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February 6, 2023

Friday Footnotes: PwC Loses; Gamers Rise Up Against the IRS; Another Naughty CPA | 2.14.20

Ed. note: Happy Valentine’s Day, kids! If no one loves you, remember I always will. Sort of. ~AG

Botham Jean’s Colleagues Pledge To Combat Workplace Racial Violence [BET] “As chief executives and business leaders, we may not have the power to stop tragedies like what happened to Bo from happening again,” wrote PwC Chairman Tim Ryan in an op-ed in the Dallas Morning News. “However, we do have power and influence, and there is a lot we can do to address implicit bias in order to make our workplaces and communities more just, equitable and inclusive.”

Giving Back as a Professional [CPA Journal] One CPA tells her story of how her personal struggle helped her to find her purpose through NFP accounting.

Lawsuit says NC accountant squandered money on Bahamas, limos, $10,000 strip club bill [News & Observer] Two former partners in a statewide accounting firm have sued its founder and his son, alleging the son spent $500,000 of the company’s money on plane tickets to the Bahamas, limousine rentals, alimony payments and $10,000 at a Raleigh strip club. The lawsuit, filed Feb. 5 in Wake County, argues that Leon Little Rives II damaged the reputation of Rives and Associates, which has offices in Raleigh and Charlotte, chasing away clients, employees and partners. It says Rives used the R&A credit card for $200,000 in personal expenses and withdrew $300,000 in cash from bank accounts.

IRS quietly deletes guideline that Fortnite virtual currency must be reported on tax returns [CNN] Oh thank goodness, I was worried The Man was coming to get a cut of my Fallout bottlecap stash.

PricewaterhouseCoopers Denied Redo of 2nd Cir. Pension Decision [Bloomberg Law] PricewaterhouseCoopers LLP lost its bid to have the Second Circuit rethink a recent decision reviving a class action by retirees seeking higher pension benefits.

Quiz: Auditor independence and FASB’s revenue recognition standard [Journal of Accountancy] I got Slytherin, I think I did it wrong.

Prison sentence for $2M Westchester fraud marks former Stamford CPA’s fall from grace [Westfair] Assistant federal prosecutor Margery B. Feinzig called for up to five years and three months in prison. “He deliberately chose to use his intelligence, education and career success to exploit, manipulate and defraud,” she wrote in a sentencing memo.

Hailey’s Comet: how Deloitte helped funds win a distressed bet [Financial Times] “The demise of Comet is a tale of how cynical corporate greed was aided and abetted by some of the UK’s leading professional services firms,” said one person involved in the inquiry by the Institute of Chartered Accountants in England and Wales, which levied the fine. “The private equity firms stitched up a structure that guaranteed a huge profit from insolvency, which went unchallenged by the administrators.”

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