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Grant Thornton Is on This National Employee Appreciation Day Thing

Caleb Newquist
March 4, 2010

So, servants of the capital markets, how’s the motivation? Stable? Critical? Grave? Whatever your condition, if you work at Grant Thornton, you’ll be happy to know that there’s a chance (somewhere between slim and good) that you’ll receive a little token of appreciation tomorrow:

Exciting, right? We’re not sure these GT e-cards are of the erotic variety but that would definitely be a great show of apprect have the self-control to forward it to your non-GT address and wait to check it at home so you don’t end up like some people.

Turns out National Employee Appreciation Day has dropping on the first Friday in March since 1995 but we’ll be damned if we’d ever heard of such a thing. Is there some coordinated effort among accounting firms, large and small, to keep this thing as quiet as possible? It’s busy season after all; the close proximity to deadlines should be appreciation enough.

Anyway, Recognition Professionals International put this together back in the Clinton days and presumably it’s been a hit because, well, it’s still going on. Jump over to the website however, and you’ll find out that they have far bigger ideas that just e-cards:

Recognition can take a hundred forms and variations. Here are just a few ideas:

1. Ask an employee to write down six ways they would like to be rewarded. Anything goes. The only rule is that half the ideas need to be low cost or no cost.

2. Schedule lunch dates with employees. Give them an opportunity to select the luncheon site, and use the time to simply get to know them better.

3. Offer a free one-year subscription to an employee’s favorite business magazine and have it sent to their home.

4. Consider a gift certificate entitling an employee to lunch with you or another mentor of his/her choosing for the purpose of being coached on one or more topics.

5. Offer a shopping spree to a local supply store for an employee to get items (no staplers or paper clips allowed) to personalize his/her office or cubicle.

6. Give the gift of wellness. Have a limousine pick up an employee for a full day at a spa. Give gift coupons for ballroom dance, yoga or golf lessons.

7. Give a fun-loving employee a series of On your mark-get set-GO cards that they can redeem at their discretion. For example: Leave work early to go to a movie, or shopping, or play ball.

8. Send a handwritten note of thanks for the completion of a job well done.

9. If an employee stays late/goes above and beyond to complete a project, send the employee and his/her partner to a nice dinner.

10. Purchase a company “toy” your employees would most enjoy; a cappuccino machine, dart board, volleyball court, exercise room.

Now judging by this list, it appears that GT looked through these and thought, “Number 1 could be taken advantage of in ways that could get the firm in trouble (wink-wink, nudge-nudge) and the rest of these involve spending money. With the exception of number eight!”

So an idea was born. GT e-cards. Here’s hoping that you all get an inbox full of these because A) you deserve them and B) the better the odds are that someone will forward it on to us so that we may take a gander and then share it with everyone. If you don’t receive a GT e-card (or anything for that matter), then you have every right to go postal on whoever you damn well please.

Accounting News Roundup: SEC Official Explains His Porn Habits; Private Companies May Embrace IFRS Quicker; New Bill Would Ax Tax Tardy Fed Employees | 03.04.10

Caleb Newquist
March 4, 2010

• Porn Nightmare Never Ends for SEC Official [FINS]
Whatever your porn preferences, you’re probably not sharing them with complete strangers. If you are, the cloud of awkward around you has got to be so thick that you may as well have leprosy. However, if you have the unfortunate luck of getting caught viewing this art form at work, then you might be forced to discuss your preferences, how often you’re engaging in the activity, among other things:

[T]he really juicy stuff begins when he’s asked about accessing Web sites like tgirlhotspot.com and ladyboyx.com (warning, very NSFW): “Our records show that on Wednesday, August 13, 2008, beginning at 1:57 p.m., you made approximately 85 attempts…to access a Web site called tgirlhotspot.com. Do you have any recollection of attempting to access this site?”

The employee answers: “I do not personally have recollection of it, but it would not surprise me.” To which the inspector — and the reader — responds: “Okay. That’s fair.”

Seriously, who can remember every instance that they’ve visited ladyboyx.com? Does the guy have a photographic memory? Maybe on certain images but date, time, and spreadsheet you had open that you could quickly jump to in case someone came to close? That’s asking a little much.

• Should the U.S. Forget about Private-Company GAAP? [CFO Blog]
Now that the Blue Ribbon Panel for private company GAAP has been announced, it makes some people wonder if the non-SEC types will just ignore this whole song and dance the Commission is doing get with the IFRS program ASAP. Ahh, the advantages of being a private company…

Even though both the BRP and the SEC will release their musings on their respective topics in 2011, private companies already have options, “[T]he U.S. private sector has already set some IFRS wheels in motion. In 2008, AICPA recognized the IASB as an official standard-setter, which means U.S. auditors are allowed to issue opinions on private-company financial results filed using IFRS.”

