“Nic is happy that it is resolved.”
~ A TMZ “source,” on the settlement reached between NC and his former accountant, who were both blaming each other for Cage’s financial trubs.
“Nic is happy that it is resolved.”
~ A TMZ “source,” on the settlement reached between NC and his former accountant, who were both blaming each other for Cage’s financial trubs.

There has to be some tax people working. Just a hunch. If your plans have been ruined, we want to hear about it.
Our friends at FINS recently posted some must-fan Facebook pages specifically for accountants and though we agree with their suggestions, we thought it would be prudent to add a few of our own.
Before we get to those, though, let’s talk about the five FINS listed.
1. The Big 4 (all of them, if you’re really really excited to land that dream public accounting gig you’ve always dreamed of… hooRAH!)
2. AICPA
3. Journal of Accountancy
4. CPA Technology Advisor
5. Local CPA Societies
These are all great suggestions but let’s be real about it, a good number of us use our Facebook pages for so much more than professional networking. So how about some real-world suggestions for the accounting folk out there?
1. Vodka. I don’t care if you prefer martinis or homebrew, by fanning vodka you are reiterating your commitment to professionalism in all you do as per the AICPA Code of Professional Conduct. Trust us, it’s a lot easier to be ethical and bring in clients when you’ve been on a weekend-long bender and simply don’t care anymore.
2. Accountants do it with double-entry. There’s no need to perpetuate stereotypes of the boring accountant, go ahead and shock your conservative pals by fanning this group to show that you DO, in fact, have a sense of humor and even choose to exercise it every now and then.
3. Accountants are sexy. Well? They are, dammit, especially if you followed our advice and got into the vodka. A couple of those and that mousy chick in the cube next door will be EXTRA sexy.
4. Stuff Accountants Like. Even though SAL has taken a possibly permanent vacay from blogging, reading through past entries is still entertaining if you haven’t read them before. Great for when you’re taking a break between vodka and reconciliation.
5. Going Concern. Listen, FINS, we aren’t offended that you accidentally left us off your list. But don’t expect us to share any of our vodka with you.
Look, maybe if shotgun-toting IRS Agents kicked down your door and took your video games, a five-figure watch and a movie poster that has far more sentimental value than any of you can appreciate, then you might know Young Buck’s frame of mind.
If not, then you best button it.
Two days after every material possession in your house is taken away (and if you’re a hip-hop artist, material possessions are pretty much everything) you’re bound to re-examine your life.
Brown proposes having his label, Cashville Records, dock his pay $12,500 a month for 60 months, for a total of $750,000. The bankruptcy filing claims Brown earns a total of $19,170 a month.
The entertainer filed for Chapter 13 on Aug. 5. U.S. Bankruptcy Judge George C. Paine accepted the proposed plan and ordered the payroll deductions Aug. 20. Brown will be free to keep his additional income, including royalty payments.
In other words, he’ll be back to Scarface wallpaper in no time.
Rapper Young Buck files for Chapter 13 bankruptcy after IRS raid [The Tennessean]
This means you PricewaterhouseCoopers. You’re acting like this convergence/IFRS adoption is just happening too fast, well, Tweeds isn’t having it.
As for you companies out there that actually have to keep their books in tiptop shape, Sir Tweeds isn’t so amused by your bellyaching either. And for the love of God, would everyone quit playing dumb:
“Let’s look at what we’ve got out there at the moment – leases, revenue recognition and insurance. If you’re not an insurance company you’ve got two. Big deal,” he said.
“I’m not terribly sympathetic. It’s not as thought these have sprung out of no where, we’ve been working on these, they’ve seen the drafts coming, they know what we’re doing.
Furthermore, maybe if you got some of your people on this instead of writing a comment letter every two seconds, this wouldn’t seem like such monumental task.
“It’s tough, but goodness it’s tough for us too. We can’t keep getting all this advice. We always get conflicting advice. ‘You must have these done by June 2011, but don’t give them to us all at once’,” he said.
Tweedie “not terribly sympathetic” to concerns of standard-overload [Accountancy Age]
A quick word of thanks to this week’s advertisers on Going Concern:
If you’re interested in advertising on Going Concern, email us at advertising@breakingmedia.com.
Thanks!
Today in “My life is falling apart and I’m an accountant” we have another poor sap that is plagued by a low GPA. Are they doomed for mediocrity? We’ll get to that, right after…
Are you wondering what your next career move is? Are you an auditor trying to put the moves on someone in tax and have no idea what to say? Wondering whether you should put the kibosh on your vegan lifestyle at your next partner lunch/dinner since you think it’ll make you look like a complete weirdo? Email us your inquiry to advice@goingconcern.com and we’ll put you at ease.
