White House signals compromise on tax cuts [Reuters]
A conciliatory White House said on Thursday it was willing to negotiate with Republicans on tax cut extensions, but Senate Republican leader Mitch McConnell took a hard line against compromises with President Barack Obama in a new Congress.
In the first possible policy shift since Democrats suffered heavy election losses two days ago, White House spokesman Robert Gibbs signaled Obama was open to talks on a temporary extension for the wealthy of Bush-era tax cuts that expire at the end of the year.
New York Court Sends “Amazon Tax” Case Back for More Information [Tax Foundation]
[T]he intermediate court of New York handed down its long-awaited “Amazon tax” opinion in Amazon.com, LLC v. New York State Department of Taxation and Finance. New York requires companies with no property or employees in New York to collect New York sales tax if the non-resident company receives revenue from in-state independent affiliates.
Qantas Blames Rolls-Royce for Engine Failure [WSJ]
Qantas Airways Ltd. Chief Executive Alan Joyce on Friday said the design of Rolls-Royce Group Plc engines could have caused a mid-air failure that forced one of its A380 super jumbos to make an emergency landing in Singapore.
“This is an engine issue and the engines were maintained by Rolls-Royce since they have been installed on the aircraft,” Mr. Joyce told reporters at the company’s headquarters in Sydney. “We believe this is most likely a material failure or some kind of design issue.”
BBC strike silences Today and hits TV news [FT]
BBC journalists ignored the pleas of their editor-in-chief on Friday, taking strike action over plans to cut their pension benefits and driving familiar morning news programmes off the air.
The Today programme on Radio 4 was replaced with pre-recorded material, including a documentary on bird life in the Humber estuary, while Radio 5 Live and the BBC’s morning television news were produced with skeleton staff and unfamiliar presenters.
IRS looks into Wells Fargo tax deductions [MST]
A dispute between the Internal Revenue Service and Wells Fargo & Co. that has been quietly taking shape in a Minneapolis federal court could cost the bank hundreds of millions of dollars.
The clash involves “sale-in, lease-out” (SILO) transactions in which a tax-exempt entity transfers tax benefits to a taxpayer like Wells Fargo, in exchange for a fee. The IRS says Wells Fargo has claimed nine-digit losses for tax purposes on such deals, but the government considers them an illegal tax dodge.
BDO USA, LLP Announces Results of Board Elections [BDO]
Brian Eccleston, Scott Hendon, Albert Lopez and Brad Schrupp have each been elected to the firm’s board of directors. These elections, which are for a three-year term, are effective immediately.
“The partnership has shown wise judgment in electing these very deserving individuals and I am confident that the firm will benefit from the insight they will bring to the process,” said Jack Weisbaum, CEO of BDO USA.
Actress’ name is mud in tax man’s eyes [Tax Watchdog/Detroit News]
Jaime Pressly is the actress and she owes $376k.
More good news out of B to the D to the O as the firm announced today that it is opening an office in Raleigh, North Carolina (full press release after the jump). This will be the
That ESOP interest rate dragging on things?
Yeah blame leadership and old greedy partners who wanted to get bought out right away for that idea
You nailed it.
Good for BDO! Leaders in general dread these parties as the stupid get together and ruin the experience for the well-mannered. I am fine in the managers and partners have a Holiday party and the Associates have their own pizza party. The associates take leadership for granted and have no utter clue how to critique leadership. Word to the 2nd year associate: keep your trap shut until you can think outside your own skin.
Keep practicing that English
I think the bigger deal here is cancelation of travel and small perks like coffee. I get that it gets abused at times, but this just such a PE thing to do. Cost cutting at its best ( or worst). Holiday party – this is less about the party and more showing your people that they don’t matter.
P.S. to Anonymous on August 30, 10:01am – please use proper English. Otherwise you are just a troll and not a good one either.
Damn what grinch!
Wow, old guard “leadership is better than you” and “let them eat pizza while partners get six figure bonuses” mentality alive and well in you. Tell me you have zero respect for employees without telling me you have zero respect for employees. And by the way, those employees are the reason management gets bonuses, just a reminder.
How much of their total expenses are these items? Are they just trying to bump the bottom line for a sale? BDO seems to have been very quiet on the M&A front after going gang busters pre covid.
I’ve been told by partners/ex-partners it’s nigh impossible to do big M&A transactions with the ESOP arrangement they currently have with Apollo and that’s why there hasn’t been much on that front. That happened in 2022.
How about laying people off on promotion day?? That was a new one
Hearken, good folk, to this most solemn jest! Henceforth, all wanderings not in service of our noble clients are cast into exile. Cancel thy pilgrimages, yea, even those sworn by calendar’s ink, and let thine image flicker in virtual halls instead. Out-of-hall merriments, save they be graced by client or prospect, are banished to the shadow realm! Group coffees? Nay! Breakfasts? Fie! Gather not, lest thou summon the wrath of yon auditors. And as for Yuletide revels—alas, poor merriment! I knew thee well. No holiday feasts shall deck our halls this year; hang up thy mistletoe and drown thy sorrows in spreadsheets!