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KPMG Shoves 10% of Its Audit Partners Out the Door

We're sure you've seen this FT headline floating around today: KPMG to axe 10% of US audit partners. And if you, like most denizens of the internet these days, read…

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PwC Tells Remote Tax Staff to Get Their Butts Into the Office

So much for PwC letting all their people work remotely forever. Remember when that got headlines five years ago? See: PwC Just Announced That You Never Have To Go Back…

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KPMG Plans to Hand Routine Testing Off to AI

Did you happen to see this WSJ article from the other day? In "In This Critical Part of Audits, the Accountant’s Role Is Shrinking Fast," we're given a look into…

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Deloitte to Slash Benefits For Non Client-Facing Staff

We specifically added the non-client-facing bit in the headline soz not to scare everyone. It's rough enough out there on the front lines as it is, we don't need to…

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Uh Oh, PwC Is Up to Something

By "something" we mean "aggressively enshittifying their product." Bet clients and prospective clients will just love that. Financial Times reports that their birdies are pointing to an overhaul in consulting…

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News

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Friday Footnotes: Partners Taking Ls; PwC Eats a Big Ol’ Fine; A Post 4/20 IRS Surprise | 4.24.26

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you're here, subscribe to our newsletter to…

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KPMG exterior with scissors overlay

KPMG Shoves 10% of Its Audit Partners Out the Door

We're sure you've seen this FT headline floating around today: KPMG to axe 10% of US audit partners. And if you, like most denizens of the internet these days, read…

Read More
exterior of PwC building

PwC Tells Remote Tax Staff to Get Their Butts Into the Office

So much for PwC letting all their people work remotely forever. Remember when that got headlines five years ago? See: PwC Just Announced That You Never Have To Go Back…

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Monday Morning Accounting News Brief: AI Boom Investor Fraud Off to a Strong Start; Do We Even Need Tax Pros? | 4.20.26

4/20 you say? Nice. In this news briefWe Shouldn't Need AccountantsFASB Tackles Gamers' Most-Hated Topic: Data CentersYou Just Gonna Let AI Agents Run Wild Like That?Ilhan Omar's Husband's Accountant Struggles…

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Friday Footnotes: PwC Partners Are Doing Great These Days; IRS Encourages Whistleblowing | 4.17.26

Footnotes is a collection of stories from around the accounting profession curated by actual humans and published every Friday at 5pm Eastern. While you're here, subscribe to our newsletter to…

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Technology

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KPMG Plans to Hand Routine Testing Off to AI

Did you happen to see this WSJ article from the other day? In "In This Critical Part of Audits, the Accountant’s Role Is Shrinking Fast," we're given a look into…

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AI Will Be EY Auditors’ New BFF, According to EY

While staff in tax at EY US will soon be spending more time with their flesh-based colleagues due to a return-to-office mandate that requires them in the office for an…

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ICYMI: According to This AI CEO You Won’t Have to Go to Work in a Year

Commence to fantasizing about what you'll do with all that glorious free time when you lose your job to AI in 12-18 months because that's the confident prediction made by…

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Another Early AI Accounting Startup Just Bit the Dust

TIL that early AI accounting platform Botkeeper has died. I found out via this CFO Brew article which pointed to a post on Botkeeper's own site. Turns out r/accounting was…

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KPMG Brings Cheating Into the AI Age By Using AI to Cheat on AI Exams

The image is upside down because Australia. This story sounds like a joke but we assure you it is not. KPMG Australia has expanded KPMG's storied cheating repertoire by being…

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Practice Management

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Top Remote Tax and Accounting Candidates of the Week | October 16, 2025

Struggling to Find Remote Accounting or Tax Talent? We’ve Got You Covered.If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're…

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Top Remote Tax and Accounting Candidates of the Week | October 2, 2025

Struggling to Find Remote Accounting or Tax Talent? We’ve Got You Covered.If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're…

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Top Remote Tax and Accounting Candidates of the Week | September 25, 2025

Struggling to Find Remote Accounting or Tax Talent? We’ve Got You Covered.If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're…

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Top Remote Tax and Accounting Candidates of the Week | September 18, 2025

Struggling to Find Remote Accounting or Tax Talent? We’ve Got You Covered.If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're…

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Top Remote Tax and Accounting Candidates of the Week | September 4, 2025

Struggling to Find Remote Accounting Talent? We’ve Got You Covered. If your firm or internal team is having a tough time sourcing qualified remote tax and accounting professionals, you're not…

