Please ensure Javascript is enabled for purposes of website accessibility
September 27, 2023

ANR: Ex-CFO of Philly Archiocese Ignored ‘Thou Shalt Not Steal’; Putting a Face on Tax Preparer Regs; March Madness for n00bs | 03.14.12

S.E.C. Charges Three Former Mortgage Executives With Fraud [DealBook]
The Securities and Exchange Commission filed fraud charges on Tuesday against three former executives at Thornburg Mortgage, once the nation’s second-largest mortgage company after Countrywide Financial, saying that they hid the company’s deteriorating financial condition at the onset of the financial crisis in 2008. Thornburg, once a publicly traded company that focused on jumbo and super-jumbo adjustable rate mortgages, needed constant access to financing, which included money borrowed from various lenders.

Finance officer who stole from archdiocese surrenders [PI]
The former chief financial officer for the Archdiocese of Philadelphia used her credit cards for trips to the Caribbean, gifts, and cash advances to play the slots at the Borgata. And for six years, Anita Guzzardi used church money to pay for the spending spree, more than $900,000 in all, according to charges filed Tuesday. Among the destinations: the Atlantis at Paradise Island in the Bahamas. Guzzardi, 43, of Barrington, Camden County, surrendered to face charges from the Philadelphia District Attorney's Office of theft, forgery, and unlawful use of a computer. She takes responsibility for the theft, her lawyer said, and has paid back $150,000. […] The embezzlement wasn't detected by the archdiocese's internal auditor, or by its outside auditing firm, Pricewaterhouse Coopers. Ed Lovelidge, managing partner of the firm's Philadelphia office, declined to comment, saying the company had a policy of not discussing work for clients.
 
IRS to Mom and Pop: Drop Dead [Atlantic]
Katherine Mangu-Ward in reference to the picture above: "Look at this dude! He does his taxes at a table covered in a lace doily for crying out loud. In a sweater. Sure, he uses a typewriter. Sure, he probably makes mistakes. But–and this is the important thing–forcing this guy to spend a thousand bucks on continuing education and more on fees isn't likely to mean more accurate returns overall. For one thing, a bunch of his clients will probably go back to doing their taxes themselves rather than pay increased rates. For another, there's a long, sad, history, of bad advice being given out by the IRS itself, something its just as likely to do in those $50/hour seminars as it does on its free advice line. And for an unfair anecdotal third thing, H&R Block once filed all of my freelance journalism income as farm income."
 
Would a Higher Top Tax Rate Raise Revenues? [Economix/NYT]
Bruce Bartlett: "[T]here is another very good reason to raise taxes on the ultrawealthy: the government needs the revenue."
 
The 23 Rules of March Madness [WSJ]
For you n00bs. 
 
That weird urge to jump off a bridge, explained [MSNBC]
Busy season has nothing to do with it.

 

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Funny white cat-an athlete in a yellow sports headband, lying with yellow footballs, dumbbells and a yellow alarm clock standing nearby.

Monday Morning Accounting News Brief: PwC Is Turning Work Down?; TIL the President of Nigeria Worked at Deloitte | 9.11.23

Yay it’s Monday again! Praise Pacioli, there’s actually some stuff going on this morning. Meet a 29-year-old accountant whose ‘resentment’ only climbed after her firm raised her salary from $60k to $90k as she made millions for them. She has her own firm now: Stephanie Heredia’s promotion came a year too late and more than […]

Tuesday Morning Accounting News Brief: Getting Roofied at KPMG?; PwC: ‘Burnout Should Be a Concern’ | 9.5.23

Good morning and happy Tuesday. Hope everyone had a nice Labor Day, I had a productive weekend of being AFK at Meat Week (get your minds out of the gutter, it’s Fallout). Let’s get right into it. It is suspected someone spiked a colleague’s drink at a KPMG NZ get together, it isn’t the first […]