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January 30, 2023

ANR: IRS Scandal Needs Some Sunshine; FTSE 100 Disclosing More Audit Tenure Info; Miss USA’s First Order of Business: Quit Her Accounting Job | 06.17.13

Camp Signals Support for 15% Foreign Patent Income Rate [Bloomberg]
For companies with a lot of foreign income from intangible products like patents, Dave Camp has a carrot-and-stick approach to overhauling the tax code. Camp, the top Republican tax writer in the U.S. House of Representatives, says putting a rate of 15 percent on all foreign income from intellectual property rights and intangibles would limit revenue erosion when Congress pursues broad tax reform, Bloomberg BNA reported. The incentive would be a deduction for income related to intangibles kept in the U.S.; the disincentive is an immediate inclusion for income related to such intangibles held abroad. Companies would have less pressure to shift income to low-tax locales because that income would be taxed at the same rate, whether it is earned in the U.S. or Bermuda, Camp said. 

Release the Facts About the I.R.S. Scandal [NYT]
Even though its not their style, the Times editorial board's request might be taken a little mor serious if they had thrown in a "please" or two.

House Republicans see long slog ahead for probes of IRS targeting [The Hill]
Oh, great: "
Republicans say lots of work is going on, even if it’s not happening in the hearing room. They said their IRS investigation could easily pop in and out of the news in the coming months, much like their examination into last year’s attack in Benghazi, Libya."

A Day of Accounting Scandals and Irrational Market Exuberance [DF]
This past Saturday, June 15, marks the day in 2002 that Andersen was convicted of obstruction of justice related to the Enron case. Their claim that the shredding of documents was "
normal clean-up and document security" didn't work and the firm eventually went out of business. Of course, the conviction was overturned three years later long after everyone had moved on.

FTSE 100 providing more audit tenure information [Accountancy Age]
The UK's largest listed businesses are providing more information about the tenures of their current auditors in response to tendering provisions laid down by the FRC. According to analysis by Black Sun 63% of FTSE 100 annual reports gave either the number of years they have been with their current auditor or the year when the tender last took place.

Miss USA is Connecticut accountant [AP]
Moments after she was crowned at the Planet Hollywood hotel-casino on the Las Vegas Strip Sunday, Connecticut accountant Erin Brady said all she could think about was letting her bosses know she won’t be coming in tomorrow. Or ever again.

McDonald's Masturbator In Nova Scotia Sparks Great Police Advice [HP]
“We strongly suggest for people not to take the matter into their own hands.”

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