Category: ANR

Tax-Cut Bill Draws Wide Support in Senate [WSJ]
Democratic opposition to President Barack Obama’s plan to avert an across-the-board income-tax increase Jan. 1 crumbled in the Senate on Monday, as a large bipartisan majority backed the legislation.The 83-15 procedural vote to advance the bill eases the way to final approval. It also marks a watershed for Mr. Obama, who unveiled the deal he had cut with Republican lawmakers only a week ago.Thirty-seven Republicans joined 45 Democrats and one independent in backing the legislation, a bipartisan alliance that stood in contrast to the largely party-line votes for Mr. Obama’s healic stimulus and other pillars of his first two years in the White House.

Carlyle’s Nachtwey on His Move to Legg Mason [FINS]
FINS chatted up the Deloitte alum on his move.

Ex-Mazars partners sues for unpaid expenses [Accountancy Age]
Robin Stevens claims Mazars owes him £1,400 in unpaid expenses and they’re not being adults about it, telling AA “It is unfortunate and disappointing, but sadly not surprising, that Mazars seem incapable of dealing with this simple matter in a professional and grown up way.”

Happy [Belated] Birthday, Ben Bernanke! [JDA]
Adrienne just so happened to turn the big 3-0 yesterday and it also just so happens that she shares it with her sworn nemesis. She continues her tradition of sending The Beard a nice, handwritten card.

When violence affects the workplace, what liabilities do employers face? [AW]
Don’t fool yourself, there are lots of crazies out there.

Bad News For Gen Y: Older Workers Clinging To Jobs [Janet Novack/Forbes]
Janet Novack informs us that Boomers may have to deal with Gen Y a little longer than they want to (it goes both ways), “A new analysis shows workers’ median length of time on the job rose markedly during the recent recession, as fearful workers—particularly aging baby boomers—clung to their existing positions and few new employees were hired on.”

US widens Stanford probe to brokers [FT]
Because this thing isn’t a big enough mess already.

Deloitte Acquires the Assets of ClearCarbon Consulting, Inc. and DOMANI Sustainability Consulting, LLC to Further Enhance Sustainability Offerings [PR Newswire]
With ClearCarbon and DOMANI, Deloitte takes a significant step forward in achieving its goal of being a leading sustainability services provider. The combined sustainability offerings create a new hub of sustainability excellence, highlighting a combination of strategic insights and deep knowledge of complex challenges impacting organizations across all industries and sectors. “Deloitte has identified the sustainability services market as a key growth area,” said Jessica Blume, national managing principal, research and innovation, Deloitte LLP. “As an emerging offering, the acquisitions of ClearCarbon and DOMANI will further strengthen Deloitte’s ability to help clients drive value, mitigate business risk, and drive growth, efficiency and innovation through improved environmental, social and financial performance.”

Tax Deal Set to Pass Senate [WSJ]
Democrats are predicting that a much-debated tax agreement will clear a crucial hurdle comfortably in the Senate on Monday, with a margin that they hope will add momentum to the deal in the House. But even with President Barack Obama, former President Bill Clinton and a growing number of Senate Democrats backing the deal, House Democrats remained eager to test whether they could push Republicans to raise the proposed tax rate on estates.

Seven Things You Should Not Do Online at Work [FINS]
A quick refresher for anyone that has already forgotten PwC Email Hottiegate 2010 (Ireland edition).

Carlyle Finance Chief Nachtwey Leaves in Setback to IPO Plans [Bloomberg BusinessWeek]
Peter Nachtwey, a Deloitte alum, is leaving Carlyle ‘to pursue a great new opportunity’ shortly before the firm’s planned IPO, “Carlyle plans to file IPO papers late in 2011, people with knowledge of the matter said earlier this month. The stock sale may not occur until the following year, said the people, who asked not to be identified because the plans are private.”

Internal auditors next to give evidence in the Lords [Accountancy Age]
Internal auditors will take centre stage tomorrow when they appear before a House of Lords committee to give evidence on the role of auditors during the financial crisis.

The Lords are expected to probe the relationship between internal auditors and audit committees, on the one hand, and external auditors on the other. The current chief executive of the Institute of Internal Auditors, Dr Ian Peters, will appear as will Sarh Blackburn, a former president and current member of the institute.

