ANR: Finally, Election Day Is Here; New KPMG Tax Leaders; Next Ways and Means, Finance Committees Will Look Familiar | 11.06.12

Posted on by Caleb Newquist

State by State, Battle for Presidency Goes to Voters [NYT]
For the third time in the last four presidential campaigns, the Democratic and Republican presidential nominees went into Election Day close in the national polls, with not one of the major opinion surveys giving President Obama or Mitt Romney a lead of statistical significance. But presidential races are decided in the states, and the nation will get an answer to the opposing cases for victory that each candidate has made for so many months. It will finally know, as one of Mr. Obama’s top aides has put it, “which side is bluffing” and whether battleground-state polls, which have given Mr. Obama a slim but consistent edge where it matters most, accurately foretold the outcome. As the night unfolds, clues to the outcome will spill out well before the votes are counted.

In a close U.S. election, first clues to winner could come early [Reuters]

The close election battle between President Barack Obama and Republican Mitt Romney might take a while to resolve, but Americans following the returns could see clues to the ultimate winner emerge early on Tuesday night. One of the most crucial battlegrounds, Virginia, is among the first states to end its voting, at 7 p.m. EST on Tuesday. The most vital prize of all, Ohio, closes its balloting shortly afterward at 7:30 p.m. EST. Opinion polls show the race is tight in both states, and a winner might not be determined for many hours. But a stronger-than-expected showing by either candidate would be an early sign of which way the political winds are blowing. "I wouldn't expect Ohio or Virginia to be called early, but if it starts to look clear one way or another that would be an early harbinger," said political scientist Steven Schier of Carleton College in Minnesota.
 
Nov. 5: Late Poll Gains for Obama Leave Romney With Longer Odds [FiveThirtyEight]
Ex-KPMG Consultant Nate Silver is still crunching numbers.
 
Firms subject to U.S. FATCA advised to press on with preparing despite rule delay [Reuters]
FYI.
 
Ebix Accounting Practices Said to Be Probed by SEC [Bloomberg]

Ebix Inc. (EBIX), the insurance software company that said it was targeted by short sellers last year, is being investigated by the U.S. Securities and Exchange Commission for its accounting practices, four people with direct knowledge of the probe said. The SEC investigation, conducted over the past year, is focused on revenue recognition, internal controls and the accuracy of the company’s public statements to shareholders, said three of the people, who asked not to be named because the probe wasn’t public. Ebix plunged in Nasdaq trading today. Robin Raina, Ebix’s chairman and chief executive officer, said his company wasn’t under SEC scrutiny. “You could not be more off the mark — that is a complete lie and at least not known to us in any manner whatsoever,” Raina wrote in an e-mail.
 
P. Scott Ozanus Elected Deputy Chairman And Chief Operating Officer Of KPMG In The U.S. [KPMG]
But you already knew that. Jeff LeSage will take over Ozanus' role as Vice Chair of Tax and Laura Newinski will be the new LeSage, who was national managing partner of tax.
 
Ways and Means, Senate Finance incumbents should hold tax-writing seats [DMWT]
So that's nice.
 
France promises businesses $25 billion in tax breaks over 3 years, hoping to boost economy [AP]
 
Man Accused Of Beating Girlfriend With Python [HP]

Keith Paro, 34, of West Springfield, Mass. turned himself in on Thursday after being accused of beating his girlfriend with a pet python, according to WGGB. Police said Paro's girlfriend was in a hot tub when he used a python to whip her. The altercation left the woman with bruises on her knees, back, arms and stomach, according to the cops. The Boston Herald reports that Paro then tossed 4-foot-snake into the tub. The python did not survive. Capt. Thomas Wilkinson described the case as "a little unusual," according to the paper.

 

Posted in ANR

Related Posts

Accounting News Roundup: Rangel Chastised by Ethics Panel; Settlement Reached for Ex-Deloitte Exec on Insider Trading Charges; Madoff Auditor Sentencing Delayed | 02.26.10

• Panel Admonishes Rangel for Taking Trips as Gifts [NYT]
Charlie Rangel had a Congressional ethics committee rule that he “violated gift rules” when he accepted corporate-sponsored trips to the Caribbean. While that is certainly bad news for Rangs, the committee is far from finished with its investigation as they continue their inquiries about Chuck’s “fund-raising, his failure to pay federal taxes on rental income from a Dominican villa, and his use of four rent-stabilized apartments provided by a Manhattan real estate developer.”


Following typical political grandstanding protocol, Republicans are calling for CR to step down from his post as the Chairman of the House Ways & Means Comittee:

“In this time of great economic uncertainty, struggling middle-class Americans deserve better than to have a tax cheat chairing a powerful Congressional committee that directly impacts the financial livelihoods of millions of hard-working people,” said Ken Spain, the communications director of the National Republican Congressional Committee.

• Ex-Deloitte Exec Settles Insider Trading Charges [Web CPA]
John A. Foley, who “settle[d] the SEC’s charges without admitting or denying the allegations”, was trading on inside information on a number of Deloitte clients including rubber shoe factory Crocs, along with YRC Worldwide, Inc., Spectralink Corporation and SigmaTel, Inc.

The trades yielded Foely and his fellow cheaters just over $200k which would buy a helluva lot of ugly shoes.

• Madoff’s New City accountant’s sentencing put off until September [LoHud]
David Friehling, the worst auditor ever, was scheduled to be sentenced today for his little part in the Madoff Ponzi scheme has been delayed until September. Friehling’s continued cooperation was the reason for the delay in sentencing. Although he faces over 100 years in prison, Judge Alvin Hellerstein told DF that his cooperation will be noted when final sentencing is determined. Presumably, that will knock it down to well under a century of doing time.