“I don’t think the SEC’s culture is one that will make this effective one iota,” said Sherron Watkins, a one-time vice president at Enron, referring to expanded protections for whistleblowers included in the Dodd-Frank financial reform law. If she was in the same situation today as 10 years ago, when Watkins approached government authorities about accounting fraud at Enron, she would probably instead take her information to an organization like WikiLeaks, Watkins said. [Paper Trail]
Author: Caleb Newquist
Founding editor, Going Concern.
Director of Drive Angry Convinced That Hell Is Run by an Accountant
The IRS’s favorite perpetual problem child, Nicolas Cage, has new movie, Drive Angry and it is quite the testosterony mishmash of explosions and gunfight sex (NSFW). The baddie in this particular film is played by William Fichtner whose face you probably recognize but had no idea what his name was. His character is simply known as “The Accountant” who, as far as we can tell, is a bag man of sorts for the Prince of Darkness.
Now – “The Accountant.” Why would a filmmaker soil your honorable profession by assigning a demon with that label? Is it a bad parental memory? Jaded by an unpleasant tax return experience? No, it’s simply the tendency of accountants to be run a tight ship and director of Drive Angrybe insanely anal:
We imagine Hell as probably as very well done. With all our experiences with bureaucracy we thought that, yeah [The Accountant] would sort of make sense. Bureaucracy can be really vicious and of course we need somebody who would have that attention to detail. Who made sure the checks and balances were met and that every single column lined up. And if it was that person that came after you, you would be majorly fucked. We talked about how you’d already seen the hunter from hell and we thought nah, it’s a guy in a suit. It’s a guy who looks like a lawyer, but isn’t. It’s a guy who looks at numbers and is indifferent to your plight. You can’t negotiate with him because to him it’s just about making sure everything adds up. If you’re against the books, then he will make sure to correct it.
Drive Angry director explains why Satan’s right-hand man is an accountant [io9]
Your Creepy IRS Agent of the Day
Another poorly thought out advance by a man on a woman worthy of these pages.
A 60-year-old IRS agent has been ordered to pay $476,000 in damages after a former tenant sued him for invasion of privacy. The ruling was issued during a recent civil trial in Broward County. According to records, 27-year-old Miranda Goldston found a hidden camera in a DVD/VCR player that came with the three-bedroom townhouse she rented from Kenneth Ryals. The tiny camera hidden in the DVD/VCR was pointed a Goldston’s bed.
Earlier:
Accountant Seeking Sexual Favors Rebuffed; Pelted with Flip-flops
Is Turning Down a Big 4 Internship a Mistake?
Welcome to the Cairo-is-burning edition of Accounting Career Emergencies. In today’s edition, a midtier intern-to-be is having second thoughts about their decision to turn down an offer from a Big 4 firm. Was the move a mistake? Can they go back, begging, crawling on hands and knees for a second chance?
Need solid, yet snarky career advice? Concerned that your advances on a co-worker might be rejected with footwear? Suddenly in need of a talent agent? Email us at advice@goingconcern.com and we’ll help you find your very own Ari Gold.
Meanwhile, back on campus:
I accepted an audit internship offer awhile back with a midtier firm for next winter. In doing so, I turned down an offer from one of the Big 4 for the same period. Now, I’m wondering if I’ve really given enough thought to the Big 4 route.
I am aware that my life will be non-existent outside of work no matter where I go, but the exit ops with the Big 4 seem worth it. I’m wondering if it would be advisable to contact the recruiter I previously worked with and see if I could interview again, this time for a summer internship. Would this make me seem too indecisive, or should I at least try for it? If not, could I still ask him to keep me in mind for full time positions?
Sincerely,
Confused and soon to be abused
Dear Confused and soon to be Abused,
You didn’t really give me a lot to go on (we do however, appreciate the brevity) but we’ll make something out of this.
In general, I think your first instinct is always best and it sounds like you might be second-guessing your decision. You chose the firm you chose for a reason, didn’t you? You probably had reasons for not choosing the Big 4 firm, right? Did the “exit ops” occur to you only after the decision had been made and all your previous considerations were deemed inconsequential? I’m doubtful.
As for contacting the Big 4 recruiter, I don’t see any problem but take the angle that the decision you made was extremely difficult, you want to have various experiences to make the best choice for your long-term career and you’d be interested to know if summer internships will be offered. If you play the “I made a mistake, please, please, please give me a second chance” angle, you’ll come off desperate and wishy-washy. As for the full-time possibility, most of those positions will be offered to their interns, so it will be tough to sneak in once you’re ready to go full-time and you haven’t interned with that firm.
