Going Concern

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TGIF

Caleb Newquist
September 25, 2009

A few more updates for this weeks layoffs. We’ll continue to update you as long as more information comes in. Good luck to everyone affected.

Career Center

Job of the Week: Taxes Aren’t Going Away…Ever

Caleb Newquist
September 25, 2009

Fortunately for you tax people anyway. It was a rough week for a lot of you out there. Luckily, in our selfless nature, we’ll kindly remind you to check out the GC Careers Center for your next career move.
Hopefully, we’ve found someone their next job, because we’re sure some of your severance is blown already:
Details, after the jump

Company: John Hancock
Location: Boston
Title: Senior Accountant – Investment Tax Accounting
Description/Responsibilities: Manulife’s US Taxation Department within the Corporate Division is responsible for the tax compliance and financial reporting for Manulife’s operations within the US tax jurisdiction. Maintaining timely and accurate tax basis inventory of U.S. jurisdiction investments to support financial reporting and IRS audit work.
Assisting in the implementation of appropriate process improvements and technology solutions for the ongoing tax accounting and controls to support tax return preparation and financial reporting.
Assisting in analyses of investment tax positions taken and proposed to support ongoing valuation allowance analysis and tax planning initiatives.
Experience/Skills Required: Minimum Bachelors degree in accounting required, experience with tax accounting for investments preferred.
CPA or M.S.T. or M.S.A. would be preferred but not required. 3-5 years’ experience with: life insurance company financial reporting for NAIC and U.S. GAAP, experience with Canadian GAAP is a plus.
Must have expertise in Federal and State taxation laws as well as a strong knowledge of accounting for investments.
See the full description at the GC Career Center and if this position doesn’t get you amped, go to the main page and find something that does. We can’t do everything.

Big 4

Caption Contest Friday: I Think You’ve Got My Handcuffs

Caleb Newquist
September 25, 2009

Not too much explanation needed. E&Y auditors at the Emmys. Leave your caption suggestions in the comments. We’ll run a poll next week with the best submissions.

The President Wants Your Ideas On Tax Reform

Caleb Newquist
September 25, 2009

No, seriously. Get on this. Now before you libertarian types start screaming for abolishment or fans of Teve Torbes start demanding a flat tax, the Briefing Room Blog states that, “The mandate to the [President’s Economic Recovery Advisory Board] is NOT to recommend a new tax system.” Their emphasis, so that means they’re serious. No messing about the current system because it’s just fine, thanks.
So, sorry people, taxation with incompetent representation will continue but this is your chance to get off your asses and at least pretend like you’re making something happen.
Do your part, after the jump

But don’t even think about raising taxes on the middle class, however you choose to define it, “They were instructed not to consider options that involve raising taxes on families making less than $250,000 per year. So be mindful of their constraints when submitting ideas.”
There, now if you had career changing moment this week, this is your chance to give back. So take a week to think about it and then sober up and get to work. You’ve got until October 15th, a familiar deadline. See? They’re thinking about you.
Tax Reform Subcommittee Requests Ideas [Whitehouse.gov]
President Obama Wants Your Tax Reform Ideas [TaxProf Blog]

Preliminary Analytics

Preliminary Analytics | 09.25.09

Caleb Newquist
September 25, 2009

• Accused Perot Staffer Led ’79 Hostage Rescue – The SEC will be dropping the charges due to losing all the evidence… Not really but give it time. [WSJ]
• Goldman to benefit from new OTC derivatives rules: Citi – Surprised? [Reuters]
• IRS Tells Auditors to Look at Loans by Offshore Funds – The IRS continues its role as party-pooper. [Bloomberg]
• PCAOB Issues Report On First Year Implementation of AS5 – There’s room for improvement auditors. Sounds like your personal performance reviews. [FEI Financial Reporting Blog]

Review Comments

Review Comments | 09.24.09

Caleb Newquist
September 25, 2009

• IRS Extends Grace Period On Small Business Penalties – “The IRS announced in July it would suspend efforts to collect those penalties through Sept. 30, in order to give Congress time to pass legislation shielding business owners from some of the penalties.” [WSJ]
• Twitter Lines Up New Financing – Get it over with. Follow us. [WSJ]
• “Wait! I Was Just Getting Started…” – A Response From Professor Kelly Pope – Of DePaul University in Chicago [RTA]
• 2010 State Business Tax Climate Index (Seventh Edition) – Some Dakota is #1, Dick Cheney Land is #2; CA #48; New York #49; New Jersey #50. [The Tax Foundation]
• Twitter, the new Reuters witness – Whatever works. [FT Alphaville]
• How Safe Is Your College? [The Daily Beast]

