the SEC succeeding with this new initiative, it's likely that other agencies will feel pressure to follow suit."

Another Bad Day for the IRS [Tax Analysts]
There's far too much common sense in this post from Chris Bergin to be taken seriously: "[I]sn’t Congress supposed to be checking up on the IRS? What’s its responsibility here? Just sending letters and going to rallies? They think their job is fixing the blame, not the problems. And do you know why? They don’t know how to fix the problems. So who should we think about firing?"

Congressional report says you 'may' owe taxes on your WoW income [Joystiq]
Even if you're not into MMORPGs, this is pretty interesting post about how virtual currencies earned in gaming may become taxable.

FRC draws line between internal and external audit staff [Accountancy Age]

The Financial Reporting Council (FRC) has now prohibited external auditors from seeking help or guidance from a company's internal audit team when compiling an audit report. According to the FRC the latest move creates a clearer division of responsibility between internal and external audit teams to safeguard against conflicts of interest.

Zell's legacy lives on: IRS goes after Tribune [Fortune]
Sam Zell not only looks like an evil gnome: "By the time the final papers are shuffled, the IRS and local tax authorities are likely to seek more than half a billion dollars from Tribune in regard to the sales of the Chicago Cubs and Newsday under former CEO Sam Zell."

Party Animal Banned from Drinking Tells Judge to Jail Him Instead [Gawker]
Through his lawyer, [Milo Manu Felix Wild] told Magistrate John O'Neill that life "was not worth living without alcohol."

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