House Democrats Set Vote on Estate Tax, Tax-Cut Extension Bill for Today [Bloomberg]
The U.S. House is poised to vote today on a compromise between President Barack Obama and Republicans to extend Bush-era tax cuts, with a dispute over the federal estate tax looming as the final hurdle.

The House will vote on a proposal to amend the compromise plan with a higher estate tax sought by Democrats — and which Senate Republicans say they will refuse to accept. If that amendment fails, the House will vote on final approval of the bill passed by the Senate yesterday, 81-19.

A Question for Green Mountain Coffee Roasters [White Collar Fraud]
Specifically, Sam is asking CFO Francis Rathke to clear something up.

Mortgage-Bond Math Means Everyone Is a Winner in Duel Audit [Jonathan Weil/Bloomberg]
This feels more like a practical joke than a conspiracy, “There’s no reason to think MBIA Inc. and Bank of America Corp. are conspiring to make the Big Four accounting firm PricewaterhouseCoopers LLP look foolish. They couldn’t have done a better job, though, if they tried.

As the outside auditor for both companies, it’s PwC’s job to make sure each presents its financial results fairly. The strange part here is that MBIA and Bank of America have taken dueling accounting positions when it comes to some soured mortgage bonds that MBIA insured during the housing boom. PwC meanwhile is letting both companies’ approaches stand.”

Fixing the Broken Audit Model [The Summa]
Dave Albrecht has some ideas.

Schmalbeck: With Tax Vote, Congress Will Have Blood on its Hands [TaxProf Blog]
Unless Congress acts very quickly, there will be blood as the accidental estate tax “holiday” slouches toward expiration on December 31. Tax “holidays,” during which a tax is temporarily suspended, are questionable tax policy at best. But they are truly disastrous in the case of a tax that is triggered only by death. Estates that might be exposed to the tax can channel the incidence of the taxable event into the window of the tax holiday, but only through homicide or suicide (or the practical equivalents of “pulling the plug” on life support devices).

Altria Shuffles Executives, Names New Financial Chief [Dow Jones]
C-suite musical chairs at the smoke shop.

Have You Been Tempted to Cheat on Your Taxes? [You’re the Boss]
It’s a simple a question.

Poll on tax deal hints Obama still hasn’t sold public [WaPo]
“President Obama has aggressively sold the tax agreement he negotiated with congressional Republicans, arguing that it not only averts tax increases but will spur economic growth. So far, he hasn’t persuaded either congressional Democrats or the American people. The public, according to a Washington Post-ABC News poll, broadly supports the agreement. But when asked whether it will actually help the economy, 17 percent of people said it would hurt, while 43 percent said it would make no difference.”

Plus, there are too many football metaphors going around.

Despite Bipartisan Criticism, Tax-Reporting Mandate Lives On [Dow Jones]
A paperwork mandate on businesses that drew sharp criticism from lawmakers in both parties will remain on the books, at least until Congress takes another crack at repealing it next year. Part of the recently passed health-overhaul legislation, the provision requires businesses to report to the Internal Revenue Service payments to any vendor totaling more than $600 in a given year. It isn’t scheduled to take effect until 2012, so Congress still has time to modify or repeal it.

Soaring Hong Kong Rents Prompt Allianz, Accounting Firms to Shift Towers [Bloomberg]
PwC seems to be staying put while E&Y is pulling up the stakes.

Commuter tax benefit moving along as part of tax cuts extension bill [DMWT]
Under the Senate’s version of the tax cut bill, the pretax cap on employer-provided commuting benefits remains at $230, which is good since a Metrocard will likely cost that much in the next two years or so.

Christmas Gifts for that Special Tax Person [TaxProf Blog]
Especially any Schmidts.

AICPA: Revenue Recognition Proposal Impractical [JofA]
The AICPA’s Financial Reporting Executive Committee (FinREC) this week voiced extensive concerns with a joint FASB-IASB proposed standard on revenue recognition that is intended to apply across all industry sectors.

“We agree with the theoretical merit of many of the concepts included in the proposed standard,” FinREC said in its comment letter. “We also believe, however, that certain principles…may be neither practical nor operational for preparers and auditors to apply without undue cost.”

8,000 storm PwC for graduate appointments [Accountancy Age]
So much for overrated, “PwC has received up to 8,000 applications for graduate jobs and internships in 2011. A report on consultant-news.com reveals the firm has received an avalanche of applications from hopeful candidates who believe the job market is improving. PwC is recruiting for 1,600 roles, a record level for the firm.”

In Nevada prison O.J Simpson keeps tax break on South Florida home [Orlando Sentinel via TaxProf]
The Juice isn’t loose but he’s enjoying some good tax planning.