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Footnotes: I Love This Tax Warrant; No IPO; Your New Favorite Notebook | 04.17.14

Posted on by Adrienne Gonzalez

Convicted insider trader Danny Kuo really wants to make his MBA graduation, which happens to be the same day as his sentencing for insider trading (oops) [Businessweek]

Virtu Financial is shelving its IPO plans for now. Because HFT drama, not because they are bad at accounting [DealBook]

Are typos racist? [ATLRedline]

Toby Keith's I Love This Bar & Grill Hit With Tax Warrant [Forbes]

Evernote wants to sell you a $33 Moleskine that lets you take notes and talk shit at the same time [Gizmodo]

SEC filings, a surprise every day [Twitter]

IRS Audits Less Than 1 Percent of Big Partnerships [AP]

Texas Parents Angered by Fourth-Graders' Bizarre Adult-Themed Homework You know, kids are going to find out sooner or later that this world is crap. [Gawker]

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Overstock.com Fires Grant Thornton, Files Unreviewed 10-Q, CEO Remains Humble

patrick_byrne.jpgThere’s really nothing better than an eccentric CEO throwing caution to the wind, consequences be damned.
Insert Patrick Byrne, CEO of Overstock.com (“OSTK”). He issued a letter via press release yesterday that has many people’s attention.
Byrne opens the letter by quoting Nietzsche:
“All things are subject to interpretation; whichever interpretation prevails at a given time is a function of power and not truth.”


Tragic enough but then Byrne really amps it up, droning on for eleven points about his company’s dire situation. Here’s the gist*:
• The difficult accounting treatment of an overpayment received by OSTK from a “partner”.
• Putting the audit out to bid after “eight years of fine service” from P. Dubs, and hiring GT because “my belief that changing auditors every decade or so might be healthy.”
• SEC inquiries into the accounting treatment of the overpayment.
• GT changing their minds on the accounting treament after said inquiries.
• We’re filing an unreviewed 10-Q, P. Dubs is on board for our treatment, GT is fired, anyone (and I mean anyone) want to audit us?
Byrne spends no less than six paragraphs/points explaining GT’s wishy-washy, bending-over-for-the-SEC ways. The man is nothing if not thorough.
Spineless auditors notwithstanding, Byrne will press on, the company will overcome, and he will remain committed to you, Overstock.com shareholder:

I will hold a conference call to further explain and answer questions regarding this matter on Wednesday afternoon at 5:00 p.m. EST (details below). Until then, I remain,
Your humble servant,
Patrick M. Byrne

10-Q [SEC.gov]
8-K: Dismissal of Grant Thornton [SEC.gov]
Press Release [SEC.gov]
*If you want to debate the particulars, be my guest but this isn’t the Journal of Accountancy, feel me?

The Reason You’re in Therapy? Probably Those Auditors

frustration.jpgThe temptation to discuss the Big 4 Horsemen of the Apocalypse here is obvious, as many of you toil for those firms.
In order to give the non-public number crunchers out there a chance to gnash some teeth, we are inviting those of you that work on the private side of the bean counting universe to vent your frustrations here with your public counterparts.
As we mentioned earlier, accelerated filers have the Q2 filing deadline on Monday so we know you’ve been up to your ass in auditors for some time now and we imagine your irritation levels are somewhere between googolplex and critical mass.
We’re looking for stupid auditor questions, awkward sexual advances by the engagement team’s intern, whatever you got. This is your chance, non-public accountants. Make haste before you’re beaten to the chance.