• Fannie, Freddie Disclose Big Jump in CEOs’ Pay – It wouldn’t be a joyous holiday season without baiting the populists. [WSJ]
• Schwarzenegger Seeks Obama’s Help for Deficit Relief – A last minute gift idea? [Bloomberg]
• IRS Odds of Getting Audited Increase with Income – Get right out of town. [Web CPA]
• Best of 2009: Accounting – If you’re so anxious for St. Nick that you can’t sleep tonight, these topics should help. [CFO]
• Bernie Madoff Gets Sh*t Beat Out Of Him – Took long enough. [DB]
That’s it for us today. We’ll be back next week on a light schedule unless the Big 4 apocalypse occurs. Merry Christmas, Happy Holidays, et al.
Alleged Gunman Hates Taxes, Loves Pizza Hut
We thought that Glenn Beck had flipped his lid again but unfortch, it’s just some other person complaining about taxes:
A daylong hostage standoff ended late Wednesday when an armed, disabled man wheeled himself out of a post office in Wytheville, Virginia, and was taken into custody, police said.
The alleged gunman, identified by police as Warren “Gator” Taylor, 53, of Sullivan County, Tennessee, surrendered in a wheelchair, said Wythe County Sherrif’s Office Chief Deputy Keith Dunagan. All three hostages walked out without injury.
…
He asked for a pizza but made no other demands, [the police] said. He seemed neither angry nor disgruntled but did utter complaints about government and taxes…When the supreme pizza that police ordered was more than half an hour late, Taylor joked that Pizza Hut promises delivery in less than half an hour or the food is free.
Gunman surrenders in hostage ordeal at Virginia post office [CNN]
Your CPA Success Is Paying Peter Olinto Back in Ways He Couldn’t Have Possibly Imagined
There are seven days left in the year decade and, so far, the bean counter that has made the biggest mark in the last ten years for you has been Peter Olinto.
The man that bludgeoned mnemonics into your gray matter day after day, week after week, during the Aughts is taking a commanding lead into the final week of voting.
We’re keeping the poll open until the very last minute so if your candidate is lagging (TF needs to start calling his fellow sweater vest club members) jump back to the poll and make your voice heard.
Allen Stanford Won’t Be Home for Christmas
Despite Allen Stanford all but flipping out Judge David Hittner isn’t feeling it, denying his request to be released from prison while awaiting trial.
Stan’s attorney was shocked — SHOCKED! — that the judge was in such a cavalier mood with his client’s well-being:
“The issues we raised were real, as well as legally and factually compelling,” attorney Kent Schaffer said in an e-mail today. “I am surprised that we were shot down so abruptly and without a response from the government or a hearing. I am not sure how Allen will be able to participate in assisting in his own defense and, the truth is, he probably won’t be.”
Stanford is scheduled to go on trial in January 2011 which will probably seems a helluva lot longer if you’re slowly…coming apart…at the seams.
Stanford won’t be released, judge rules [Houston Chronicle]
Preliminary Analytics | 12.24.09
• Bear Stearns Staff Parties On as Surviving Banks Scrap Soirees – That’s the spirit! You can still party even though you didn’t get bonuses! [Bloomberg]
• Senate Passes Sweeping Health-Care Bill – Santa? [WSJ]
• Grant Thornton LLP elects one new member to partnership board [Press Release]
• Dimon, Blankfein, Mack Among First to Testify at Crisis Panel – Set your DVRs now! [Bloomberg]
• The Impact of the Tiger Woods Scandal on His Charities [TaxProf Blog]
• Buffett’s back – A non-Tiger Woods story from the Post. [NYP]
• The Newlywed Game, Year-end Tax Planning Edition! – “Love is a many-splendored thing, but love is even better when it saves taxes. Your marital status at year-end is your filing status for the entire year, so maybe you want to run down to the courthouse and tie the knot before the ball drops before midnight January 1, local time. Sure, call me a hopeless romantic. The Tax Update just rolls that way.” [Tax Update Blog]
• Disliking Your In-Laws – Annnnnd this is where the tax planning will get you. [Motherlode/NYT]
Review Comments | 12.23.09
• How big of a problem is cybertheft from banks? – One thing is for sure, everyone is lying. [Felix Salmon]
• IRS Has 70% Error Rate in Issuance of Taxpayer ID Numbers, Resulting in Fraudulent Tax Refunds – Seems about right. [TaxProf Blog]
• U.S. retailers open past midnight in holiday push – One strategy…[Reuters]
• Yahoo to shut down for a week to cut costs – …and another. [Los Angeles Times]
• That’s it for us today. Travel plans and all. We’ll be back tomorrow to get you through your half day. In the meantime, occupy yourselves with this:
Job of the Day: Someone Is Promising Fun at Work
Animation Mentor, that’s who. Including: “True work-life balance, urban adventures, movie premieres and many more enjoyable team activities and an environment where your input and suggestions matter!”
Check out their Senior Accountant position in Emeryville, CA after the jump.
Company: Animation Mentor
Title: Senior Accountant
Compensation: $50,000 – $80,000 (depending on experience)
Location: Emeryville, CA
Experience: 5 – 7 years
Responsibilities: Full cycle general ledger close (balance sheet account reconciliations, standard, recurring, reversing and allocation journal entries, review income and expense accounts for reasonableness); Prepare cash flow statements; Accounts receivable and Revenue; Assist in monthly budget vs. actual expense analysis; Assist is annual budget and quarterly forecasting process as required; Prepare audit schedules.
Requirements: 5+ years accounting experience (preferably 2-3 years in Sr. Accountant role with full cycle close experience); CPA, QuickBooks and large ERP systems, eCommerce industry experience, consolidations experience, all a plus.