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Quick Reads

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Here Are Tax and Audit Salaries at Top 25, Top 300, and Regional Firms

Recruiting firm Brewer Morris has released its 2025 US CPA salary guide and should you want to read the whole thing you can request it from them here. Perhaps you,…

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Friendly Reminder Not to Work Yourself to Death For This Profession

Saw this on the bird app yesterday and thought its message would be worth passing along what with 20 days remaining until April 15 and nerves as strained as ever…

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Accounting Firm Abruptly Nopes Out of Tax Season Early (UPDATE)

Ed. note: An earlier version of this article's headline stated the sheriff is investigating. The Alexander County Sheriff's Office informed us they are not investigating, only fielding calls from the…

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This Deloitte Office Has Eliminated Trash Cans at Desks to Make Staff Get Up Off Their Asses

Boston Business Journal wrote an article about Deloitte's new office in Boston and for some reason they chose to lead with this: You won’t find trash cans at the desks…

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The IRS Decided to Troll Tax Pros For 10/15

We realize the decision to run maintenance on IRS systems likely isn't made by anyone who understands deadlines but surely someone who does could inform the IT department of these…

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Top Remote Accounting Freelancers: February 3, 2024

Looking to staff up for a season or hire a freelancer for a project? Accountingfly is ready to partner with you! Gain full access to a pool of highly skilled…

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10 Essential Project Management Principles for Accounting Firms

Every accounting firm struggles with project management, with smaller practices that are rapidly expanding taking the brunt of the damage. As your firm adds new clients, takes on more work,…

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6 Ways Email is Secretly Destroying Your Accounting Firm

Email: The word itself sounds innocent, doesn't it? Kind of like "snail mail," but faster, sleeker, and without the slimy trail. But don't be fooled—email is secretly a sinister beast,…

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Don’t Grow Your Accounting Firm Out of Business! Break Up With These Unscalable Practices Now

Business growth is always a high priority for accounting firms, especially small-to-midsize practices. Take care, though, because growth can be a double-edged sword. If your firm expands too quickly or…

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Book Review: As One, Co-authored by Deloitte’s Jim Quigley

Let’s be completely honest here, when I heard James Quigley had worked on a book subtitled “Individual Action/Collective Power,” I half-expected this to be a handbook on how to get miserable shlubs to do your evil bidding for you while you abuse and humiliate them. After all, the man oversees an entire army of miserable green dot shlubs, surely he knows a thing or two about getting people to do things for you.

Lucky for Quigs and theinds behind As One, however, this book was nothing of the sort. More like Choose Your Own Adventure for leaders, which allows the reader to first determine which archetype of leaders and followers his or her group falls under. Featuring case studies (“inspirational” stories) with such big names as Apple, GE and Pixar, As One looks the why of these organizations’ collaborative efforts before taking on the how.


Deloitte spent two years studying effective collaborations and in the process defined eight archetypes of leaders and followers: Landlords & Tenants, Community Organizer & Volunteers, Conductor & Orchestra, Producer & Creative Team, General & Soldiers, Architect & Builders, Captain & Sports Team and Senator & Citizens. The main archetypes are strategically located across a circular axis, with Landlord & Tenants and Community Organizer & Volunteer anchoring the upper and lower poles. Conductor & Orchestra and Producer & Creative Team sit at the extremities of the horizontal “nature of the task” dimension on the west and east ends of the axis. The other four archetypes are hybrids, occupying the spaces between the main archetypes and combining some characteristics of each.

So this got me thinking, where would Caleb and I be on the axis?

As much as I would like to paint your dear Going Concern editor in a sycophantic, borderline psychotic light, “Dictator & Huddled Masses” wasn’t included in As One, so instead I used the easy chart in the book’s intro to answer a few simple questions about how our organization works. I have the creative freedom to carry out tasks the way I choose (as long as I don’t talk too much about the Federal Reserve), and we have a fairly small hierarchy given the size of our website and TPTB that rule over us. Instead of choosing the archetype I assumed we’d be (Producer & Creative Team), I went by the chart to determine we were most like Community Organizer & Volunteers.

From key characteristics:

Volunteers cannot be told what to do; they must be given the choice to join on their own terms. The persuasive message of the community organizer motivates them to join in the cause; and it’s that common purpose that inspires volunteers to make a difference.