It’s doubtful that IFRS reporting will spread like H1N1 among private companies but while the SEC twiddles the private sector seems to recognize where all this is ultimately going.

• Jason Chaffetz: Ax Hill staff tax cheats [Politico]
Since all the members of the House are up for reelection this year, everyone needs something solid to campaign on and apparently Jason Chaffetz (R-UT) has found his stump.

Chaffetz is introducing legislation that would extend an IRS policy — termination employees that haven’t paid their federal taxes — to all federal departments and agencies.

In 2008 alone, 447 House employees and 231 Senate workers didn’t pay their taxes, according to figures from the IRS, Office of Personnel Management and Department of Defense.

“We have over 600 staffers on Capitol Hill not paying their taxes. That’s just not acceptable,” Chaffetz said in an interview with POLITICO. “It’s disingenuous to take federal taxpayer dollars and not pay your full share of taxes. It’s wrong.”

Between to the two bodies in Congress, over $8 million are owed in taxes. We don’t have to remind anyone how little money this is grand scope of the federal government. But hey! Rep. Chaffetz has an election to win and by God, this could be the ticket. Some other notable delinquent federal employees include the Postal Service at $257 million; Dept. of Veteran Affairs at $131 million; Army and Navy owe $81 million and $61 million respectively.

But pointing out those people wouldn’t make for very good press.

Quote of the Day: How’s This for CFO Optimism? | 03.03.10

Caleb Newquist
March 4, 2010

“I’m encouraged by the fact that things are at least not getting worse.”

~ Gayle Anderson, CFO of Match.com, on the economy.

KPMG

Imprisoned Ex-KPMG Partner Sentenced to 57 Months for Defrauding IRS

Caleb Newquist
March 4, 2010

Today in insult to injury news, Bob Pfaff, who pleaded guilty back in the fall for conspiracy to defraud the IRS, was sentenced today to 57 months for his tax untruthiness. He was also ordered to pay the IRS over $1 million in restitution. The bright side for Pfaff is that Judge Richard Berman ordered that only three months of this new sentence would be served consecutively. After 97 months, an additional three will be nothing. That’s just half of a baseball season.

Pfaff is already serving a 97 month sentence for his role in the KPMG ‘tax shelter mill’ that originally involved 17 KPMG executives. Charges were dropped against all but four of the accused after it was determined that prosecutors had pressured the Firm to not pay their legal bills.

Seemingly this marks the end of this particular KPMG/tax shelter case. Another recent case involves Daryl Haynor, a partner in the Tysons Corner office. Mr Haynor was indicted back in the fall for allegedly conspiring to defraud the IRS to the tune of $240 million.

Ex-KPMG Partner Pfaff Gets 57 Months for Tax Crime [Bloomberg BusinessWeek]

The Nets’ Latest Attempt to Boost Attendance Is to Offer Free Tax Preparation

Caleb Newquist
March 4, 2010

Okay, who’s got no plans on Friday? Work? Bah. How about you go to the Nets game against the Orlando Magic instead? Sure they’re terrible but you’ll get a coupon that is redeemable at a Roni Deutch Tax Center to get your state return done for free (a $29 value!).

Yes, we said the Nets are terrible but to put it more accurately, they’re atrocious. So atrocious that they have the worst attendance in the NBA. You need your tax return prepared; the Nets need fans. Let’s make this happen. We’re not saying you have to paint your face or anything but show up and drink a beer or two. You can always leave at halftime.

And even if you’re bound and determined to prepare the return yourself, there will Roni Deutch reps at the game to answer your tax questions. Again, free of charge. Of course they’d prefer if you just handed over all your paperwork and coughed up the $185 to have your federal return done too but it’s really about being a fan and supporting the team:

“It’s easy to jump on the Lakers’ bandwagon,” said [Roni] Deutch, who claims to have been the first girl to play Little League baseball on an all-boys team in her home state, California. “The hallmark of a strong company is one that aligns with young companies. I’m a betting woman, and I think the Nets are going to win a championship this decade.”

Write it down.

Nets Will Offer Free Tax Preparation as a Game Promotion [NYT via Yahoo!]

Announcements

A Near-End of Busy Season Celebration Option

GoingConcern
March 4, 2010

Okay, so maybe this seems like a discussion you’re not prepared to have because you’re sleep-deprived, feeling tubby and borderline homicidal but hang in there!

Since we know you need a recharge we suggest you jump over to DB to learn about a little card game that’s going on in AC.

Career Center

Job of the Day: Thomson Reuters Needs a Finance Manager

GoingConcern
March 3, 2010

Thomson Reuters needs a highly motivated and proactive with a strong bias toward action for a Finance Manager position. Responsibilities include contribute to the Company’s Operating Committee review and the quarterly financial reviews for presentation to senior management.