IRS: Exclusive Montana Resort Founder Owes $15.4M [ABC News]
The co-founders of the millionaires-only Yellowstone Club also has to settle up with the state of Montana, “Tim and Edra Blixseth also owe Montana $57 million in taxes on money taken out of the Yellowstone Club and spent on luxury jets, cars and yachts that they wrote off as business expenses, according to state officials. With Edra Blixseth bankrupt, state officials have filed a warrant to go after Tim Blixseth’s assets to cover the debt.”

Firm will review auditor that overlooked Bell corruption [Los Angeles Times]
California Controller John Chiang is expected to release his review next month of the work of auditing firm Mayer Hoffman McCann, which gave the municipality a clean bill of health. The case has highlighted questions over firms that audit troubled government entities. Chiang already has issued several reports on Bell’s finances that found numerous shortcomings and red flags pointing to excessive salaries, illegal taxes and fees.

Americans in Poll Want Deficit Cut With Entitlements Secured [Bloomberg]
If anyone has a problem with the following, please speak up: “Americans want Congress to bring down a federal budget deficit that many believe is “dangerously out of control,” only under two conditions: minimize the pain and make the rich pay.

The public wants Congress to keep its hands off entitlements such as Medicare, Medicaid and Social Security, a Bloomberg National Poll shows. They oppose cuts in most other major domestic programs and defense. They want to maintain subsidies for farmers and tax breaks like the mortgage-interesy’re against an increase in the gasoline tax.”

Will the Auditors’ Real Clients Please Stand Up? You’re Lost Among the Mixed Messages [Re:Balance]
Who does auditor number 2 work for?

CFOs Expect to Hire Finance Staff in Q1 2011 [FINS]
Financial staff and accountants will be in demand in the first quarter of 2011, according to Bank of America’s annual CFO Outlook and a recent hiring index report from Robert Half.

PwC Announces $500,000 Contribution to Michigan State University Accounting Program in Memory of Al Arens [PR Newswire]
PwC US is contributing $500,000 over five years to the Michigan State University Accounting and Information Systems department in the Eli Broad College of Business. The gift to the Al Arens Teaching Excellence Fund will help provide teaching assistants and other resources for introductory accounting classes. Arens, the former PwC Endowed Professor at Michigan State, taught such classes for 40 years and dedicated his professional life to helping students.

When to Ask for a Raise in a Downturn [Bucks/NYT]
Try to resist the urge to ask right after layoffs.

Accounting for Public Pensions [Floyd Norris/NYT]
A generation ago, when Ronald Reagan was president, the accounting rule makers forced American companies to come clean on the cost of the pension plans they were promising to employees. That decision, perhaps more than any other, heralded the eventual demise of defined-benefit pensions for employees of American companies.

Now something very similar may be in store for public sector employees, thanks in part to the Republican victories in last month’s Congressional elections.

Marcum LLP and Bernstein & Pinchuk LLP Merge China Practice [PR Newsire]
Marcum and Bernstein & Pinchuk have merged their China practices, effective January 1st.

Auditors Should Be Able to Do Consulting, Tax Work, U.K. Says [Bloomberg]
A ban on such non-audit services, proposed in October by the 27-nation EU, would upset investors and fail to address problems behind the crisis, the U.K.’s Financial Reporting Council said today on its website. The watchdog said it supports a “tightening of the rules” on such services.

“There is no evidence that the provision of non-audit services by auditors was a factor in the financial crisis,” the FRC said in the paper. “There is no support from any group of stakeholders for such a prohibition” and investors “were generally hostile to the idea.”

IRS Considers Taxpayer Amnesty Program [WSJ]
U.S. Internal Revenue Service Commissioner Doug Shulman Thursday said the IRS is considering another amnesty program for taxpayers who voluntarily reveal their previously undisclosed offshore bank accounts. “We are seriously considering another special offshore Voluntary Disclosure program,” he said in a speech in Washington.

Accounting Students Can Apply Online for Illinois CPA Society Scholarships [PR Newswire]
For students pursuing an accounting degree with plans to become a Certified Public Accountant (CPA), financial help is available through the Illinois CPA Society. Scholarships of up to $4,000 are funded by the CPA Endowment Fund of Illinois. Eligible students must be U.S. citizens or permanent residents currently living in Illinois and enrolled in an Illinois College or University.