[Volunteers] independently choose to follow the path of altruism or enlightened self-interest. Community organizers and volunteers may be passionate, selfless and dedicated, but, above all else, they are independent thinkers who, of their own volition, decide whether to get involved in a cause and for how long.

“A community organizer is someone who uncovers [volunteers’] self-interest,” says Jana Adams, the National Training Coordinator at the Direct Action Training Research Center. “They give [volunteers] an opportunity to work in their own self-interest and address problems in the community that they could not address by themselves.”

All of those key characteristics rang true with me, though I wouldn’t necessarily call making misogynist jokes about work/life balance altruistic. And I definitely cannot be told what to do, so another point to the book for that one.

As One allows the reader the opportunity to brand his or her own strategy, whether or not the current structure allows for such freedom. Unlike much of what one might encounter in public accounting or any other similarly-structured business, the free flow and adaptability of As One gives leadership the chance to form itself, mostly through analysis of what makes an archetype tick. Even miserable shlubs have a drive (be it money, stability, masochism or the perpetual carrot of becoming partner one day being dangled in front of one’s face), it’s how they are driven that makes all the difference. Point being that leadership isn’t about who can bark orders the loudest, despite how life in public accounting might make it appear.

Are we all so easily prodded into distinctive roles? Not really, and As One doesn’t attempt to do so. Its authors argue that life itself is a collaborative journey, and it may just be easier on all of us to accept that. Organizational structure doesn’t necessarily have to create a disenchanted workforce just in it for the paycheck, and recognizing the strengths and weaknesses of each collaborative group can actually help infuse a little pride in the job, or at least more willing participation.

As One isn’t a book about how to get people who hate you to do things for you, it’s about recognizing the individual power in each of us to accomplish collective goals, be that running a business or changing the world as we know it. It presents some awfully lofty goals but asks one very important question: what could we accomplish if we could unlock the power of As One on a global scale?

Find the book on Amazon here, and download free As One iPhone or iPad apps here. You can find out more about As One through the Deloitte Center for Collective Leadership.

Accounting News Roundup: Google CFO Gets a Second Helping; Osbournes on a Crazy Tax Train; Is Distraction at Work Good for You? | 04.11.11

Level 3 Agrees to Purchase Global Crossing in $1.9 Billion All-Stock Deal [Bloomberg]
Level 3 Communications Inc. (LVLT), the Colorado-based provider of broadband services, agreed to buy Global Crossing Ltd. (GLBC) in a deal valued at about $1.9 billion. Level 3, based in Broomfield, will acquire Global Crossing in an all-stock transaction worth $23.04 a share, based on Level 3’s closing stock price on April 8, the companies said in a statement today. The value of the purchase is $3 billion, including the assumption of $1.1 billion in debt, they said.

Obama to Call for Broad Plan to Reduce Debt [NYT]
President Obama will call this week for Republicans to join him in writing a broad plan to raise revenues and reduce the growth of popular entitlement programs, as the battle over the nation’s financial troubles moves past Friday’s short-term budget deal and into a wider and more consequential debate over the nation’s long-term fiscal health.

More GoogQuake Aftershocks: CFO Patrick Pichette Adds BizOps and HR to His Duties [AllThingsD]
Pichette gets rewarded with more responsibility (and presumably, work) in Google’s managements shakeup.

Tax Indictment for Tax Activist [NYT]
Taxpayers have rights. It says so in the Colorado Constitution in an amendment known as Tabor, which passed in a voter referendum drive in the early 1990s that was led by a man named Douglas E. Bruce. Criminal defendants? Yes, they have rights, too, as Mr. Bruce learned the hard way last week after he was arrested for what prosecutors said was a failure to pay his taxes.

Corporate Governance At Berkshire Hathaway: Maybe It’s Not All That [Forbes]
Francine McKenna pokes around Berkshire’s sterling reputation.

Ozzy and Sharon Osbourne’s Massive IRS Tax Lien [TMZ]
The amount of cursing will be relatively unchanged.


In Praise of Distraction [TNY]
In other words, Going Concern March Madness made you better at your jobs.

Encore Energy Partners Dismisses Ernst & Young [CityBizList]
BDO will take it from here.

Toddler Mistakenly Served Alcohol at Applebee’s [WJBK]
The blood alcohol level in the 15-month old was .10, which is over the legal driving limit.

Did Ohio State Dump Deloitte for PwC Over Colors?