Keep in mind – just because you’re interning with a particular firm, that doesn’t mean you’ll be with the firm your entire public accounting career. Many people bounce around to various firms for one reason or another and your experience will be valuable no matter where you work. So, feel free inquire about the Big 4 firm’s summer internship but don’t give up on your mid-tier possibility. Good luck.
Comp Watch ’11: Follow-up on KPMG Transaction Services Midyear Adjustment
Sounds like the previously mentioned potential raises got the John Veihmeyer stamp of approval.
Follow up on the midyear comp email from last wk- srs get 4% and mgrs get 5%. Does not apply to corporate finance and restructuring. Call is still going on right now trying to sell KPMG big time and convince people to not leave
We’ve been told that the raises are effective immediately. We’ll keep you updated.
Accountant Seeking Sexual Favors Rebuffed; Pelted with Flip-flops
Everyone, at some point in their life, has suffered the humiliation of making a move only to be rejected with extreme prejudice. As humbling as an experience as this is, being “showered with chappals” may be the greatest humiliation to be suffered by a man in pursuit of a woman we’ve ever heard. And naturally, this dolt was an accountant.
The woman had applied for a grant under the government’s Ashraya plan and she needed a certificate of caste to be submitted to the tahsildar. Initially Shivananda (32), the village accountant of Kavoor, refused to issue it since she originally hailed from Birur in Chikmagalur district. In the meantime, he had obtained her mobile number on the pretext of keeping her informed about the progress of the file.
But soon after, he reportedly started sending her obscene messages and later on started calling her again and again. He promised to get her a 5-cent land in Falnir in the heart of the city, provided she made some ‘adjustment’ with him. Not understanding the purport of ‘adjustment’ she sought clarification. At that point, he is said to have explicitly sought sexual favours from her.
So we envision the scenario this way: Village accountant-cum-idiot goes with, “Hey, this is an easily solvable problem but an adjustment needs to be made with me.” The woman, being completely confused, asks him to elaborate to which replies with the BJ hand gesture, or the old pointer finger through the fist routine. Then:
Declining to make any adjustment, she went home and complained to her husband, who sought help from Dalit organizations, who gathered proof by getting the messages he sent and calls made recorded. They set a trap for him and got the woman to ‘invite’ him home. When he arrived at the appointed time, he was caught hold of by the Dalit activists and handed over to the police.
But before doing that, many of them, men and women, beat him up with chappals several times over. Shivananda told the media that he had only come to check the house to verify and he had been framed. But he had no answer when asked if he had visited any other houses to verify the caste and also as why he was not carrying the relevant file when he came to visit the woman’s home.
Reactions welcome.
[source]
Accounting News Roundup: Getting Good References; CPA Super Bowl Bets; Taco Bell Says ‘Thanks’ | 01.28.11
The Secrets to Getting Good References [FINS]
One of your first moves when considering a job change should be to review your professional network for people who can serve as references. Prospective employers are likely to ask you for three or four people who can endorse you as a professional. How you ask is, of course, just as important as who you ask. There are a number of courtesies to keep in mind when you’re choosing your references.
PwC: CEOs confident, eager for talent [Vault]
PricewaterhouseCoopers timed the release of its 14th annual Global CEO Survey results to coincide with the opening of the World Economic Forum at Davos yesterday. Despite an anemic recovery in the US, the results show that CEO confidence has rebounded to pre-crisis levels, with corporate leadership eager to hit the ground running in 2011.
Prof Pees on Colleague’s Office Door [TaxProf Blog]
You’re in trouble, buddy.
CPA firms make Super Bowl wager for charity [AW]
Kolb+Co., a Brookfield, Wisconsin-based public accounting firm, has made a Super Bowl wager with Schneider Downs, Pittsburgh’s largest independent public accounting firm. “Our idea is to involve our entire offices in a team spirit day, where every employee can support their team through casual dress when they make a $5 donation,” said Tom Luken, president and CEO of Kolb+Co. “Once the Super Bowl has been decided, all proceeds will be donated to a charity selected by the winning office.”
Tax Blogosphere Buddies – Joe Kristan [TWTP]
Our friend and purveyor of Tax Update Blog, Joe Kristan, does a Q&A with Robert Flach.
If lien fits, O.J. Simpson prosecutor’s firm must pay it [Tax Watchdog]
Remember Christopher Darden? He’s the prosecutor who instructed the Juice to try on the glove. This led to Johnnie Cochran being immortalized which may have inspired the creation Jackie Chiles. For that, we are grateful. Oh, and Mr Darden has a $30k tax lien.
Taco Bell: ‘Thanks for suing us’ [CNN]
A first?
