September 25, 2022

ANR: Who’s Entitled to a Tax Cut?; Zynga Gets Zapped, Blames Facebook; CPA Sues Baylor Law Over Admissions Denial | 07.26.12

Who Deserves a Tax Break? [NYT]
In a rare show of old-fashioned democracy, Senate Republicans allowed Democrats a simple-majority vote on Wednesday to pass a bill extending tax cuts on income up to $250,000 a year. Republicans, knowing the measure would be killed in the House because it raises taxes on the rich, chose not to filibuster it in hopes of “exposing” a few vulnerable Democrats to a tough vote.

Zynga Stock Dives on Loss [WSJ]
The fall for Zynga is steep. The company, founded just four years ago by entrepreneur Mark Pincus, offers its online games free and generates revenue through the sale of virtual goods. Last year, Zynga experienced dramatic revenue and user growth. When it filed to go public last June, it considered going public at a $20 billion valuation. Now the results raise questions about the sustainability of Zynga's business.

Zynga blames Facebook for earnings hit [FT]
The company blamed the drop on Facebook, saying the social network made changes to its site that favoured new games, many from Zynga’s competitors, over the company’s existing games. “Our users did not remain as engaged and did not come back as often,” said John Schappert, Zynga’s chief operating officer. “Instead new games were promoted.”

Quarter-End Foreign Subsidiary Loans Not Subject to Taxation [Forbes]
FYI.

Accounting and World Peace: It's Time for the SEC to get Real [Accounting Onion]
Tom Selling: "[T]he best news to come out of the Staff Report is a forthright acknowledgement that outright IFRS adoption is clearly not feasible. Now for the bad news: the Staff is still desperately seeking any excuse possible for remaining in bed with the IASB."

55 Year Old CPA With 169 LSAT Sues Baylor Over Admissions Denial, Says His 3.2 GPA Was Earned Before Grade Inflation [TaxProf]
Okay then.

Does shaming taxpayers work? [DMWT]
When all else fails, embarrass the crap out of 'em.

Balloon Boy saucer turned into trading cards [LRH]
Several months ago, Michael Fruitman, the current owner of the defunct balloon, struck a deal with New York City-based sports and entertainment card company Topps to use a segment of the Mylar saucer for individual trading cards. The card is included in the recently released 2012 Topps Baseball Allen & Ginter Relics Set. "If this was the Mona Lisa I would not send it to them to be cut up, but I understand what this is," Fruitman said. "I figured this was a way that any number of people are able to own a piece of Colorado history."

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