Sounds like CFO Geoff Chatas and state auditor Dave Yost wanted to figure a way around a 15-year limit but it was to no avail, “Ohio State CFO Geoff Chatas said Yost discussed with him the possibility of letting Ohio State be the first to stick with the same audit firm, but the school opted to put the contract out for bid.”

A likely story. If you ask me, this has everything to do with the fact that Deloitte’s main color is blue while PwC has opted for slightly more appropriate hues.

PwC to follow Deloitte as Ohio State audit firm [CBF]

A Government Shutdown Near the End of Tax Season Could Prove to Be Very Inconvenient

Since the IRS made it clear earlier this week that blowing off your 1040 is not an option, you best be on top of this if you want to file pre-April 18th. However, you might run into a wee bit of a problem if you go to the IRS for help.

In all, 92,000 [Treasury] department employees would be furloughed, with IRS staffers working during the height of tax season representing roughly two-thirds of the 35,000 who would still be on the job.

Still, around four out of every five IRS employees would be furloughed. Dan Tangherlini, an assistant Treasury secretary, reiterated in a blog post that taxpayers should file electronically to avoid potential delays in receiving a refund, and laid out other areas where IRS operations would be affected.

Taxpayers with audit appointments should assume their meeting is canceled, Tangherlini wrote, while walk-in IRS assistance centers would be shuttered and customer service phone lines would not be as easy to reach.

Treasury would furlough over 70 percent of employees in shutdown [The Hill]

Big 4 Employee with an Itch to Jump Ship Wants to Know What His Options Are

Welcome to the the-shutdown-will-probably-last-45-minutes edition of Accounting Career Emergencies. In today’s edition, a Big 4 senior associate has a hanker to jump ship. Problem is, corporate accounting and internal auditing don’t sound like appealing life-preservers. Are there other options or is our hero doomed for permanent Big 4 burnout?

Nervous about a promotion? Back on the hunt for a co-worker to canoodle with after an unfortunate experience? Concerned about where your bonus is going? Email us at advice@goingconcern.com and we’ll sort you out one way or another.

Meanwhile, back on the Titanic:

Hello there,

So I’m a senior associate at a big 4 accounting firm and needless to say, I’m getting the itch to leave this gig. The problem I’m facing though, is that I don’t know what job I want to take when I leave.

While the hours may be better, going into corporate accounting and doing journal entries / reconciliations sounds just as mind numbing. Likewise, doing the same old routine in internal audit doesn’t really sound riveting either. So outside of those, what are my options? What jobs are out there that will let me put my CPA to good use while actually enjoying my career?

– Not sold on corporate accounting

Dear NSOCA,

Ah, you’ve come to see that the grass isn’t always THC-ier on the other side. It’s important that you’ve come to this realization, so I don’t have to give you a sermon about that. However I should say, you seem to have your priorities a little backwards: “The problem I’m facing […] is that I don’t know what job I want to take when I leave.” This sounds like you’re ready to leave your Big 4 firm with virtually no plan; that would suggest A) your “itch” is really a full-body rash and B) you’ve only had preliminary thoughts about what life after Big 4 can really be like.

In addition to the plethora of corporate accountant and internal audit gigs, there are many opportunities for various analyst positions – cost, budget, financial – if that’s something that would be of interest to you (check out this post on cost accounting positions from last summer for more details). If you’re the wonky type, a SEC reporting or a technical accounting position may be up your alley.

With all that in mind, don’t dismiss all senior accountant job. If you find a company that’s the right for you (i.e. size, responsibilities, money, etc.) you’ll end up learning a lot and in addition to your Big 4 experience, you’ll have a nice skillset that will prepare you for your next move. As far as internal audit is concerned, I personally never had much interest, simply because I discovered that auditing was nothing I wanted to do. If you do like auditing (God help you), then I wouldn’t dismiss all of those opportunities but like the senior accountant positions, I’d be pretty selective.

Just remember, don’t get anxious to leave just because you’re miserable. Figure out what your real interests are and then start your job search, working with a recruiter or pounding the pavement yourself. You might discover that you need to get of this accounting thing altogether. I’m a living, breathing example of that and there are plenty more out there like me. You may be one of them too but I admit, you have to be willing to make sacrifices (mostly money). The worst thing you can possibly do is take any old job with a fancy title and a bigger paycheck to only hate it in three months. Good luck.