Back to our slacker du jour:
My undergrad GPA was a 2.99 cumulative and that’s been a killer in my application and job process. I’m currently with a very small CPA firm. Is there a point on continuing even if I pass my CPA? It seems no one really cares about any accounting experience for public unless it’s big 4 or mid-tier. My 2.99 has been a killer since the majority of firms are looking for a 3.00+. I’m looking at options at grad school, but I’m not sure if it would help if I wanted to go Big 4 still. I also believe I should pass my CPA first if I’m looking to go for a one year MBT or MACC (Masters of Accounting) program, but honestly I don’t know that I would get in considering my GPA unless I got stellar GMAT scores.
First of all, we’re not quite sure why you’re looking for a job when you already have a job. Do you intensely dislike this “very small CPA firm”? Our guess is yes since you’re writing us but take a serious look at your current situation and consider the experience that you are getting at your current firm. It may not be exactly what you’re looking for but the work experience you obtain will be valuable.
That being said, you then moving on to “Is there a point on continuing even if I pass my CPA?” Do we need to call the suicide hotline for you? Get your CPA. That will go a long ways to bolstering your career prospects, 2.99 GPA or not.
We definitely take exception with your “no one really cares about any accounting experience for public unless it’s big 4 or mid-tier.” There are plenty of Big 4 whores around these parts that might say that but don’t forget that small firms differ from the Big 4/second tier in some positive ways, so don’t dismiss the opportunity you have right now.
As far as Grad School goes, wait until you’ve got some work experience and CPA. Do you really want to rush right back to school? If you get some good work experience and you have some decent professional accomplishments, the graduate schools will take that into account. Yes, killing your GMAT will help your chances but you’re not doomed, friend; you’ve just got an uphill climb.
We briefly mentioned this case on Monday but since everyone seems to have checked out mid-week, we’re sure you won’t mind.
Way back in the dawn of the Clinton Administration, some financial reporting chicanery went down at Papel Giftware, Inc. so that Cast Art Industries of Corona, California would run into the company’s outstretched arms. More specifically, chicanery that consisted of ” ‘systemic, organized, improper accounting practices at Papel.’ ” Cast Art failed in 2003 which made everyone sad/mad.
KPMG was on watch as this all went down and a jury found the firm negligent in 2008 under the Accountant Liability Act.
The bitch of it is, the KPMG partner was thisclose to pulling out of the engagement, “[A] July 2000 letter by KPMG partner John Quinn that said Papel Chief Financial Officer Rick Wasserman gave an ‘unfair and misleading characterization of the accounting and auditing issues.’ Quinn said he was ‘very much inclined’ to recommend ending work with Papel after that year’s audit, according to the opinion.”
That ‘very much inclined’ didn’t result in “we withdraw from the engagement.”
However, since the KPMG is a professional services firm with the necessary means and a reputation to protect (according to some, anyway) they appealed the ruling and on August 26th a three-judge panel of the New Jersey Appellate Division still said, “yep, it’s accounting malpractice.”
This was a thrilling result for plaintiffs who are looking to squeeze more damages out of the firm:
“This is a huge win and no matter how KPMG wants to spin it, it’s a devastating loss for KPMG,” plaintiffs’ attorney Michael Avenatti said in an interview. “KPMG’s appeal of this case may go down as Exhibit A of ‘Be careful of what you wish for.’ Now, we have the ability to go collect potentially $10 million to $20 million more in additional damages.”
Right. The spin.
A KPMG spokesman, Daniel Ginsburg, said the firm is “considering our available options” after the ruling.
“We are pleased that the court affirmed dismissal of the plaintiff’s fraud claim against us, and also reversed the jury’s verdict by ordering a new trial on the issue of damages,” Ginsburg said in an e-mail. “We are disappointed, however, with the court’s ruling on legal issues regarding the plaintiff’s negligence claim.”
Actually, not much spin there. Just one of those kiss your sister/brother moments.
KPMG Committed Malpractice Tied to Cast Art Merger, Appeals Court Rules [Bloomberg]
Initially Caleb got butthurt and thought I was writing this article about him but I guess that means he thinks he sucks. I can’t name any accounting bloggers that actually suck and know plenty so here’s how not to tip that number past 0 if you’re thinking of taking it up.
Write about what you enjoy Believe it or not, there are people who care about: CPA exam experiences, SOX compliance, non-profit accounting, accounting technology, Big 4 bashing, re nce, accounting education, the Fed (cough), tax law… you name it and someone is writing about and looking to read about it right now. If you write about what you think people want to read about, chances are they won’t read it. Someone out there is totally into keeping LIFO even after we adopt IFRS so if that’s your thing, go for it but stay true to what you’re into.
Don’t isolate There are some folks who get away with being reclusive hermits or narcissistic pricks that don’t engage with the broader group of us (I won’t name names) but for the most part, if you want people to embrace what you’re doing, you’re going to have to bite it and talk to them sometime. Don’t trip, we’re not that bad. You can pick and choose which of the bunch you associate with and no one is saying you have to like every other accounting blogger out there. But at least find a few who don’t annoy you to talk to and share ideas with every now and then. If Dennis Howlett can manage, so can you.
