The Open Workforce Presents New Challenges (and Opportunities) for Finance Professionals Can you trust 'em? "The good news is that this new workforce is more mobile, collaborative, agile and open. It allows companies to augment their capabilities or scale-down their operations with unprecedented speed, spurring new ideas while also creating substantial cost savings. But there’s […]

IRS Watchdog: Elderly and Disabled Taxpayers Not Allowed to Leave Messages Serves 'em right for trying to leave voicemails. [Americans for Tax Reform] What will we do in a world without SkyMall? Well, duh: But now SkyMall’s parent company has filed for bankruptcy. The explanation given to the Wall Street Journal by CEO Scott Wiley […]

Why the World Is Freaking Out About Switzerland Today If only people had invested in Beanie Babies… [Slate] Statement from Chair White Directing Staff to Review Commission Rule for Excluding Conflicting Proxy Proposals They're going to have to get back to you on that. [SEC] How to Stay Focused and Engaged in Long Meetings This […]

Prostitute beats off taxman in Oslo court This is marginally SFW depending where you W [The Local] US regulators close small Minnesota bank Is Bank Fail Friday a thing again? [AP] Did Property Mogul ‘Scapegoat’ Chief Accounting Officer? [CFO] Making manager: The key to accelerating a career in public accounting ICYMI: "Young accountants, even those […]

Man gets prison for failing to pay taxes on drugs [Pensacola News Journal] You can expect strippers masquerading as recruiters at your next Meet the Firms [Daily Mail] Sam is on a roll this week [Twitter] Never mistake process for results. Fact is that fraud is most likely to be discovered through tips than compliance […]

Ed. note: So, you guys may or may not have noticed we killed daily Footnotes this week. Obviously you didn't notice it at all since no one complained about it, which only validates our decision. Anyway, Footnotes are now moved to Friday. If you have a problem with this, feel free to complain. Have a […]

Find Out Whether This Unkillable Tracker Is On Your Smartphone [Forbes] Honesty is contagious at work [BND] I will alert the clerk at Homegoods! [Twitter] I came from retail so I have a housewares consulting background 🙂 Goes to show that @DeloitteUS is all about hiring diverse practitioners! — Life at Deloitte (@lifeatdeloitte) October 28, […]

Another 'Big Four' accounting firm is leaving Downtown Memphis Care to guess which? [Memphis Business Journal] Merrill Lynch Fined $6 Million Over Short-Selling Lapses [Bloomberg Businessweek] New Wolters Kluwer, CCH Survey Reveals Top 5 Trends Impacting Future for Accounting Firms of All Sizes [PRNewswire] Former IRS employee gets prison for tax fraud [Kansas City Business […]

Why Tax Lawyers and Tax Economists Can’t Communicate [Tax Policy Center] BP Threatens Suit over McGladrey’s Audit of Deepwater Horizon Oil Spill Claims BP has some concerns that McGladrey might be ripping them off [AT] Where are all the young lawyers? [Above the Law] We get it, bro, you're pissed [Twitter] My risk retention dissent. […]

Divided U.S. SEC adopts mortgage rule, decries lax lending U.S. securities regulators adopted a rule on Wednesday designed to avert another financial crisis, but two officials dissented, saying it did not do enough to discourage banks from lending to borrowers with shaky credit and then passing the mortgage risk to investors. [Reuters] Former Bridgeport Township […]

Koskinen Warns Filing Season Could Be Most Complicated Yet [Tax Analysts] Taxpayer Barred From Communicating With CPA Still Hit With Late File Penalty Definitely an interesting read [Forbes] Why don't regulators just regulate bankers already? [Bloomberg View] So, we made this today. Be gentle, it's our first handmade gif. Yahoo profit soars following the Alibaba […]

Jury Awards Trinity Whistleblower $175 Million in Guardrail Suit Pays better than whistleblowing to the SEC even [WSJ] Oil falls below $86 as oversupply, global economy worries weigh As a CPA, you should know this shit [Reuters] In other words, you're only as good as the idiot next to you in the cube [Twitter] The […]

Morgan Stanley, armed with cash from fixed income dump, goes shopping [Reuters] Collaborative workspaces are definitely a thing now [Boston.com] Big banks start charging clients for euro deposits [MW] Feds: Basking Ridge surgeon evaded millions in taxes Using the ole blame the accountant defense, I see: "Evdokimow was charged in federal court with conspiring to […]

