When accounting goes unaccounted for
CPA convicted for role in $40 million Ponzi scheme [WCNC]
With accounting system ‘on the ropes,’ Arizona moving forward with upgrade [Cronkite News]
Fort Collins accountant allegedly stole more than $300,000 from local companies [Denver Post]
Investing in Water Good Long-Term Bet, Goldman Head Says [Bloomberg]
Watchdog’s report raises concerns about SEC’s revolving door [Washington Post]
Tips on disputing errors on your credit report [AP]
The Age of the Permanent Intern [Washingtonian]
There's an article over at the Wall Street Journal today about CFOs who can't find […]
If you’ve got a Swiss bank account, here’s hoping you opened it because it was convenient for your monthly skiing/Toblerone getaway.
The U.S. and Swiss governments have agreed to share more tax information in order to crack down on all the tax dodgers out there that send their money offshore. The timing of this agreement is is especially diabolical because the IRS is currently trying to get Swiss bank behemoth UBS to name names of over 50,000 American clients.
Hearings in Miami are scheduled for next month to see if the names can be released, however, the Swiss have stated that this may violate Swiss law of double-secret-no-tattling-on-clients.
Ultimately, the Swiss Federal Council and Parliament will decide if the new agreement is kosh but judging by the Obama Administration’s hard-on for closing tax loopholes, they’ll probably play ball.
U.S. and Switzerland to Share More Tax Data [DealBook/NYT]
We’ve confirmed that Grant Thornton has poached four tax-exempt experts from WTAS, LLC. Presumably beefing up their NFP practice is part of the experienceAugust that Stephen Chipman told the GT troops about last week. Grant Thornton employees received an email last night about the news:
“In line with the strategic plan of our firm and in support of our growing not-for-profit industry practice we are pleased to announce that four experienced tax professionals, formerly of WTAS LLC, have joined our Firm. Frank Giardini, who lead WTAS’ National Exempt Tax Advisory Services Practice (ETAS) as well as Ron Taxin, ETAS Director, Russlee Armstrong, ETAS Director and Andrea Kyzyma, ETAS Manager recently joined us. These individuals bring over 70 years of combined experience in providing tax services to significant non- profit organizations, especially in the higher education and healthcare industries. They have served the tax needs of many large public charities and private foundations. Frank and his group are based out in our Philadelphia office, but will serve clients in both the Northeast and Southeast regions. This group will also play a key role assisting our national NFP tax leader, Dan Romano, in serving GT’s national clients as well as supporting the NFP tax professionals throughout the firm.
A source familiar with WTAS, confirmed these departures, saying that they occurred earlier this summer and thought the move was “a good opportunity for them.” Emails and morse code messages sent to Grant Thornton have not been returned.