GM CFO Says Company Is Committed to ‘Low-debt Strategy’ For Real This Time

General Motors Co’s new chief financial officer told analysts the automaker remains committed to the low-debt strategy and discipline on vehicle pricing emphasized by his predecessor. In a dinner meeting with analysts on Thursday, Dan Ammann said GM faced limited impact from the Japan crisis, was increasing its auto credit capabilities, and was reducing its exposure to incentives in the U.S. market, according to research notes from Barclays Capital and J.P. Morgan. “Dan emphasized fundamental continuity around GM’s financial strategy and philosophy with his predecessor,” Barclays analyst Brian Johnson said. “Dan plans to continue the low-debt strategy of his predecessor.” [Reuters]

Chinese Company CFO Resignation Du Jour: Qiao Xing Universal Resources Inc.

When is this officially a pattern? Or is it simply a trend? Qiao Xing CFO Jiang Aijun resigned today but have no fear investors! – the company has appointed a financial controller and is on the hunt for a new CFO.

Plus they’re planning to file their fiscal 2010 results a month ahead of schedule. The company’s stock was down 12% for the week prior to today’s announcement and unfortunately, all this fresh news doesn’t seem to have calmed anyone down. [Dow Jones, Earlier, Earlier]

Q1 CPA Exam Pass Rates Worst in Three Years

Jeff shared some pretty depressing news on Another71 yesterday, it looks like pass rates are down. Way down:

Auditing and Attestation:
2009 Q1: 47.61%
2010 Q1: 46.86%
2011 Q1: 43.88%

AUD passing rates are down 7.8% over 2009 and 6.4% over 2010.

Business Environment and Concepts:
2009 Q1 46.23%
2010 Q1: 46.59%
2011 Q1: 42.32%

BEC passing rates are down 8.5% over 2009 and 9.2% over 2010.

Financial Accounting and Reporting:
2009 Q1 45.54%
2010 Q1: 44.95%
2011 Q1: 42.43%

FAR passing rates are down 6.8% over 2009 and 5.6% over 2010.

Regulation:
2009 Q1: 47.96%
2010 Q1: 49.00%
2011 Q1: 41.28%

REG passing rates are down 13.9% over 2009 and 15.8% over 2010.

What’s strange about this is that REG was the section least changed in CBT-e, leading us to wonder if some CPA exam candidates were, in fact, better at written communication than they thought. Taking these easy 10 points out of FAR, AUD and REG could have something to do with the first quarter’s awful scores, or it could be that candidates were not familiarized enough with the new format to do smashingly this time out.

One commenter on Another71 said “I took REG and felt like I studied for the wrong exam when I saw the questions,” which I’ve heard a lot about BEC but never about REG. In fact, for the last four years I have consistently told candidates that REG is the easiest for some candidates simply due to the cut-and-dry nature of tax and business law. It is not as large and all-encompassing as FAR, nor does it require all the extensive calculations. But this information could be game-changing.

The other strange fact here – and I have no specific numbers on this, going on my perception based on comments I have received from candidates who tested last quarter – is that for those who did pass, it seemed like many of them scored in the high 80s and 90s, as opposed to the usual large number of 75 – 79s like I usually see from passing candidates. Since I didn’t actually aggregate any real data, it’s hard to say whether or not this is an important point to mention. Perhaps I’ll try harder next quarter to get some actual numbers.

It’s also important to recall my conversation with the AICPA earlier this year when we discussed the possibility of changing the passing score in 2011. The exact statement was “In terms of the score reported to candidates, right now the passing score on that reported scale is a 75 and it’s going to remain there because we want to have consistency over time” from John Mattar, Director of Psychometrics and Research. What I took that to mean was that a 75 last year may or may not be the same as a 75 last year, which could explain why more candidates missed the mark this time around.

What do you think?

Accounting News Roundup: Secrets Don’t Make Friends (or Good Audit Regulation); IRS Makes $4.5 Million Payout to Whistleblower; Grant Thornton to Oversee St. Vincent’s Restructuring | 04.08.11

How Secrecy Undermines Audit Reform [Floyd Norris/NYT]
[T]he Dodd-Frank law did nothing to the auditors. That was in sharp contrast to the previous round of scandals — the Enron and WorldCom accounting frauds that led to the enactment in 2002 of the Sarbanes-Oxley law. That law established the Public Company Accounting Oversight Board to audit the auditors. With a second set of eyes looking over their shoulders, it was hoped, auditors would do a better job. While auditors may be doing a better job, that does not necessarily mean they are doing a good one.