SEC Charges New York-Based High Frequency Trading Firm With Fraudulent Trading to Manipulate Closing Prices [SEC] Goldman Evolves as Trading’s Share of Revenue Slides [Bloomberg Businessweek] Behind Europe’s War on Low Taxes [WSJ] Dissed [Twitter] Hey @CrainsChicago – How did the @IllinoisCPA cubical farm not make your list of #Chicago's coolest offices? pic.twitter.com/4l9OQctMPA — Illinois […]

Lame meetings aren't just awful, they are also expensive [Quartz] IFRS Foundation Debuts Online Tools for IFRS Content Oh goodie [AT] Netflix shares down 26% as subscribers disappoint [CNBC] The Supreme Court of Illinois will tackle the important issue of accountant-client privilege [Sedgwick LLP] Bank of America Made $168 Million Last Quarter, More or Less […]

Citigroup Earnings Rise 13% as It Discloses a Second Inquiry in Mexico Yeah, that seems legit [DealBook] Oil prices plunge as production rises, fueling concern in OPEC [WaPo] Tourism accountant cancels $1.7K invoice The Florence-Lauderdale Tourism Board won't have to further debate paying an accountant's fee for additional work. Buddy Johnsey, of Watkins and Johnsey […]

The IRS might be down but don't trip, they do that every year before 10/15 [IRS] Wall St. Closes Sharply Lower in Late Sell-Off [AP via NYT] Salesforce's Wave seeks to sweep aside the analytics competition [InfoWave] Western magazine features photo of cowboy, accountant Those PwC people, always trying to steal the spotlight [Union-Bulletin] The […]

University of Iowa staff are questioning Deloitte's math Another person asked how much time and money already has been spent interviewing and involving university staff and faculty in the Board of Regents’ efficiency review, which Deloitte was hired to conduct earlier this year. “It’s significant, and the regents are aware that it’s a significant investment,” […]

Pennsylvania accountant charged with stealing $200,000 from Princeton woman's trust fund File under acts discreditable or something: "A Pennsylvania accountant was arrested and charged with stealing more than $200,000 from a Princeton woman’s trust fund, authorities said Wednesday. John J. Katsock Sr., of Yardley, Pa., was charged with theft, theft by deception and misapplication of […]

The Most Annoying Buzzwords Revealed [Robert Half] Debate: The three-day working week [economia] How do you protect engaged people from not engaged or actively disengaged people? Besides keeping the disengaged people busy on GC all day [Blue Ocean Leadership] There is never a right time, so just do it now [Lifehacker] Little Falls accountant sent […]

A Mathematical Argument For More Women In Leadership ROI and stuff [Fast Co] Fed’s Dudley defends examiners after criticism [MW] JPMorgan denies NY Times report that its computer system was hacked "The story is false. We are not aware of any new attack," JPMorgan spokeswoman Patricia Wexler said in an email. [Reuters] JPMorgan Discovers Further […]

Ben Affleck will probably star in "The Accountant" It's supposed to be a "thriller" about an accountant who moonlights as an assassin because a real accountant would totally have time to kill people as a second job [Variety] Moving from diversity to inclusion Deloitte is on it [Deloitte] $23 Billion Is Pulled From Pimco’s Flagship […]

Ernst & Young Settles Over Audits of Sino-Forest, Second Chinese Company And it only cost them $7.2 million CAD. Good thing they can afford it. [WSJ] What to Do When the Wrong Answer Seems Right An ethical dilemma [NASBA Center for the Public Trust] And then this happened [Twitter] Deloitte people just walked into a […]

The secret to being a good manager is to get your hands dirty [HBR] The 8 Questions to Picking a Niche [AccountingWEB] The life of Grover [Twitter] Taped film today where for first time I discussed "rhino urine." Shall see if this makes it past the censors. — Grover Norquist (@GroverNorquist) September 29, 2014 Judge […]

The Federal Reserve's Artful Compassion for Households in 'Sobering' Condition [HuffPo] Court Rules Alien Needs to Formally Abandon Status to Avoid Tax [Accounting Today] Why the Fed Is So Wimpy Spoiler alert: it may be a feature, not a bug [HBR] Here's how to make excuses at work and not be a tool about it […]