David Sproul named new chief executive of accountants Deloitte [Telegraph]
David Sproul, who was appointed UK head of tax at the Big Four firm in 2006 and is a member of the executive board, will succeed John Connolly in June next year.

Mr Connolly has been as the firm’s top accountant for more than a decade and his tenure has seen Deloitte rise up the ranks to become second only to PricewaterhouseCoopers in terms of revenue. Mr Connolly is credited with having transformed the group, with profits tripling during his time.

Estate-Tax Passage Is Likely [WSJ]
It’s a Festivus miracle! “The estate tax has emerged as a focus of Democrats’ anguish over the tax deal hashed out between President Barack Obama and Republicans. But the protests appear unlikely to derail the compromise in Congress.

Notably, Democratic support for the estate-tax provision appeared stronger in the Senate, particularly among incumbents facing re-election in 2012, than in the House.”

Modesti, PCAOB Director of Enforcement and Investigations, Calls For More Transparency [RTA]
Francine highlights the, er, highlights of Modesti’s remarks from yesterday.

Majority of Americans Say Fed Should Be Reined In or Abolished, Poll Shows [Bloomberg]
“The Fed had to do extraordinary things to keep us from going into a great depression, and the public doesn’t see it this way,” said Lyle Gramley, a former Fed governor who is now senior adviser at Potomac Research Group in Washington. “The last time we had any really severe criticism of the Fed was in the early-1980s, when the Fed was pursuing this brutally tight policy to keep inflation under control.”

Howard Stern Changes Tune on Sirius CFO: ‘David Frear is OK With Me’ [The Wrap]
After some reactionary measures, the King of All Media actually read the transcript of the remarks and decided that the Sirius CFO isn’t a bad guy.

Gov.-elect Snyder talks up accounting credentials [CT]
If a CPA can fix Michigan, look out. Presidency next! “Wayne State University’s School of Business Administration and Department of Accounting will host the Ann Arbor executive, entrepreneur and first certified-public accountant to be elected governor of Michigan.

Snyder’s talk Thursday afternoon is expected to focus on how his accounting skills will be important as he works to improve the state’s struggling economy. He’s also scheduled to recount his journey from the private sector to the precipice of the state Capitol.”

ParenteBeard Merges with Local Philly Firm [AT]
ParenteBeard picks up Huntingdon Valley-based Pressman Ciocca Smith in a deal that was effective December 1.

Obama Woos Wary Party on Tax Deal [WSJ]
President Barack Obama’s tax-cut compromise with Republicans was greeted with anger from fellow Democrats in Congress Tuesday, but many seemed resigned to accepting it as the best deal they could get and a step toward reviving the weakened economy.

Democrats criticized the broad tax package for cutting taxes on high earners and setting tax rates too low on large inheritances, as well as for its effect on the country’s budget deficit. But Democrats also said they didn’t yet see a revolt spreading so far that it would derail the agreement in the Senate. Prospects for passage are more uncertain in the House, where many liberal members are balking at planned changes to the estate tax.

Did Deloitte Compromise Independence in McClellan Insider Trading Scandal? [Forbes]
Francine untangles the web.

Greenberg: Does Green Mountain News Pass Sniff Test? [CNBC]
CNBC’s Herb Greenberg is curious about Vermont-based Green Mountain Coffee Roasters’ earnings call that is slated for Thursday after the markets close.

BDO’s global fee income jumps 5% [Accountancy Age]
Global accounting network BDO has reported a growth in fee income of 4.92% across its member firms after a strong performance in the Asia Pacific region. For the year ended 30 September 2010, BDO’s fee income was €3.89bn (£3.27bn). Asia Pacific was the fastest growing region, which saw its revenues rise 32%. This success was attributed to the expansion of its operations in China, which saw growth of 65% to €149m over the last year.

Obama-GOP Tax Deal: Winners and Losers [TaxVox]
Biggest loser: fiscal responsibility!

Wesley Snipes Talks Taxes on Larry King [TaxProf Blog]

Deal Struck on Tax Package [WSJ]
President Barack Obama reached agreement Monday with Republican leaders in Congress on a broad tax package that would extend the Bush-era income tax cuts for two years, reduce worker payroll taxes for one year and give more favorable treatment to business investments.