The position requires a minimum of seven years experience and a CPA and/or MBA.

Get more details on this position in New York after the jump.

Company: Thomson Reuters

Title: Finance Manager

Location: New York, NY

Description: The Finance Manager role will provide decision support at the TRM level helping to ensure that the business has full visibility into its financial performance so that it is able to achieve both its short term revenue and OI targets as well as the longer term strategic growth. The regular output will be to contribute to the Operating Committee review and the Qtly Financial reviews these reviews will then drive the ad hoc analysis required by senior management.

Responsibilities: Preparation of the Operating Committee review/Qtly finance review; both data preparation (requires financial systems & excel proficiency) and comprehension & analysis to explain underlying variances, trends and themes for presentation to management; other ad hoc analysis (e.g. deep dive into revenue by type/region driven by the financial results or competitive market factors); develop analyses to help understand key business drivers (e.g.profitability/resource allocation & the presentation of findings via Powerpoint); identification of financial process improvement initiatives; liaison with key members of the finance organization – SBU /functional areas & FPA/Controllership function for data validation

Qualifications: Undergraduate degree in finance, or accounting is preferred and CPA and/or MBA is a plus; proficiency in Excel and Powerpoint; experience of complex issues and able to exercise judgment in evaluating criteria and making decisions; prior management experience desirable; minimum 7 years commercial experience; working knowledge of the Financial Services & Information Solutions industry

See the entire description over at the GC Career Center and visit the main page for all your job search needs.

Investigation Reveals that 30% of Tax Preparers in NYC Lied About Rapid Refunds

Caleb Newquist
March 3, 2010

For whatever reason, people crave their tax refunds like Big 4 recruits crave tchothkes. Accordingly, someone came up with the bright idea of “refund anticipation loans” or rapid refunds. Web CPA is reporting that the New York City’s Department of Consumer Affairs has investigated nearly 800 tax preparers throughout the City and issue over 2,000 citations for violations including illegal advertising of the rapid refunds.

Getting your refund ASAP is the personal mission of every tax-American but if preparers lie about the fact that they’re actually loan sharks, then that’s when the City will get after you:

Consumer Affairs Commissioner Jonathan Mintz noted that RAL costs can amount to as much as a 500 percent interest rate. “The truth is that RALs are such a bad idea that tax preparers and lenders generally need to lie about them in order to sell them,” he said at a press conference Tuesday. “Lying about them in New York is illegal.”

Mintz’s investigators found that three out of 10 tax preparers in the city were misleading their customers about their rights, and in most cases telling them or deceptively advertising that a refund loan was just a rapid refund or a same-day refund. “In the Bronx, over half the preparers that we inspected got it wrong and were issued violations,” he said.

C’mon Bronx tax prep, you’re better than that…

The silver lining in this little story? The City will collect a $1 million and by the grace of God, tax preparers are actually messing up less, as the compliance rate reached 69% in the 2010 investigation up from 65% in ’09 and 56% in ’08.

We here at GC have harped on the upcoming tax preparer regulation, most recently the declaration by the IRS that the new regs are the most important step taken EVER. While that particular statement remains to be hyperbole of the highest order, the new regs will certainly drive these tax prep/loan sharks underground. Whether that’s good or bad depends on your comfort level with black market tax prep services. The IRS doesn’t care; they’ll be coming heavy either way.

NYC Cracks Down on Income Tax Preparer RALs [Web CPA]

Is Deloitte Trying to Ruin Spring Break?

Caleb Newquist
March 3, 2010

We kid, we kid. Deloitte would never want to ruin spring break but they are giving a few students an alternative to drinking themselves blind for a week and possibly getting a bad case of crabs.

The firm is teaming up with the United Way and Teach for America for the third consecutive year to offer “Maximum Impact: Deloitte Alternative Spring Break”.

We’ve got no idea if all the slots are filled up but since one of them starts this Saturday you best get on this if your Cancun plans have fallen through:

• March 6 – 12 — Deloitte and United Way will co-host 50 students from approximately 30 colleges and universities along with 20 Deloitte professionals during a week of hands-on and skills-based volunteerism in Atlanta, Georgia. Students will work to enhance childcare centers, refurbish playgrounds for low-income youth, guide students in college exploration and promote literacy in children.

• March 14 – 18 — Deloitte and Teach For America will co-host 25 students from six colleges and universities along with 20 professionals from Deloitte and Teach For America for a week of education-centered volunteerism in Baton Rouge, Louisiana. Volunteers will spend time working with schools and local students who face the challenges of educational inequity through projects that include improving campuses, developing classroom lessons and helping with class preparation work.