Uncategorized

Your AICPA Dues at Work

Caleb Newquist
September 25, 2009

We know you’re all worried about the financial regulation overhaul because it may just make your lives more of a living hell. PCAOB, IRS, state accountancy boards, etc. are bad enough but no, we could all be looking at more alphabet soup (in this case the Consumer Financial Protection Agency) in the name of political grandstanding.
Fear not. The bastions of accountant lobbying, the AICPA, is all over this like Barry Salzberg at a Rogaine convention.
Continued, after the jump

[AICPA Chairman, Bob] Harris argued that the proposed legislation creating the agency, the Consumer Financial Protection Act, was overly broad.
“The definition of ‘financial activity’ in the bill is so broad as to include many services that CPAs routinely provide to their clients in accordance with a very strict regulatory and oversight regime,” he said. “The bill would result in redundant regulation of CPAs and CPA firms that are already subject to appropriate and significant oversight by the IRS, Treasury, state boards of accountancy, and professional and ethical standards for the AICPA’s members.”

Sweet Jesus, Bob. We actually agree with you on this. The situation sounds oddly similar to the situation the brain trust in DC is trying to fix now. Too many regulators let the sketchy stuff fall between the cracks and now we’re in economic no man’s land. Add more
Who knew that there was common sense being shoveled around in the halls of Congress? The problem is, we’re certain the amount of bullshit being shoveled outweighs the common sense by an exponential margin.
AICPA Wants CPAs Exempted from Consumer Agency [Web CPA]

Uncategorized

If I Get Asked to Work One More Weekend…

Caleb Newquist
September 25, 2009

We got pointed to this article in the World’s Finest News Source from last week and frankly, we thought it might sound familiar to some of you:
More, after the jump

dozens of minor policy changes, coupled with his easily cowed personality, have gradually served to make each work day an unbroken series of degrading humiliations…In addition to the single small raise [you] received and the loss of various benefits that have almost imperceptibly contributed to his professional impotence, [your] good nature and work ethic have made [you] subject to domination by both his superiors and peers…Though [you have] been stripped to little more than a neutered shell of [your] former self, [you have] reportedly started carrying out pathetic, completely unnoticed acts of rebellion in an effort to preserve some shred of what [you] believes to be [your] dignity.

Another example might be, say, eery silence.
Or this, courtesy of tip we received:

EY only gets Christmas Day and New Years Day off for the holidays…not even christmas eve…Considering they cant roll vacation time, it is just a firm way of getting people to burn vacation they cant take because their chargeable hrs and utilization will go down

We’re not sure how other firms handle the last week of the year, which tends to be worthless, but if you’re working, trying to remain chargeable that week, that’s enough to make you feel trampled on. And since accountants seem to be gluttons for punishment, they have a tendency to put up with it. But hey, if we’ve got it all wrong, let us know. Just putting it out there.
So if you’re getting walked all over and you get a kick out taking home post-it notes and printer paper for personal use, this post is for you. Try to keep it together.

Uncategorized

The Year Ahead

Caleb Newquist
September 24, 2009

We’re sure that some of you need some cheering up, so we’ll throw out a little participatory exercise.
The BBC ran a piece yesterday asking readers to predict their year ahead in three words. We’ve noticed that brevity isn’t a strong suit for some of you so this should be a nice challenge.
In the comments, describe your year ahead in three words. If we get enough good submissions we’ll run a poll tomorrow because we’re sure we won’t want to work that hard. Keep it relevant people. ‘Pwn more noobs’ and the like will be ignored with extreme prejudice.
Impress us.

On Campus

PwC Is Going to Teach You Some Manners

Caleb Newquist
September 24, 2009

Even though lots of you are beyond help but regardless, we’ve heard that P. Dubs hosts dining etiquette get-togethers in order to teach you heathens how to use a napkin, leave your feet off the table, not to lick your plate when finished, etc.
Never having the pleasure, inform us and our less dignified readers about your experiences at these or similar events so we can all learn something.
And for God’s sake, if you’re going to one of these events this week, we’ll remind you of our only advice: wear pants.

On Campus

Interview Questions Thread

Caleb Newquist
September 24, 2009

There is lots of talk about interviewing going on this week so we’ll run a thread on questions that you recruits might be getting or are getting. Hopefully this first question isn’t “Where are your pants?“
Most firms, regardless of size, seem to ask the same questions, so if you feel inclined, tally the cliché ones in the comments. You’ll get more interesting responses here anyway.
But also feel free to submit questions that you are asking your potential employers and their less-than satisfactory responses. This will most certainly be the place where you can ask the questions you want to ask and you’ll get honest responses from our brilliant readers. Do your worst.