Please ensure Javascript is enabled for purposes of website accessibility

Footnotes: What the Consultants Are Doing; Worst Taxes in the World; Your Politics Stink | 09.16.14

Posted on by Adrienne Gonzalez

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 Virginia Attorney General is suing a baker's dozen of banks [Washington Business Journal]

Man Pleads Guilty To Tax Fraud Scam [AP]

Bill Targets Pro Sports Leagues’ Tax-Exempt Status [NYT]

What's better than Life at Deloitte? LIVES at Deloitte [Twitter]

Fight to Audit the Fed Resumes in Congress Ugh, this again? The Fed has its own financial accounting manual, how do you audit that shit? [U.S. News]

SEC Charges IT Employee at Law Firm With Insider Trading Ahead of Merger Announcements [SEC]

Do you SMELL like a right-wing voter? People are attracted to the body odour of those with similar political views, study claims This is why I can't be in the same room as Big4Veteran [Daily Mail]

Related Posts

Footnotes: Learning Ethics From Unethical Folks; Ads Ads Everywhere | 05.21.14

Fed Sees No Inflation Risk in Stimulus to Spur Job Market [Bloomberg] Google would serve […]

Analysts, Journalists, and Short Sellers Are Out to Get Overstock.com

iStock_000006509640XSmall.jpgProbably not. But the Company has been subpoenaed by the SEC again regarding its restatement of its financial statements for 2006 and 2008.
Patrick Byrne, the Overstock head honcho isn’t crazy about all the attention:
Bad numbers, after the jump

“All of the matters that are the subject of the subpoena have been thoroughly disclosed and we are disappointed, given the extensive public disclosures Overstock has previously made, that the SEC, given all of the challenges it faces, has apparently chosen to expend time and resources on another investigation of Overstock,”

The SEC’s problems are certainly a matter of record. However, we wouldn’t call Overstock financial reporting history stellar. Restatements occurred in 2006 for “freight costs” which, we’re pretty sure is covered in the first month of Intermediate Accounting. In addition, Audit Integrity has given the company a a ‘very agressive’ rating for Accounting and Governance for 9 of the last 11 quarters.
Regardless of this lack of basic accounting knowledge or borderline reckless financial reporting treatment, Byrne has no qualms about giving the whole sitch the Maxine Waters conspiracy treatment, “Byrne has accused some financial analysts and journalists of working with short-sellers to drive down his company’s stock price.”
This claim is made in addition to the company blaming its upgrade of its Oracle accounting system. Apparently this upgrade caused revenue to be overstated by over $12 mil and understated its loss by over $10 mil back in 2005.
So if wasn’t for Oracle, analysts, the media, and some hedge funds, we’re assuming Overstock would be turning a profit by now.
Overstock.com Hit with Another SEC Subpoena [Web CPA]

More Details on the Year That Was at Crowe Horwath

Thumbnail image for Crowe_Horwath_2c_lo.jpgLast month we had a couple of posts on the year that was in Crowe Horwath layoffs. After learning about three rounds of layoffs and a CH exodus, we figured we had exhausted the details on 2009 for Crowe.
Not so! The latest on CH is that, like everyone else, the firm is gearing up for busy season desperately shortstaffed despite the end of their “Alternative Staffing Program”.
We’ve also learned that there were pay freezes across the board at CH last year. This included a couple of instances where newly promoted managers had their pay frozen despite being told “substantial changes in duties would be exempt from pay freeze.”
Right now our sources aren’t sure what to expect from CH in 2010 as communication from their leadership has been minimal. So all in all, it doesn’t sound like Crowe is all that different from the Big 4 despite claiming to be “a unique alternative” to them. Good luck to all the professionals at the firm in 2010 and keep us updated with all the happenings during your busy season.