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Chris Christie: Friend or Foe to CPAs?

Posted on by Caleb Newquist

For reasons unfathomable, New Jersey Governor Chris Christie is running for president. Apparently, one loud-mouthed Republican from the tri-state area wasn't enough for this race.

Anyhoo, Greg Kyte pointed us to this video of Jon Stewart welcoming Christie to the race in true Daily Show fashion, noting a strange comment from the Governor around the 5:25 mark:

You heard right! "We need a tax code that's simplified and will put CPAs like my dad out of business."

Alright, so wanting to put your dad and his professional brethren out of business is an odd platform, but something may be amiss, as Greg noticed that the speech transcript doesn't match Christie's words:

We need a tax system. We need a tax system that's simplified and won't put CPA's like my dad out of business.

Despite the confusion, I think we can all agree on a few things:
1) A simplified tax system in our country is about as likely as Chris Christie taking responsibility for the GW Bridge closings;

2) In the highly unlikely event that a simplified tax code is enacted by our government, it won't put CPAs out of business;

3) Chris Christie isn't going to be president.

Democalypse 2016 – 10 Pounds of S**t in a Five-Pound Bag [TDS]
Full text of Christie's presidential announcement speech [NJ.com]

Image: Michael Vadon/Wikimedia Commons

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There was a fair amount schadenfreude aimed at the University of Southern California when the school was slapped with sanctions a couple weeks back and at Reggie Bush for his role in the whole sitch.

How Bush really feels about it seems to be a mystery since he’s been quoted saying, “[This] is the closest thing to death without dying” but also a less passionate response, “Whatever happens, happens.”

Borderline schizophrenia aside, Fox News reports that Reg might have to pay some back taxes on the estimated $300,000 in luxury gifts he allegedly received:

“If the entire $300,000 is determined to be taxable,” Los Angeles-based CPA Mark Greenberg said, “about 50 percent of that would go to the IRS and Franchise Tax Board. And with penalties and interest, it could go up to 60 percent since it’s going back a few years.”

Greenberg estimates that Bush, now the star running back for the New Orleans Saints, “ultimately will wind up paying about $150,000,” but “it could be up to $200,000” if his financial team can’t get the penalties and interest waived.

We’re sure Bush would never have to give up his trophy a la the Juice since A) he didn’t kill anyone and B) his sponsors are still firmly in his corner, so the money shouldn’t be a problem. That being said, having the IRS snooping around your financial situation is about annoying as a Keeping Up with the Kardashians marathon.

Ja Rule Wouldn’t Be in This Mess If He Had a Decent Accountant

Let’s be honest though, “decent” is probably pushing it. A “below average” accountant could have slapped some numbers on a 1040 and hit the button.

Ja got twenty-eight months for failing to file income tax returns and claims that “[I]n no way attempted to deceive the government or do anything illegal,” he said. “I didn’t know how to deal with these finances, and I didn’t have people to guide me, so I made mistakes.” Anyone near Oneida that’s looking for a new client should feel free to drop by the correctional facility to make a pitch. [HP]