David Sproul named new chief executive of accountants Deloitte [Telegraph]
David Sproul, who was appointed UK head of tax at the Big Four firm in 2006 and is a member of the executive board, will succeed John Connolly in June next year.

Mr Connolly has been as the firm’s top accountant for more than a decade and his tenure has seen Deloitte rise up the ranks to become second only to PricewaterhouseCoopers in terms of revenue. Mr Connolly is credited with having transformed the group, with profits tripling during his time.

Estate-Tax Passage Is Likely [WSJ]
It’s a Festivus miracle! “The estate tax has emerged as a focus of Democrats’ anguish over the tax deal hashed out between President Barack Obama and Republicans. But the protests appear unlikely to derail the compromise in Congress.

Notably, Democratic support for the estate-tax provision appeared stronger in the Senate, particularly among incumbents facing re-election in 2012, than in the House.”

Modesti, PCAOB Director of Enforcement and Investigations, Calls For More Transparency [RTA]
Francine highlights the, er, highlights of Modesti’s remarks from yesterday.

Majority of Americans Say Fed Should Be Reined In or Abolished, Poll Shows [Bloomberg]
“The Fed had to do extraordinary things to keep us from going into a great depression, and the public doesn’t see it this way,” said Lyle Gramley, a former Fed governor who is now senior adviser at Potomac Research Group in Washington. “The last time we had any really severe criticism of the Fed was in the early-1980s, when the Fed was pursuing this brutally tight policy to keep inflation under control.”

Howard Stern Changes Tune on Sirius CFO: ‘David Frear is OK With Me’ [The Wrap]
After some reactionary measures, the King of All Media actually read the transcript of the remarks and decided that the Sirius CFO isn’t a bad guy.

Gov.-elect Snyder talks up accounting credentials [CT]
If a CPA can fix Michigan, look out. Presidency next! “Wayne State University’s School of Business Administration and Department of Accounting will host the Ann Arbor executive, entrepreneur and first certified-public accountant to be elected governor of Michigan.

Snyder’s talk Thursday afternoon is expected to focus on how his accounting skills will be important as he works to improve the state’s struggling economy. He’s also scheduled to recount his journey from the private sector to the precipice of the state Capitol.”

ParenteBeard Merges with Local Philly Firm [AT]
ParenteBeard picks up Huntingdon Valley-based Pressman Ciocca Smith in a deal that was effective December 1.

Obama Woos Wary Party on Tax Deal [WSJ]
President Barack Obama’s tax-cut compromise with Republicans was greeted with anger from fellow Democrats in Congress Tuesday, but many seemed resigned to accepting it as the best deal they could get and a step toward reviving the weakened economy.

Democrats criticized the broad tax package for cutting taxes on high earners and setting tax rates too low on large inheritances, as well as for its effect on the country’s budget deficit. But Democrats also said they didn’t yet see a revolt spreading so far that it would derail the agreement in the Senate. Prospects for passage are more uncertain in the House, where many liberal members are balking at planned changes to the estate tax.

Did Deloitte Compromise Independence in McClellan Insider Trading Scandal? [Forbes]
Francine untangles the web.

Greenberg: Does Green Mountain News Pass Sniff Test? [CNBC]
CNBC’s Herb Greenberg is curious about Vermont-based Green Mountain Coffee Roasters’ earnings call that is slated for Thursday after the markets close.

BDO’s global fee income jumps 5% [Accountancy Age]
Global accounting network BDO has reported a growth in fee income of 4.92% across its member firms after a strong performance in the Asia Pacific region. For the year ended 30 September 2010, BDO’s fee income was €3.89bn (£3.27bn). Asia Pacific was the fastest growing region, which saw its revenues rise 32%. This success was attributed to the expansion of its operations in China, which saw growth of 65% to €149m over the last year.

Obama-GOP Tax Deal: Winners and Losers [TaxVox]
Biggest loser: fiscal responsibility!

Wesley Snipes Talks Taxes on Larry King [TaxProf Blog]

Deal Struck on Tax Package [WSJ]
President Barack Obama reached agreement Monday with Republican leaders in Congress on a broad tax package that would extend the Bush-era income tax cuts for two years, reduce worker payroll taxes for one year and give more favorable treatment to business investments.

Other elements of the deal include a temporary reinstatement of the estate tax at 35%—the level favored by most Republican lawmakers—as well as an extension of jobless benefits for the long-term unemployed.

Gadget wish list for 2010 [AW]
iPad. Tablet stand. Done.

Schapiro Aims to Expand Accounting Oversight of Broker-Dealers [Bloomberg]
The accounting industry will play a crucial role in helping investors regain confidence in the wake of Madoff’s scheme and the 2008 financial crisis, said Schapiro, who urged auditors to push for accuracy and clarity in reporting.

“Our markets depend on confident investors — and their confidence rests in large part in your hands,” she said. “The SEC and other agencies can increase the confidence investors bring to our financial markets, but our efforts will succeed only if those investors believe the numbers that you write on the bottom line.”

Private Company GAAP? Time to pay attention [CPA Success]
MACPA’s Tom Hood has been hearing about this debate for years but thinks this time around, things are different, “The tipping point towards the need for private company standards came after the announcement of FIN 48 and 46R. Many private companies have cried “uncle”, as these extremely onerous and complex standards have continued to arrive on the scene.”

The Facebook Factor for CPAs [CPA Trendlines]
If anyone gives you a hard time about Facebook at work, evoke something that Michelle Golden has said. She’s been at this for awhile.

U.S. exits Citigroup stake and earns $12 billion profit [Reuters]
The U.S. government sold off its remaining shares in Citigroup Inc on Monday for $4.35 each, marking an exit from ownership in the bailed-out banking giant with a $12 billion gross profit for taxpayers.

The U.S. Treasury said it will take in $10.5 billion in sale proceeds from a public offering of 2.4 billion Citigroup shares, announced just hours earlier. The price is 10 cents below the $4.45 closing price on the New York Stock Exchange.

Ponzi swindler who sacked John Elway gets 40 years [Reuters]
Why the long face, John?