Other elements of the deal include a temporary reinstatement of the estate tax at 35%—the level favored by most Republican lawmakers—as well as an extension of jobless benefits for the long-term unemployed.

Gadget wish list for 2010 [AW]
iPad. Tablet stand. Done.

Schapiro Aims to Expand Accounting Oversight of Broker-Dealers [Bloomberg]
The accounting industry will play a crucial role in helping investors regain confidence in the wake of Madoff’s scheme and the 2008 financial crisis, said Schapiro, who urged auditors to push for accuracy and clarity in reporting.

“Our markets depend on confident investors — and their confidence rests in large part in your hands,” she said. “The SEC and other agencies can increase the confidence investors bring to our financial markets, but our efforts will succeed only if those investors believe the numbers that you write on the bottom line.”

Private Company GAAP? Time to pay attention [CPA Success]
MACPA’s Tom Hood has been hearing about this debate for years but thinks this time around, things are different, “The tipping point towards the need for private company standards came after the announcement of FIN 48 and 46R. Many private companies have cried “uncle”, as these extremely onerous and complex standards have continued to arrive on the scene.”

The Facebook Factor for CPAs [CPA Trendlines]
If anyone gives you a hard time about Facebook at work, evoke something that Michelle Golden has said. She’s been at this for awhile.

U.S. exits Citigroup stake and earns $12 billion profit [Reuters]
The U.S. government sold off its remaining shares in Citigroup Inc on Monday for $4.35 each, marking an exit from ownership in the bailed-out banking giant with a $12 billion gross profit for taxpayers.

The U.S. Treasury said it will take in $10.5 billion in sale proceeds from a public offering of 2.4 billion Citigroup shares, announced just hours earlier. The price is 10 cents below the $4.45 closing price on the New York Stock Exchange.

Ponzi swindler who sacked John Elway gets 40 years [Reuters]
Why the long face, John?

Tax Deal Within Reach [WSJ]
White House officials and congressional Republicans are closing in on a deal that would extend current income-tax rates for all Americans as well as a benefits program for the long-term unemployed, staving off tax increases for middle-class and wealthy taxpayers alike that are set to take effect after this year.

Leaders of both parties appeared optimistic over the weekend about reaching an agreement on a broad tax package by midweek, following the failure of two Democratic-sponsored tax measures in a rare Saturday session of the Senate. Those measures would have extended current tax rates for ars. Failure of the proposals paved the way for the two parties to continue negotiating toward a package that could gain enough votes to pass.

SEC Considers Former Insiders to Head Audit-Industry Watchdog [Bloomberg]
James R. Doty, who served as SEC general counsel from 1990 to 1992, and John J. Huber, who headed the agency’s corporation finance division in the 1980s, are the leading candidates to head the Public Companies Accounting Oversight Board, said three people familiar with the matter who declined to be identified because the process isn’t public.

Madoff trustee sues HSBC for $9bn [BBC]
Iriving Picard, who is seeking to recover funds for Madoff’s Ponzi scheme victims, is alleging 24 counts of fraud and misconduct against HSBC. He alleges that HSBC aided Madoff’s scheme through the creation of a network of international feeder funds.

A Loan Accounting Problem to Make “Amortized Cost” Proponents Squirm [The Accounting Onion]
Loaning money to plaintiffs to fund their lawsuits is a tricky enough proposition without getting into the accounting.

How College Students Should Use Linkedin [The Summa]
Dave Albrecht explains that this should not be Facebook redux.

“Cloud is bullsh*t” – HCL’s CEO, Vineet Nayar, explains why he said just that [Horses for Sources]
Maybe it’s a just attempt to be contrarian.

McGladrey Expands Washington National Tax Office [McGladrey]
“We are thrilled to add Bob’s knowledge and expertise to our firm at such an exciting time. Over the next few years, we plan to more than double the size of our D.C.-based teams with additional strategic hires to better serve our clients,” said C.E. Andrews, president of RSM McGladrey. “Our new office in the heart of our nation’s capital and Bob’s relationships within the IRS will, no doubt, prove invaluable for our clients as we create a ‘gateway of connectivity’ for them with policymakers influencing the tax world.”