IRS missing referrals on preparers Too busy getting nasty emails from the AICPA and shredding Lois Lerner's BlackBerry, obvs: "IRS staffers didn’t evaluate roughly a third of referrals dealing with potentially fraudulent tax return preparers, according to a new federal report." [The Hill] Gibberish quote of the day [Twitter] "We continue to stay ahead of […]

Euro Drops to 14-Month Low Amid Stimulus Speculation [Bloomberg] Maryland accounting firm to merge with CohnReznick Who could it be? Someone you've never heard of, probs [The Baltimore Sun] Imagine if your coworkers could read your thoughts through Sametime? [Fast Co] Amazon tax collection begins Oct. 1 in Maryland & Minnesota [Don't Mess With Taxes] […]

SEC Charges Barclays Capital with Systemic Compliance Failures After Acquiring Lehman’s Advisory Business [SEC] Same thing happens to me for "toolbag" [Twitter] Made the mistake of searching my inbox for "capital gains." Turns out that phrase comes up a lot. #taxnerd — Richard Rubin (@RichardRubinDC) September 23, 2014 Stop Bullying The Partners You Work For […]

Tesco’s execs suspended in $409m profit probe Seems legit, it's not like PwC should have caught this or anything: "Tesco's usual auditor is PricewaterhouseCoopers (PwC), who have held the job since 1983. PwC declined to comment on Monday. Tesco confirmed that PwC would be retained as auditors for this year's annual results." [CNBC] Tesco suspends […]

Penn West Jumps as Goals Kept After Accounting Review Restatements are magic! [Bloomberg] TODAY [Twitter] Find out why you should be a CGMA Today: http://t.co/BK7aM3jeIz — CGMA (@CGMA) September 18, 2014 A 22-year-old accountant in the UK got three years jail time for stealing from his government employer The employer said the kid "initially showed […]

Sometimes lying is a good thing [Fast Company] 75% of accountants say real-time view of client’s finances would yield better financial advice [St Louis Business Journal] Kool-aid is a helluva drug [Twitter] The primary result of my reflection is immense pride in @DeloitteUS, and recognition of how lucky I am to be a part of […]

Forget Zimbabwe, U.S. Tax System Ranks At Bottom, Just Better Than Portugal [Forbes] AICPA Urges Immediate Congressional Action on Tax Extenders [AICPA] The latest on Scotland [Twitter] The 'No' vote is all KPMG/EY/PwC/Deloitte consultants mouthing talking points written by crooks. The 'Yes' vote are real people. #indyref — Max Keiser (@maxkeiser) September 16, 2014 The […]

Ed. note: In case you don't religiously follow my every move on Twitter, I should tell you we're in Boston this week brainstorming on how to make Going Concern an even better virtual watercooler than it already is. So if things get a little quiet around these parts, it's because we are busy little bees […]

Accountant gets 3 years in prison for stealing more than $250,000 from Urban League The non-profit was already "struggling" [Providence Journal] Cargill Sues Syngenta Over Corn Seed Trait Sent to China [BBW] A rugby team gets Deloitte-d [economia] Emails: IRS Worker Got $138,000 To Do 'Nothing' — And Union Saved Her Job [Fox Nation] Grover […]

M&T Bank unit to pay $18.5 mln to settle SEC accounting violations [Reuters] Breitbart News says IRS targeted company for audit Poking the hornet's nest: "'The Obama administration's timing on this is exquisite, but try as they might through various methods to silence us, we will only get more emboldened,' Stephen K. Bannon, executive chairman […]

PwC to face U.S. lawsuit over Colonial Bank collapse – court ruling [Reuters] Some preliminary thoughts on the Enhancing Audit Quality initiative and some Peer Review implications [Attestation Update] Senior citizens owe $18 billion in student loans Between 2005 and 2013, student loan debt among seniors 65 and older rose by more than 600% from […]

Lawmakers Press Regulators to Lessen Risks Banks Pose to Financial System [WSJ] Overall auto loans are up, as are delinquency rates on those loans [AP] House Republicans near accord on short-term extension of Ex-Im Bank House Speaker John Boehner said after a meeting with Republican lawmakers that he was working with Representative Jeb Hensarling, a […]