Obama Demands Budget Deal to Avert Government Shutdown [Bloomberg]
After meeting with House Speaker John Boehner and Senate Majority Leader Harry Reid, Obama said issues remained unresolved and he hoped for a breakthrough that would prevent a shutdown, set to begin at midnight tonight. “I’m not yet prepared to express wild optimism but I think we are further along,” he told reporters. “My hope is, is that I’ll be able to announce to the American people sometime relatively early in the day that a shutdown has been averted.”

Stolen air conditioners are ‘Crime of the Week’ [TCJ]
Someone concluded that it was worth their time to take two five-ton air conditioning units from M&M accounting in Topeka, Kansas.

IRS pays $4.5M in 1st award under 2006 whistleblower program for tip worth $20M [WaPo]
An in-house accountant who raised a red flag about a tax lapse that his employer then ignored, leading him to tip off the IRS, has received $4.5 million in the first IRS whistleblower award. The accountant’s tip netted the IRS $20 million in taxes and interest from the errant financial-services firm.

Golfers Goosen, Garcia teed off at IRS [DMWT]
[T]he professional golfers’ tax attorneys are doing their jobs, trying to convince the IRS that the players’ endorsement money was properly reported as royalty income, not payment for personal services.

Ex-Mazars partner wins unpaid expenses claim [Accountancy Age]
Ex-Mazars partner Robin Stevens has successfully won a legal claim against his former firm for unpaid expenses. Mazars was handed down a court order to pay Stevens £1,536.59.

Grant Thornton LLP’s Restructuring Practice oversees landmark transaction to rebuild healthcare at Manhattan’s historic Saint Vincent’s site [GT]
U.S. Bankruptcy Court for the Southern District of New York has approved the $260 million sale of Saint Vincent’s Manhattan campus, including the historic O’Toole Building, to the Rudin family and the North Shore-LIJ Health System. Structured with the leadership of Grant Thornton LLP’s Corporate Advisory & Restructuring Services practice, the deal establishes a stand-alone 24-hour emergency center and ambulatory surgery facility in New York’s Greenwich Village area.

Survey: CFOs Find Outdated Technology Slightly Maddening

CFOs admit that if technology is implemented correctly it can be pretty damn swell but over half of those surveyed said the biggest barrier to improving the finance department is “out of date and inflexible” IT systems. Also, nearly three-quarters of respondents said that these systems are also to blame for failing to reach objectives. Not good. How can we possibly solve this problem?

According to KPMG’s Steve Lis, “By adopting a unified approach to technology, CFOs and CIOs can transform their organizations to become more proactive, innovative and flexible.” That’s a pretty interesting thought but another possibility not addressed in KPMG’s press release was: spending money. I know, I know. Pretty crazy concept so it’s probably best to just keep things the way they are. [KPMG]

IRS, DOJ Want a Peek at Some HSBC India Bank Accounts

Back in February, the IRS announced that it would be giving offshore bank account holders another chance to come clean on their tax-avoiding ways. Tax amnesty 1.0 went pretty well and last year, the IRS had a whale of time sticking it to UBS and a number of customers who were holding out. But in all honesty, we all know that picking off a bunch of blondes with above-average chocolatiering skills was some low-hanging fruit. Today the IRS, along with the DOJ, announced their next target of their sniffing-out-offshore-bank-account world tour. HSBC India! – come on down!

The United States is seeking an order from a federal court in San Francisco authorizing the Internal Revenue Service (IRS) to request information from HSBC Bank USA, N.A. about U.S. residents who may be using accounts at The Hong Kong and Shanghai Banking Corporation in India (HSBC India) to evade federal income taxes, the Justice Department announced today.

The government filed a petition with the court to allow the IRS to serve what is known as a “John Doe” summons on the bank. The IRS uses a John Doe summons to obtain information about possible tax fraud by people whose identities are unknown. If approved, the John Doe summons would direct HSBC USA to produce records identifying U.S. taxpayers with accounts at HSBC India, many of whom are believed by the government to have hidden their accounts from the IRS.

And if anyone is getting the idea that this is an HSBC/Hong Kong/India issue, Doug Shulman would like you to know that this is not personal, it’s simply the IRS doing the Treasury’s dirty work, “The IRS continues to focus its attention on international tax evasion,” the Commish said. “This summons request is focused on obtaining more information to help us determine if additional actions are needed. As I’ve said all along, our international efforts are not about just one country or one bank – it’s about our wider effort to ensure compliance with the nation’s tax laws.”

The Treasury isn’t going to fill itself now, is it?

[via WSJ]