Wesley Snipes Asks To Delay Jail For Holidays With Kids [Janet Novack/Forbes]
This guy really doesn’t want to go to jail, ‘In an “Emergency Motion To Stay Self Surrender’ filed Friday, Snipes argues that as the father of four children, aged 4 to 9, he shouldn’t be forced to turn himself in ‘in the middle of the holiday season.’ ”

Rangel Censured for Ethics Violations [WSJ]
“I truly feel good,” said Mr. Rangel, 80 years old, who has represented Harlem for 40 years. “A lot of it has to do with the fact that I know in my heart that I am not going to be judged by this Congress, but I am going to be judged by my life.”

Baucus introduces tax, unemployment bill as accord appears possible [On the Money/The Hill]
There he goes again, attempting to don the bipartisan armor, “Senate Finance Chairman Max Baucus (D-Mont.) introduced legislation Thursday to permanently extend tax cuts for the middle class, patch the alternative minimum tax for two years and reinstate the estate tax.

Besides the tax provisions, the legislation calls for a yearlong extension of federal unemployment insurance through 2011. Baucus introduced a $56.4 billion bill earlier this week to federal extend benefits, which began lapsing on Wednesday.”

BofA Drags Balance Sheet Confidence Backward [Jonathan Weil/Bloomberg]
PwC may be in a bit of a pickle over Bank of America’s mortgage mess.

Is the IRS Racist? [Time]
Total headline bait trash from Time. Obviously the IRS isn’t racist. Their methods need some serious tweaking and they need help setting their priorities but they aren’t bloody racist.

What’s keeping CPAs up at night? [CPA Success]
Tom Hood tells us.

Tax Breaks for Bailout Recipients Stir Up Debate [WSJ]
A series of tax relief measures is saving companies bailed out by the government billions of dollars at a time when concern over tax revenues has risen.

Although the Treasury Department first provided the tax guidance in the fall of 2008, the magnitude of the tax savings has become clearer in the past year. The tax relief drew new scrutiny last month after Wall Street bankers touted it to investors in the initial public offering of General Motors Corp.

KPMG Announces 2010 Americas Partner Class [PR Newswire]
We tried telling them months ago.

The Fed’s Full Disclosure: Don’t Forget About Government GAAP [Forbes]
Francine may have lost it, “What do Ben Bernanke and Julian Assange have in common besides that sexy ‘come hither’ look?” Shudder.

The Big Risks of Little GAAP [CFO]
Careful what you wish for?

Clifton Gunderson relocating headquarters within Tosa’s Research Park [MJS]
CG is expanding into new digs of 28,000 square feet.

U.S. Bill to Extend Middle-Class Tax Cuts Likely to Stall After House Vote [Bloomberg]
At least six House Democrats said yesterday that they would vote against the measure or were considering doing so because they either agreed with Republicans or were concerned about the $3 trillion measure’s effect on the growing federal budget deficit. The House has 255 Democrats and 179 Republicans.

Even if the measure passes the House, Senate Minority Leader Mitch McConnell of Kentucky said Republicans would block its passage in his chamber because it would amount to a tax increase for high earners.

World Cup Bids Go Down to the Wire [WSJ]
As you may recall, PwC had a big hand in England’s push to land the 2018 Cup. The announcement comes today circa 9 am, although the Journal states, “keeping with the opaque nature of international football politics, no one knows exactly when or how the result will be announced.”

Morrison & Company merges with WithumSmith+Brown [AW]
Forensic accounting firm Morrison & Company, P.A., has merged with New Jersey-based CPA firm WithumSmith+Brown, P.C. (WS+B). Effective this week, the union adds 14 professionals to the WS+B roster.

The Morrison & Company staff currently based in the Paramus office will remain at that location, under the WS+B name.

Green Mountain Coffee Roasters, Time to Spill the Beans? [White Collar Fraud]
Sam Antar wants some hippies in Vermont to share all the details about their accounting errors.

Senate votes to exempt CPAs from ‘red flags rule’ [CPA Success]
The AICPA reports that the Senate has passed the “Red Flag Program Clarification Act of 2010,” a measure that narrows the definition of “creditor” in the Fair Credit Reporting Act and thus likely excludes CPAs and CPA firms from having to comply with the Federal Trade Commission’s “red flags rule,” which requires certain business entities to “develop and implement written identity theft prevention programs” that could detect the red flags that signal identity theft.