Investors expect lower rates for longer than Fed itself: Fed study [Reuters] The CEO of Hertz has stepped down, citing personal reasons It definitely didn't have anything to do with major accounting errors [Reuters] You Missed $1 Trillion Return Agreeing With Fed Naysayers Shill harder, why dontcha? "If you agreed with all the academics, billionaires […]

Portland's top accountant, Jane Kingston, says city retaliated against her, takes severance instead of suing [The Oregonian] He's been waiting for 20 years, FYI [Twitter] @NASBA I want the scores NOW! Not tomorrow. Not Monday. NOW!!! #releasethescoresalready — Big4Veteran (@Big4Veteran) September 5, 2014 A South Jersey accountant went a little too far to provide exceptional […]

Students Who Exercise Regularly Have Higher GPAs Get off your ass [TaxProf] What's an accounting puzzle like Alibaba (really) worth? Where's a good accountant when you need one… [Fortune] Thank you for the clarification [Twitter] That's taxpayer snitches, not IRS ones RT @IRSnews: #IRS Commissioner Koskinen committed to the whistleblower program http://t.co/IAnKBYs04q — Joe Kristan […]

Headline of the day goes to: IRS Shows Serious Meatspace Prejudice [Forbes] H&R Block Announces Fiscal 2015 First Quarter Results [MW] That seems an unfortunate photo choice [Facebook]   Post by California Board of Accountancy.   Ex-Goldman Trader Loses in Bid for $5 Million More in Bonus [Bloomberg] Fed's Fisher says gradual rate rises won't […]

What Can a House Majority Leader Do for a Bank? What exactly is that smarmy fox Eric Cantor up to, anyway? [Bloomberg View] Top 10 U.S. colleges for an accounting degree This is shilling, obvs [USA Today] A touching tribute to legend Debra Hopkins, CPA, CIA who tragically died in a car accident yesterday [Illinois […]

Ed. note: we're cutting out early for the long weekend in case you didn't notice. As usual, we're lurking around, so give us a holla if you need anything. Otherwise, we'll meet you back here on Tuesday. Have a wonderful Labor Day, you laborious little capital market servants. ~AG Man sentenced for murder of West […]

Accounting for brands: Untouchable intangibles Accountants seem content to live with such quantum weirdness. Brand values can “swing wildly”, says Alan Teixeira of the International Accounting Standards Board. Standard-setters worry that auditors would be quick to recognise rises but slow to acknowledge declines. Brands are unique, so it is hard to figure out what their […]

Deloitte can never be too careful [Twitter] @lifeatdeloitte we love this! @ reply with #IApprove if we can use it – you can read our terms at http://t.co/jgaCWo08If — Life at Deloitte (@lifeatdeloitte) August 27, 2014 SEC Adopts Asset-Backed Securities Reform Rules This matters to the people betting you'll default on your car loan [SEC] […]

Some advice on avoiding fashion faux pas [AICPA] SEC Charges Investor Relations Firm Executive With Insider Trading Ahead of News Announcements By Clients Fail: "An SEC investigation and ongoing forensic analysis of Lucarelli’s work computers uncovered that he repeatedly accessed clients’ draft press releases stored on his firm’s computer network prior to public announcements. The […]

This Irish lad has high hopes of striking it rich in accounting He might consider slumming it for PwC if he must: "My preferences are KPMG, Deloitte and Accenture," said Peter, who would also consider working for Ernst and Young and PricewaterhouseCoopers. [Irish Independent] HP is going to sue Deloitte over Autonomy Hewlett-Packard plans to […]

Regulators Struggle With Conflicts in Credit Ratings and Audits Floyd Norris uses air quotes: "Few businesses have more obvious conflicts of interest than those that involve the issuing of 'objective' and 'independent' reports and opinions about companies that pay for those reports and opinions." [NYT] Did you people not learn your lesson the first time? […]

H&R Block launches small business accounting services [Kansas City Business Journal] McDonnell defense emphasizes his openness to accountant Former Virginia Gov. Bob McDonnell's lawyers called their first witness this morning as they opened their case. First up for the defense: Brenda Chamberlain, a Suffolk-based accountant who kept the books for the Sandbridge real estate company […]

Diversity of services key in changing accounting industry This will definitely end well [WCBJ] Atlanta accountant and three others charged with insider trading Four men were charged with insider trading, including an Atlanta accountant who allegedly learned of a pending takeover while giving tax advice to a member of the O’Charley’s restaurant chain’s board of […]

