How Managers Do Love the Leasing ED: Let Me Count the Ways [Accounting Onion]
Here's an interview with PwC's Bob Moritz that I haven't finished yet because it's so long. [AT]
Rear slap gets ex-NFL star C. Johnson 30 days jail [AP]
IRS Puts Brakes on Corporate Push to Capture Real-Estate Tax Break [WSJ via TaxProf]
Deloitte Corporate Finance bought the assets of McColl Partners, an advisory-focused investment bank. [DealBook]
Multinational Profits: Here, There, or Nowhere? [HP]
Supreme Court gay marriage ruling will affect 179 federal tax provisions and thousands of same-sex couples [DMWT]
Treasury Secretary Jack Lew said that Danny Werfel's title will change to principal deputy commissioner and deputy commissioner for services and enforcement until the White House announces its next head of the agency, according to a letter obtained by The Hill. [The Hill]
Let Legal Marijuana Dispensaries Deduct Their Business Expenses [TaxVox]
Worst Person Ever Gives Dunkin' Donuts Worker Hell Over Missing Receipt [Gawker]
Is Obama Smart? [WSJ]
When it comes to piloting, Barack Obama seems to think he’s the political equivalent of Charles Lindbergh, Chuck Yeager and—in a “Fly Me to the Moon” sort of way—Nat King Cole rolled into one. “I think I’m a better speech writer than my speech writers,” he reportedly told an aide in 2008. “I know more about policies on any particular issue than my policy directors. And I’ll tell you right now that I’m . . . a better political director than my political director.”
Sales up at UK arm of Deloitte [FT]
The bigge was the consulting business, which increased its sales by 13 per cent to £517m, aided by the integration of acquired businesses and extra financial services work. Gains in market share lifted auditing revenues 4 per cent higher to £652m, the group said, while the tax and corporate finance divisions posted increases of 5 per cent and 11 per cent respectively. However, the average profit distributed to each partner fell 13 per cent from £873,000 to £758,000 because of the cost of making new hires and increasing pay to retain existing staff.
Markets Sink Then Soar After Fed Speaks [WSJ]
The Federal Reserve sent investors lurching from worry to hope as it warned that the economy would remain weak for some time but said it was prepared to take further steps to shore it up. The Fed’s statement, which included plans to keep interest rates near zero for at least the next two years, ultimately sent the Dow Jones Industrial Average up 4%, its biggest daily gain since March 2009. Yields on Treasury bonds dropped as investor demand pushed up prices.
For Murdoch, a Board Meeting With Friendly Faces [NYT]
One [director] is a former Goldman Sachs president who helped News Corporation broker mega-deals. Another is godfather to one of Mr. Murdoch’s grandchildren. Another ran Mr. Murdoch’s Australian subsidiary, News Limited. And those are just some of News Corporation’s directors who are designated as independent — chosen because they comply with regulations intended to ensure that companies maintain a layer of objective oversight.
NYSE Seeks to Tighten ‘Reverse’ Deal Rules [WSJ]
The New York Stock Exchange wants to toughen the standards that “reverse-merger” companies must meet to list on the Big Board, in the wake of accounting questions at many Chinese companies that have gone public via such transactions. The exchange is proposing a series of “seasoning” requirements that would effectively delay an NYSE listing for reverse-merger companies and set bars they would have to clear to obtain it.
BofA Doesn’t Need to Raise Capital, Finance Chief Thompson Tells Nomura [Bloomberg]
Bank of America Corp. (BAC), the largest U.S. lender, won’t need to raise extra capital to meet new international standards, Chief Financial Officer Bruce Thompson told Nomura Securities International analysts. The bank will be able to comply by cutting expenses, selling assets and letting some holdings decline naturally as they mature by the time the rules become fully effective, Thompson said in a meeting with analysts led by Glenn Schorr in New York.
A Much Needed Accounting Lesson for Two Senators [Accounting Onion]
Namely, Carl Levin (D-MI) and Sherrod Brown (D-OH).
People on the Move: KPMG Taps Chris Goodman as CMO [AdAge]
Goodman comes from Young & Rubicam and also did stints at Accenture and IMG.
Plante & Moran Elects 9 New Partners and One Affiliated Entity Member [P&M]
Six men and four women.
Swiss to Settle Tax-Evasion Dispute With Germany [Bloomberg]
Switzerland and Germany completed an accord to end a dispute over tax evasion by wealthy Germans holding cross-border accounts with Swiss private banks. As part of the settlement, Swiss banks will pay 2 billion Swiss francs ($2.8 billion) to the German government to cover the failure by their clients to disclose undeclared money in the past, the Swiss finance ministry said today in a statement.
Why CEOs Avoided Getting Busted in Meltdown [Bloomberg]
“Fraud, it turns out, begets fraud.”
Old Mutual Hedge Fund Group Hires New C.F.O. [DealBook]
Old Mutual Asset Management, the hedge fund arm of the London-based life insurer, is set to name Steve Belgrad as chief financial officer on Wednesday. Mr. Belgrad, a graduate of Princeton and Harvard Business School, is leaving his post as chief financial officer of HarbourVest Global Private Equity, which he joined in 2008. Mr. Belgrad, who previously worked for the Affiliated Managers Group, the Janus Capital Group and Morgan Stanley, will begin at Old Mutual on June 1.
SEC to Form Small-Business Committee [WSJ]
The U.S. Securities and Exchange Commission is forming a small-business committee to review fundraising rules for small private firms that critics say hinder access to capital and are stunting economic growth. Testifying before the House Oversight and Government Reform Committee on Tuesday, SEC Chair Mary Schapiro said the new division will focus on “regulatory questions posed by new capital-raising strategies,” among other issues.
IRS Demands $6 Million More from Racing Champ Castroneves [AT]
The Internal Revenue Service has filed suit in U.S. Tax Court against three-time Indianapolis 500 champion Helio Castroneves after he won a high-profile victory against the IRS two years ago and paid $5 million in taxes.
The Top 400 Taxpayers: Incomes Fell 21.5%, Tax Rates Rose 8.2% in 2008 [TaxProf Blog]
Are the rich getting eaten?
IRS Asks for Input on Health Care Law [Forbes]
Guess who’s out of ideas?
AICPA Wants IRS to Let Small Businesses E-file S Corp Form [AT]
