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November 25, 2022

ANR: Let the Sequester Blamestorming Begin!; PCAOB Looking for ‘Least Disruptive Solution’ re: China; Ambitious Gang Members Steal Tax Returns Rather Than Sell Drugs | 02.28.13

Jockeying Stalls Deal on Cuts [WSJ]
With mandatory across-the-board spending cuts set to begin Friday, the White House and congressional Republicans are poised to let the deadline pass, each calculating that their hand in negotiations only grows stronger if they scorn a quick compromise. The first face-to-face meeting on the issue between President Barack Obama and congressional leaders won't happen until Friday—the deadline for Mr. Obama to set in motion $85 billion in broad spending cuts. None of the participants expect the morning meeting at the White House to produce a breakthrough. In the run-up, with no serious talks under way, each side is maneuvering to ensure the other catches the blame if the cuts kick in.

Pollution levels, accounting records, and other things China classifies as “state secrets” [Quartz]
It's little strange to see "accounting records" and "executions" on the same list. 

Reverse Mergers: A Looming U.S.-China Showdown over Securities Regulation? [[email protected] via Paul Gillis]
In an interview with [email protected], PCAOB chairman James Doty said his agency has made progress innegotiating with China but will have to take stronger measures if China delays or rejects the request for joint inspections.“If the Chinese authorities continue to put up obstacles to legally required inspections of firms that have chosen to register in the U.S., the PCAOB will have to reevaluate the status of those firms in our system,” he stated. If the PCAOB can’t inspect auditors of U.S.-listed companies, by law, it has to deregister those auditors. That, in turn, may well lead to deregistration from U.S. exchanges of companies that employ those auditors, including the China-based affiliates of many U.S. and multinational companies. “We are mindful of the potential consequences,” said Doty. “The PCAOB will work to find the least disruptive solution. Any action the Board takes will be a result of thorough and thoughtful deliberation.But ultimately, our charge is to implement and enforce policy decisions embedded in U.S. law to protect the interests of investors in quality audits.”

UBS Client, 78, Charged With Tax Evasion in Illinois Case [Bloomberg]
Peter Troost, the owner of Troost Memorials, which designs and sells cemetery monuments and gravestones, was charged yesterday in federal court in Chicago. Troost transferred income to his UBS account, evading payment of at least $193,641 in taxes from 2007 to 2009, according to a charging document known as a criminal information that typically precedes a guilty plea.

Disclosure Overload? Maybe Time to Rethink the Framework [The Corporate Counsel]
More is less.

TPC Hosts Program Today on The Charitable Deduction [TaxProf]
Be there, be square.

CPA Firm Offering Chair Massage to Relieve Employee Tax Season Stress [AWEB]
That's nice.

IRS: Gang members stealing tax returns [ABC/WZVN via Tax Update]
The reason? "Investigators say that's because many gang members can make a lot more money filing false claims than selling drugs on the street."

Woman causes crash shaving bikini area while driving [NBC]
Megan Mariah Barnes was meeting her boyfriend in Key West and wanted to be properly groomed for the visit. So during the drive, she decided to shave. Her ex-husband, who was in the passenger's seat, took the wheel while she focused on other areas, according to the report. The site also noted that Barnes was convicted of DUI and driving without a license the day before the crash.

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