City of Portland's top accountant placed on administrative leave Why? Who knows. [Oregonian] Sam Antar isn't the only one who likes to mess with IRS scammers [Fox 4 DFW] Craft beer: Tastes great, fewer taxes Targeted tax breaks are a favorite tool for states looking to capitalize on a growing industry, and states from California […]

White House loosens restrictions on lobbyists Wait, they had restrictions before? [Reuters] U.S. Government Bonds Pull Back on Looming Supply [WSJ] Proposed Accounting Change Could Catch Lenders Unprepared A proposed accounting change expected to force banks to boost the amount of reserves they hold against soured loans could catch many small and midsize lenders unprepared, […]

SEC Charges Kansas for Understating Municipal Bond Exposure to Unfunded Pension Liability [SEC] U.S. Postal Service posts $1.96 billion loss No thanks to Grant Thornton's attempt to help 'em out with some business [MW] How the hell does a single accountant owe over $400 million in taxes? The installment plan is $1000 a week [The […]

SEC Charges Bahamas-Based Brokerage Firm and President With Facilitating Fraudulent Scheme by Hedge Fund Manager [SEC] Accounting firms merge to form Coosa Valley Financial Group More firms you have never heard of merging news [Rome News Tribune] Fannie Mae And Freddie Mac Pay $5.6B Dividends [Banker & Tradesman] Accountant denies knowing of alleged TelexFree fraud […]

If the profession will not diversify itself, perhaps this diversity task force will [Journal of Accountancy] The Fed says one fourth of families are barely scraping by. So we should probably keep lending more dollars to banks at 0% to help them, amiright? [CBS] Jobless Claims in U.S. Have Dropped About as Much as They […]

Are our jobs doomed? Report shows the potentially devastating effects of robots on the job market One day, robots will make all your bitchy GC comments [Salon] Abolish the IRS! And then what? [Forbes] Accountant sentenced to 57 months in prison for mortgage fraud scheme A California accountant was sentenced Tuesday to 57 months in […]

Ed. note: Here's a short FN because we have been working all afternoon on sourcing details on the EY/Ventas thing for you guys. You're welcome. Reports: Walgreens won't tap lucrative tax loophole [USA Today] CVS Suffers After Quitting Cigarettes, But Pharamacy Saves The Day cough cough [Forbes] H&R Block Reaches out to Attract Accounting Firms […]

LinkedIn Pays $6M in Unpaid Wages, Damages Guess that isn't going on the ole profile, eh? [AP] Court Deals Blow to KPMG, Others Marketing Bond-Linked Tax Shelters Bond Linked Issue Premium Structure (BLIPS) investment products marketed by KPMG LLP and multiple other investment funds lacked economic substance, a federal court ruled, granting the IRS summary […]

Argentine Bonds Decline as Default Triggers $1 Billion of Swaps [Bloomberg] 'Put one in his scotch egg': Cockney accused of conspiring to murder accountant uses rhyming slang to admit he suggested shooting victim in the leg Actually, he only meant to break the guy's legs [Daily Mail] Philly Fedhead Chuck Plosser thinks there's no reason […]

SEC Charges Virginia-Based Broker With Stealing Funds From Elderly Customers [SEC] It was an employee who blew the whistle on L-3 Communications' accounting misconduct [Reuters] What official rankings don’t tell you about where to go to university Prominent schools like Tulane’s Freeman School of Business in New Orleans and Emory University in Atlanta have been […]

Fed offers a dual message on health of US economy They are harder to understand than your wife when she's upset [WaPo] Argentina is in "selective default," here's what that means [BBW] Emails show ex-IRS official Lerner using derogatory terms for Republicans Terms like "assholes" and "crazies" [Fox] Can you believe Greg gives away this […]

Don’t Kill the Export-Import Bank Note: this is an opinion piece [NYT] A Michigan CPA who stole from clients is off to prison for a few months [The Blade] Interest rate rise could cut global growth, says IMF "Markets may reassess growth prospects in emerging markets if there are renewed bouts of financial turbulence as […]