LinkedIn plans to raise up to $175 million in IPO [Reuters]
LinkedIn Corp, whose professional networking site has 90 million users, plans to raise up to $175 million in an initial public offering, according to a regulatory filing. The company, co-founded in 2002 by ex-PayPal executive Reid Hoffman, announced its intention to go public on Thursday, but did not immediately reveal how many shares would be offered or their price range.
Just So You’re Aware: Cuba Is Developing a Children’s Video Game to Promote Taxes
We assume El Presidente is cognizant of the situation but we honestly don’t know what to make of Cuba allowing any semblance of private enterprise other than we hope this means the country will get back to something that closely resembles the Havana casinos in Godfather II.
“Tributin” or “Little Tax” is expected to be available this fall and sounds like it will be quite a gas:
“It is a fun software to help children learn about fiscal policy, because since they were born in a socialist society with some gratuities, they don’t have all the elements needed to understand taxes,” project director Dagoberto Marino told Reuters in a telephone interview.
“Tributin” would show children how the money they spend when they buy candy puts in motion mechanisms that benefit their communities in the form of school improvements.
Cuba plans children’s video game to promote taxes [Reuters via Tax Docket]
The Miami Heat Bail Out Tim Hardaway
They aren’t exactly the U.S. Treasury and don’t foresee any populist outrage but Miami Heat Limited Partnership did Tim a fave and bought his 7,500 square foot manse for $1.985 million, according to Tax Watchdog Robert Snell:
The Miami Heat, one of the NBA’s hottest teams, bailed out former star Tim Hardaway, whose namesake son plays for the University of Michigan basketball team, by buying his Miami mansion and clearing up a $120,000 federal tax debt.
Hardaway, 44, ran into tax trouble in June despite being paid more than $46.6 million during his NBA career. The IRS filed a tax lien against his property and the bill listed his 7,542-square-foot mansion in suburban Miami.
For whatever reason, Tim is still crashing there but the Heat are trying to flip the pad for $2.5 mil, so if you’re in the market for 5bed/5.5bath with a full basketball court, make them an offer.
Americans for Tax Reform Is Annoyed with the ‘Tax-loving American Lung Association’
Because it’s pretty clear that the American Lung Association’s mission is to ensure everyone is paying higher taxes:
Predictably, the tax-loving American Lung Association is pushing for a massive 75 percent increase in Maine’s cigarette tax. They just think it’s the cat’s meow, curing all diseases while raising a boatload of money for state government to spend on pro-utopia policies.
Of course, that’s not how these things tend to work themselves out. For starters, Maine desperately needs jobs. An excise tax increase of this magnitude certainly will not deliver. Convenience stores count on tobacco products for roughly one-third of their sales. Government driving up the cost of cigarettes won’t help maintain payroll.
That’s because higher taxes will only further fuel migration to New Hampshire, where consumers will be able to save over $12 per carton of cigarettes. New Hampshire also levies no sales or personal income taxes. To have any hope of competing with its neighbor, any talk of tax increases must be completely off the table.
So taxes on cigarettes are off the table while cancer, chemotherapy, pain, suffering and shortened life spans are back on. Got it.
Jim Turley Doesn’t Seem to Be Tired of Answering Questions About Lehman Brothers
Jimbo does admit that “we are not pleased to be in the spotlight like this” but per ushe, he takes it in stride and says, “it is something that we will deal with.”
Turley Says Specifcs From Obama Need to Come `Quickly'
Uploaded by Bloomberg. – News videos hot off the press.
Area Man Steals Car After Learning About His Brother’s Crappy Tax Refund
Allegedly! Knowing the city of Lincoln, Nebraska like we do, it’s entirely possible that these two bros were simply still not over the Husker football team’s dismal display in the last two games of the season and this shitty refund was simply the kernel that busted the storage bin.
Lincoln police said one man was arrested after he refused to leave H&R Block when he became upset with his tax refund. And the man’s brother is accused of stealing an employee’s vehicle, according to police.
Authorities were called when Joshua Brown, 26, refused to leave the H&R Block on O Street. They said he was upset with his refund and insisted on talking with all the tax professionals in the building. Officers said they removed him from the property and cited him for trespassing and fail to disperse.
A half-hour later, officers said they were called back to the same business regarding a stolen Ford Explorer. An employee found her car and keys missing, police said.
Officers said Brown was inside the business with his brother, 31-year-old Michael Medina. Police said they found the Ford Explorer in the parking lot across from the brothers’ apartment on 10th Street. Police said Medina was arrested on auto theft charges.
Police: Man Upset With Tax Refund, Brother Charged With Auto Theft [KETV]