See the entire description over at the GC Career Center and visit the main page for all your job search needs.
Barry Salzberg Is Proud of All of You
Somehow we missed Barry Salzberg’s latest masterpiece on leadership from last week and since you’ve all checked out, we’re sure you won’t mind.
When asked “Who was the best business leader of 2009?”, Dr. Phil — using every fiber of his being not to nominate himself — chose “Do-right employees”. It’s not about the BSDs of the world. It’s those of you that manage to not sit bare-assed on the copy machine and resist the urge to watch porn on your work computer. You’re the leaders setting the example:
Rather than single out a best business leader, I’d recognize the many unsung ethical heroes in our organizations. I’m talking about people who, even when no one is watching, consistently do the right thing. And they’ve been doing it at a time when confidence in business urgently needs to be restored.
Not only are you restoring confidence (?) in business, you’re going to lead us the charge into this recovery:
As we prepare our organizations for the upturn, we also need to prepare our people for the uptick in wrong-doing that can accompany better times.
First of all, what is this “upturn” you speak of? Also, Costanza-stache: “uptick in wrong-doing accompany better times”? Just what the hell is all this accounting fraud talk? Or how about executives’ bad attitudes about its employees? Or everything else?
Apparently you need to get even more vigilant people! This ship is turning around and wrong-doing is really going to take off. We need you more than ever.
Do-right employees [Washington Post]
How Bad Unemployment Is Guaranteed to Get Worse
Editor’s Note: Want more JDA? You can see all of her posts for GC here, her blog here and stalk her on Twitter.
I try most of the time not to jerk myself off but this is important and worth paying attention to. Until the grand money laundering scheme is finally put out of commission, economic “recovery” will continue to drag, unemployment will continue to rise and credit will remain tight.
So check out “How a Jobless ‘Recovery’ Costs You… Quietly” for more on the plan to print our way out of this mess. Sort of like Enron after Ken Lay’s convenient death, it’s obvious what’s been going on once you realize the details are painfully simple.
Anyway, the strategy moving forward into 2010 will be one of cautious optimism. Hell, calling it optimism is pushing it.
Business Week (Why This Business Owner Isn’t Hiring in 2010):
Right now the Administration is proposing income taxes that are still equivalent to the rates during the Clinton era. I’m not sure how long this is going to last before the rates start going up. And I’m reading that many states are quietly raising their unemployment taxes. Some experts are estimating that state unemployment taxes could double or even triple in the next year or two. Is an increase in the Federal Unemployment Tax rate on the horizon? One expert thinks so.
Read that again just to make sure it sinks in. Increased unemployment taxes is bad enough a phrase on its own but add the words “double” and “triple” and suddenly you see small business walking blindly into the train tunnel with the 5p Bridge and Tunnel Express coming straight for it.
AccountingWeb reported the potential increase on December 17:
States that have borrowed money from the federal government under the Federal Unemployment Trust Act (FUTA) to cover their current obligations will need to pay this money back with interest.
According to the Journal of State Taxation, at least 12 states, including Michigan, Texas, and Virginia, with depleted trust fund balances had borrowed from the federal government under FUTA provisions of by the end of the summer, and others are expected to follow suit. States that accepted interest-free loans offered under ARRA (the Stimulus Act) will need to pay interest on these loans after two years.
There’s probably some really offensive translation of the FUTA acronym I’m missing here but frankly I’m just tired of having to report on this depressing shit. Looks like another exciting year ahead! Yay!
Is Beckstead & Watts a Real Firm?
We kid, we kid. We’re sure it’s a real firm but they don’t seem to have time for professional services these days.
B&W is the audit firm plaintiff in Free Enterprise Fund and Beckstead and Watts, LLP v. Public Company Accounting Oversight Board that was heard before the SCOTUS earlier this month.
We were pointed to the B&W website which you might notice, is entirely devoted to its case against the PCAOB. As far as we can tell, there isn’t any indication that the firm provides, you know, professional services.
The page does link to the 2006 Accounting Today article that mentions Brad Beckstead as one of the “100 Most Influential People” because he serves as “the symbol of the very opposition to reform the law” but there’s no mention of his superstar auditing abilities.
Even stranger is the firm’s latest PCAOB report which could indicate that the firm is indeed open for business except the report states that the firm doesn’t have any professional staff or issuer audit clients.
So can we assume that the firm’s purpose of being is to serve as the poor audit firm that is taking on the PCAOB? We admire the gusto but what happens when the case is over? Seems like a lot of trouble just for spite.
2006 Top 100 Most Influential People.pdf
Beckstead & Watts PCAOB Report 6.29.09.pdf
Preliminary Analytics | 12.23.09
• Stanford again seeks bail – Dude is crackin’ [Houston Chronicle]
• Blackberry users faced e-mail outage Tuesday evening, less than a week after previous outage – Speaking of crackin’. [CT]
• Citi Denies Theft Report, Says Accounts Are Safe – Apparently the Journal is in the business of publishing fake news as Citi continues to maintain that there’s “Nothing to see here.” [WSJ]
• AIG executives’ promises to return bonuses have gone largely unfulfilled – All the populist rage was totally worth it. [Washington Post]
Review Comments | 12.22.09
• The Goldman Sachs Coffee Conspiracy – Worse than Flavia? [Gawker]
• CIT’s CFO follows CEO in retiring – Submit your resumé now. [Reuters]
• How to choose a hedge fund manager – Probably works just as well as any other strategy. [Felix Salmon]
• SEC Charges Austin-Based Investment Adviser in Fraudulent Scheme Utilizing Football Stars – So go with talk shows, avoid jocks. Got it? [SEC Press Release]