IRS Provides Additional Relief Under Section 409A Document Failure Correction Program [JofA]
Aka: “Relief for the Worst Tax Enactment of the Last Decade.”

The Obama Deficit Panel’s Tax Reform Version 2.0 [TaxVox]
The wonks at the Tax Policy Center feel that 2.0 is “specific and more realistic than their initial plan.”

~ Happy Hanukkah to everyone celebrating!

Mortgage Tax Break in Crosshairs [WSJ]
The co-chairmen of the White House’s bipartisan deficit-reduction commission said Tuesday they would propose a significant paring of popular middle-class tax breaks, including the mortgage-interest deduction, and push for an increase in the Social Security retirement age.

The recommendations will be included in a final debt-cutting proposal from Democrat Erskine Bowles and Republican Alan Simpson to be unveiled Wednesday. The ideas are part of a broad and controversial proposal to tackle the U.S. government’s debt through a combinat and an overhaul of the tax code. The proposal would hold down the growth of the federal debt by at least $3.8 trillion by 2020, and perhaps more, the two said at a news conference. Messrs. Bowles and Simpson said their plan was preferable to a debt crisis like Europe’s that could ensue without changes to fiscal policy.

AccountingWEB announces 2011 accounting student scholarship program [AW]
Three scholarships will be awarded to students who are declared accounting majors based on the submission of an essay and the subsequent judging thereof. Funding is provided by AccountingWEB with the goal of encouraging accounting as a major and a career choice.

FCC chair announces net neutrality push without re-asserting role over broadband Internet [WaPo]
The chairman of the Federal Communications Commission plans to announce Wednesday a controversial proposal that would prohibit Internet providers from favoring or discriminating against any traffic that goes over their networks.

FCC Chairman Julius Genachowski would do so, however, without resorting to a more drastic step of changing the way the FCC regulates broadband providers that would have more clearly asserted the government’s authority over Internet access.

KPMG hires directors for new oversight body [FT]
Sir Steve Robson, Tom de Swaan and Alfred Tacke will serve as non-executive directors on an oversight body for the firm’s UK operations.

FASB, IASB Update Convergence Priority List [A&A Update/CW]
The Financial Accounting Standards Board and the International Accounting Standards Board said they are still on target to finish writing new accounting standards for financial instruments, revenue recognition, leases, comprehensive income, and fair value measurement by June 2011 or earlier. The IASB is also on target to align its disclosure requirements for derecognized assets and other off-balance-sheet risks with U.S. rules and to finish its updates for consolidations and insurance contracts by the same date.

The Perpetual Debt Machine As Explained By The TV Series “Good Times” [JDA]
Nothing like a 70s sitcom to explain the banking system.

House may vote on tax cuts Thursday [Reuters]
Key word is “may.”

Spreading the Corporate Holiday Cheer [WSJ]
Cupcakes go a long way.

Disintegration of the Big Four Audit Firms? As They Tell the House of Lords, “We Don’t See That on the Horizon” [Re:Balance]
Round 2 (previous comments here) from Jim Peterson, “The epitaph for the private delivery of audit services to the world’s large global companies was written in London on November 23.”

Democrats to Test Republican Mettle With Tax-Cut Vote [Bloomberg BusinessWeek]
Dems are feeling out the GOP this week with some “showdown votes” that may set the stage for many late nights in December. Ah, politics.

An Interview With WikiLeaks’ Julian Assange [Forbes]
A “major American bank” is next on the leaking block. Not sure if Vegas has handicapped this but Team Jehovah seems like an early favorite.

Google Is Said to Be Poised to Buy Groupon [DealBook]
All your cheap sushi and massages could belong to GOOG.

Former Quest Energy Exec Sentenced To 16 Years For Fraud [Dow Jones]
Former CFO David Grose received his sentence for three counts of wire fraud. Ouch.

MarcumStonefield Enhances Tax, Assurance Services and Quality Control with Key Appointments [PR Newswire]
MS appoints three to in-charge positions, “Nanette Miller has been named Partner-in-Charge of Assurance Services, Alan Griffith has been named Partner-in-Charge of Tax Services, and Michael Feinstein has been appointed head of Quality Control for all of MarcumStonefield’s offices in California and Hong Kong.”