Don’t get stuck in your niche Even if you’re strictly into LIFO, think about reaching out beyond your specialty and even beyond accounting to areas like finance, law and politics. It’s OK, it’s all relevant. The great thing about writing about what you love is that no one can tell you how to do it, not even us. The broader your subject matter, the more appeal you’ll have.
Actually try The thing about writing for this audience is that you have to keep doing it without getting much interaction back. We’ve personally seen countless state societies of CPAs abandon or under-evaluate their efforts in this medium simply because they didn’t get the Seth Godin reaction they were expecting. You aren’t Chris Brogan and accountants aren’t going to flock to your content by the bazillions, there are only so many of them to reach in the first place. Being in such a small, specialized group, it’s important to remember that you might not get the reaction you want right off the bat, if ever. But if you give up early, you’ll miss out on that reaction later.
Don’t think you know your audience’s expectations The best way to figure out if you’re delivering to your target is to access your site’s analytics and see who is coming from where and how. But even if you’re a stat whore like some of us, you can only tell so much about your audience from your side. Listen to what people are saying and try to recognize patterns in what is well-received and what is ignored. This isn’t just a blogging thing, you can use that sort of wisdom with e-mail marketing, Twitter, whatever. They’ll let you know what they like so don’t be so busy yelling your point to listen.
And as a bonus 6th tip, try to shake things up a little. This didn’t make the list because it really doesn’t work for everyone but for some of us it’s the only way to do it. If you aren’t afraid of being humiliated out of the industry with your big fat mouth, try pushing the envelope every now and then. Trust me, it feels awesome.
No Charges for Moody’s in Ratings Violation [NYT]
“The Securities and Exchange Commission said Tuesday that it had declined to charge Moody’s Investors Service for violating securities laws by failing to comply with its own procedures for rating complex derivative sec e decision followed an S.E.C. investigation, and the commission used the opportunity to warn all of the national credit rating agencies that it would use new powers under the Dodd-Frank banking law to take action against similar conduct, even if it occurred outside the United States, as the Moody’s case did.
The S.E.C. said it had declined to pursue a fraud enforcement action in the case because of jurisdictional issues. The securities in question originated in and were rated and sold in Europe, the S.E.C. said.”
Tax Cuts Weighed to Spur Economy [WSJ]
“The Obama administration is considering a range of new measures to boost economic growth, including tax cuts and a new nationwide infrastructure program, according to people familiar with the discussions.
The president’s economic team has met frequently in recent days to list ways to bolster the struggling recovery, according to government officials.
On the list of possible actions: additional tax cuts for small businesses beyond those included in a $30 billion small-business lending bill before the Senate. It’s not clear what those tax breaks would target or how much they might cost in lost revenue to the government.
Also in the mix: a possible payroll tax cut for businesses and individuals, as well as other business tax breaks, according to people familiar with the discussions. Currently, income taxes are scheduled to rise with the expiration of Bush-era tax cuts at the end of this year.”
Lessons from ClearBooks failure [AccMan]
What happens when a SaaS provider has a blow-up? Well, it depends.
“Non-Combat” Troops Remaining in Iraq Will Still Receive “Combat Zone” Tax Treatment [Tax Foundation]
The troops that remain in Iraq will still receive combat zone treatment (i.e. ‘designated hostile fire or imminent danger pay areas’).
Brainiest Cities [The Daily Beast]
Boulder #1; DC #3; Boston #4. Austin comes in at a paltry #16 behind Ames, IA. What’s up with that?
Former Rothstein CFO Stay Gives Up Boat [SFBJ]
Convicted Ponzi Schemer Scott Rothstein’s CFO had to give up her 28-foot 2008 Southport boat in order to settle a claim against her for the $154k loan she received from the firm to buy said boat.
SEC Charges Two Accounting Professionals at Milwaukee-Based Company with Fraud [SEC]
The SEC got around to filing civil charges against Sue Sachdeva. The Commission also charged Senior Accountant Julie Mulvaney with helping S-square conceal the fraud through bogus journal entries.
“The lawsuit is a bunch of BS. They’re throwing everything at me. I’m not afraid of the IRS.”
~ William Alexander, on allegations brought against him by the IRS.
Confidential to BA: Everyone is sick of the defense contractor who cried “the jumbo jet is ready!”
Boeing Co is confident it can deliver the first 787 Dreamliner in the middle of the first quarter of 2011, the chief financial officer of the world’s largest aerospace and defense company said on Tuesday.
Speaking at a conference hosted by Morgan Stanley, James Bell reiterated the updated delivery target for the long-delayed carbon-composite commercial aircraft.
Last week, the company announced another Dreamliner delay — this one related to a a delay in the availability of a Rolls-Royce Plc(RR.L) engine needed for the final phases of flight testing. The plane is already more than two years behind schedule.
Boeing CFO repeats 787 deliver target [Reuters]