You better get on this ASAP if you’re interested since only 75 students and 40 professionals get to participate. The problem for current Deloittians is most of you are eyeballs deep in busy season anyway so this isn’t an option. So does this mean that non-busy season types like Jim Quigely, Barry Salberg, and Punit Renjen will be in attendance? And if so will they be sporting new board shorts for the pool time they are able to squeeze in?

Deloitte Offers Students Chance to Give Back, Explore Careers on Spring Break [Press Release]

Are the Big 4 Desperate for Audit Work?

Adrienne Gonzalez
March 3, 2010

In the latest predatory tactic from our friends at the Big 87654, we see that the recession may not be treating them so badly. Sure, non-profit busywork isn’t exactly a good time to be had by all but it pays the bills and for the Big 4, there is no such thing as bottom of the barrel.

Take what you can get, right?

Crain’s:

The financial crisis blew up many big-name clients, leaving audit firms with excess capacity. Bear Stearns Cos., Merrill Lynch & Co., Washington Mutual Inc. and Fannie Mae disappeared from Deloitte LLP. Ernst & Young saw Lehman Bros. Holdings Inc. implode, while KPMG lost Countrywide Financial Corp. and PricewaterhouseCoopers lost Freddie Mac.

Gary Boomer, a Kansas-based accounting industry consultant, says Big Four firms sometimes are bidding less than $100 an hour for non-profit and public-sector work, down from $175 to $250 for junior auditors. “What they’re doing is buying some work to keep the staff busy,” he says.

That’s hilarious, shouldn’t we stop and think about why they allowed “the financial crisis” (you mean the unstable positions of those financial firms lost in the bloody battle?) to blow up so many of their big-name clients before we let them scavenge the scrapings for a tasty morsel of audit work?

I guess it works, it’s not like you’ve got guys in the cathedral on December 31st counting saint candles.

It could be worse. Here are some really nasty audits that the Big 4 could be doing in lieu of cheap non-profit and public sector work:

Joe Stack – Think about it, KPMG, you have some awfully tall buildings, be grateful.

Blackwater expenses – They really deserve their own audit team. It’ll keep those juniors busy, ifyaknowwhatImean.

C Street – Bonus side work helping Mark Sanford convert his dollars into Argentine pesos.

Whore yourselves out however you have to, guys, even if it means a door-to-door campaign for whatever audit work you can find.

(UPDATE) Accounting News Roundup: Rangel Says He’s Not Quitting as Ways & Means Chair; IRS Is Sitting on $1.3 Billion in Unclaimed Refunds; SEC Adding Muscle in New York | 03.03.10

Caleb Newquist
March 3, 2010

• Rangel Loses Support in House [WSJ]
You can ignore what’s written below, except the part about rent-controlled apartments.

Charlie Rangel will ~~not~~ be quitting (temporarily sayeth Charlie Rangel) as the Chairman of the House Ways & Means Committee. If you (read: Republicans) want him out, you’ll have to vote him out. Bad news for Chuck is that the Republicans in the House and several of his fellow Democrats are poised to do just that, “As many as 30 House Democrats could join 178 House Republicans in voting to oust Mr. Rangel as head of the Ways and Means Committee…a substantially higher number than in previous votes on his removal.”

Never mess with people when it comes to rent-controlled apartments. They’ll turn on you like Judas.

In the meeting, Mr. Rangel refused to quit as chairman of the Ways and Means Committee and instead said he’d think overnight about the matter before deciding whether to step down or face an uncertain vote.

After the one-hour meeting broke, Mr. Rangel told reporters he would stay on.

“You bet your life,” he said. Pressed further, Mr. Rangel, raising his voice, said emphatically: “Yes, and I don’t lie to the press.”

There you have it. You want Rangs out? It’ll be over his dead body. Since he’s 79, it might just come to that.

• Taxpayers Have $1.3 Billion in Unclaimed Refunds [TaxProf Blog]
That’s just for 2006. California leads the charge with over $150 million, followed by Texas with $114 million, and Florida with $110 million. 1.4 million tax-hating Americans have until April 15th of this year to claim and then the money goes straight to Goldman Sachs.

• SEC to beef up its NYC office in 2010 [Reuters]
Here’s a possible gig for those of you that are still looking for work. The not-so-new but constantly improving (?!?) SEC is looking to hire a few good men and women for its New York office. Having got the scratch to put a few more hands on deck, the Commission is looking for 18 people for its enforcement team and 15 for its examination staff. There’s no indication that this will solve the SEC’s “idiots” problem but maybe you can at least land a job.

Quote of the Day

Quote of the Day: Big 4 Lowball | 03.02.10

Caleb Newquist
March 3, 2010

“What they’re doing is buying some work to keep the staff busy.”

~ Gary Boomer, on the Big 4 low bidding smaller clients.

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