Smart Year-End Tax Moves for Investors [WSJ]
FYI – just in case you don’t have the utmost confidence in the lame-o Congress.

Accountants are more adaptable than you think [AWEB UK]
Point.

Accountants are less adaptable than you think [AccMan]
Counterpoint.

Top 20 Inconvenient Career Truths [Forbes]
A favorite: “If you hate your job, it probably won’t get better with time. Sticking around because you’re afraid will only dig you deeper into the rut.” Also, “If you find yourself job-hopping and nothing ever satisfies you for any period of time, it’s time to look at yourself. Most likely, you’re part of the problem.”

Democrats Gird for Tax-Relief Battle [WSJ]
Only 32 days remain! “Congressional Democrats, under pressure from their liberal wing, are preparing to put up a fight over tax relief for wealthier Americans before they agree to any compromise with Republicans that could extend the Bush-era breaks.

With the lame-duck Congress reconvening Monday, House Speaker Nancy Pelosi (D., Calif.) may hold a vote mid-week on legislation that would extend the 2001 and 2003 tax cuts only for families with income less than $250,000, while allowing the upper brackets to expire.”

Deloitte hopes to resurrect Roland Berger deal [ft.com/cms/s/0/2e44af2a-f8bb-11df-b550-00144feab49a.html#axzz16gAzoSvU”>FT]
Deloitte does not take “no” for an answer.

PCAOB Signals More Enforcement, Fee Increase in 2011 [Accounting & Auditing Update/CW]
The Public Company Accounting Oversight Board has signaled through its 2011 budget that it is beefing up its enforcement staff to handle an increasing caseload. The board also signaled that public companies can expect a 5.4-percent increase in the support fee they will pay in 2011 to help fund the operations of the PCAOB.

Another Guilty Plea in Iowa Film Fiasco [Tax Update Blog]
Despite this round of justice, Joe Kristan reminds everyone, “Whatever the merits of the case against Ms. Runge, if any, it’s hard to believe that she is the only person out there who should be worried. The State Auditor reported that fully 80% of the tax credits issued under the program were issued improperly, with millions of dollars milked from the state for imaginary or grossly-inflated expenses and through the use of strawmen LLCs to funnel cash improperly out-of-state.”

Turkey, Gravy, Networking: How Savvy Job-Hunters Spend the Holiday [FINS]
Though hiring probably won’t pick up until the new year, savvy candidates are cramming their calendars with informational interviews, meetings with recruiters and as many holiday happy hours as they can handle.

“The general rule is that it’s a really good time to network, because people are in a mindset of charity, goodwill and warmth,” said J. Patrick Gorman, principal at iFind Group, a New York based recruiter of accountants.

The Answer Is No [JDA]
But what’s the question you ask? Go find out.

Big 4 Bombshell: “We Didn’t Fail Banks Because They Were Getting A Bailout” [RTA]
Prior notice is always helpful, “The leadership of the Big 4 audit firms in the UK has admitted that they did not issue ‘going concern’ opinions because they were told by government officials, confidentially, that the banks would be bailed out.”

The House of Lords Looks at the Role of Auditors: And Then Everyone Went for Tea [Re:Balance]
Jim Peterson was pleasantly surprised by the testimony of the Big 4 in the UK, although he had low expectations.

Tax Consequences of Oprah’s Latest Car Giveaway [TaxProf Blog]
From the Prof, “Oprah was back at it last week, giving away to her studio audience a 2012 VW Beetle, a $1,000 Nordstrom gift card, an iPad, and a limited edition Oprah 25th anniversary watch from Phillip Stein encrusted with 58 hand-set diamonds, among other things.”

We should also mention that the audience’s screaming is unbearable.

Destiny’s Child star Kelly Rowland ducks ‘Bills, Bills, Bills’ [Detroit News/Tax Watchdog]
We’re not sure where she left it with Beyoncé but maybe she’ll call Jay-Z to help out?

Twenty Lies You’ll Hear on a Job Interview [Bloomberg BuisnessWeek]
Including a couple of our favorites: “We’re all about work-life balance” and “We don’t have office politics here.”