Report: Finance and accounting employee confidence drops [Charlotte Business Journal] Here's what happens when your grandpa is a tax accountant and the state erroneously sends you a tax refund [Contra Costa Times] The SEC’s Accounting Quality Model and Your XBRL Filing "Robocop" LOL [FEI] After IRS scandal, GOP rejects tax crackdown [POLITICO] Question of the […]

Ed. note: I dunno about you guys but I couldn't be happier this week is over. Thanks for helping out with some good tips this week, meet you right back here first thing Monday morning! Holla if you need us… Investor Alert: Social Media and Investing — Stock Rumors While social media can provide many […]

SEC Announces Additional Charges in Football-Related Boiler Room Scheme [SEC] Xero is eyeing a U.S. IPO [AT] Inside The Complicated Mess Of Discrimination And Diversity In Hiring A spate of recent studies delivered some troubling findings related to how race, religion, sexual orientation, and even your name can determine whether you get that call for […]

CEOs are mostly optimistic about the future, says KPMG study [KPMG] Tale of the Tapes: IRS head confirms investigators have found backup tapes in Lerner probe IRS Commissioner John Koskinen, testifying before a House oversight subcommittee, stressed that he does not know "how they found them" or "whether there's anything on them or not." But […]

Ackman fails to land Herbalife 'death blow' punch, shares surge Better luck next time, bro. [USA Today] The NY Fed has some concerns about Deutsche Bank [WSJ] Banks trade barbs with U.S. Senate panel in tax avoidance probe Deutsche Bank and Barclays on Tuesday locked horns with a U.S. Senate committee that has accused them […]

$340,000 accounting error is small 'variance,' Civil District Court clerk says Immaterial. [The Times-Picayune] Someone actually considered whether or not zombies have to pay taxes [ATL Redline] Deloitte looks to Atlanta to headquarter its new "iLab" [WABE] Former Sino-Forest CFO settles fraud case The former chief financial officer of Sino-Forest Corp. has agreed to pay […]

Lawmakers urge SEC chair not to allow choice of accounting rules A bipartisan group of U.S. lawmakers is urging Securities and Exchange Commission Chair Mary Jo White not to allow companies to choose between U.S. and global accounting standards, a move they said could confuse investors and lead to legal challenges. [Reuters] The internet tax […]

Big jump in number of millennials living with parents reported More Americans than ever live in multigenerational households, and the number of millennials who live with their parents is rising sharply, according to a study released Thursday. A record 57 million Americans, or 18.1% of the population, lived in multigenerational arrangements in 2012, according to […]

Have another glass of that delicious 'Aid [Twitter] “Everything about GT creates a personal, friendly environment.” http://t.co/xEZWmayIwY + 6 reasons our #intern Grace Harvey chose us — GrantThorntonCareers (@GTCareersUS) July 16, 2014 McDonnells hope accountant can testify there was no financial hardship Don't look at me, I didn't vote for him [WTVR] Sometimes lawyers forget […]

National debt will exceed entire annual US output by 2039, CBO projects [CSM] Singer Brian McKnight has settled with his former accountants [tJB] Madoff Sons Deleted E-Mails, Hindered Probe, Trustee Says In an amended complaint filed today in U.S. Bankruptcy Court in Manhattan, the trustee said he uncovered evidence that Andrew Madoff and Mark Madoff […]

House Poised to Throw $276 Billion "Bonus" at Businesses Not everyone is happy with this bonus depreciation stuff [Center for Tax Justice] Hiring Forecast Has Good News for Accountants [AWeb] Americans for Tax Reform wants you to tell Congress not to tax Internet access [ATR] IRS Surrenders, Won't Check Whether Political Nonprofits Are Breaking The […]

SEC’s ‘Dear CFO’ Letter on XBRL Calculation Requirements The U.S. Securities and Exchange Commission’s latest “Letter to Industry” – aka "Dear CFO Letter" – provides a not-so-gentle reminder that issuers must include required “calculation relationships” pertaining to eXtensible Business Reporting Language (XBRL) provided in their Form 10-Q quarterly reports. [FEI] So, this exists [Twitter] #AICPA […]

Danville accountant drowns on vacation in South Carolina [GDR] Parsippany memory-stick maker PNY accuses California accountant of fraud A suit filed by PNY in U.S. District Court in Newark claims that accounting firm Miller, Kaplan, Arase & Co. LLP falsely claimed that it could act as an "independent third party auditor" that was able to […]