Call us snobs for being ignorant about regional firms but until our New Firm Name Challenge, we’d never heard of J.H. Cohn and we’ve definitely never heard of Charles Brucia.
Regardless, the two firms are copulating to form a new firm but there won’t be a new name, which is pretty boring. According to Web CPA, “The firm will operate as Charles Brucia & Co., a division of J.H. Cohn.” Vomit.
This current get together follows JHC’s mergers with Frederic Kantor last summer and Good Swartz Brown & Berns last spring.
So at this pace of mergers, we’re predicting JHC will start throwing around “Global 6 Accounting Organization” somewhere around the 24th and one half Century.
J.H. Cohn Combines with Charles Brucia [Web CPA]
Religious Freedom Hanging By a Thread at the IRS?
Okay maybe that’s a stretch but we’re guessing, what with all the rebellious employees, that the IRS is a tough place to work. Because of this high stress environment, normally rational people may jump to conclusions about otherwise harmless religious symbols.
A judge recently dismissed most of the legal claims of a former IRS revenue agent that wore a kirpan to work.
Continued, after the jump
Web CPA:
The revenue agent, Kawaljeet Kaur Tagore, sued the IRS after she was fired in July 2006 for wearing a “kirpan” to the IRS office in Houston…The blunt knife is traditionally worn in a curved sheath and is supposed to act as a reminder of a Sikh’s duty to protect the weak and promote justice for all. Tagore’s supervisor objected to the dagger, even though she claimed it never set off the metal detector in her building, and she was told to work from home.
How can you not get behind protecting the weak and justice for all? Still, Tagore was fired after refusing to wear a knife with a shorter, 2.5 inch, blade and returning with the 3 inch knife even though, as the original story reports, she had sharper items in her office, including her scissors.
Tagore filed suit earlier this year:
claiming that the government’s conduct violated both the Religious Freedom Restoration Act of 1993 and Title VII of the Civil Rights Act of 1964. The defendants included the IRS, the Treasury Department, the Department of Homeland Security, former Treasury Secretary Henry Paulson, former Homeland Security Secretary Michael Chertoff and several of Tagore’s supervisors.
Bad news is that the judge threw out the some of the Title VII claims but good news is that the one against T. Geith still remains. We’ll continue to follow this story if new developments happen to drop on another painfully slow news day.
IRS Dagger Carrier’s Claims Partly Dismissed [Web CPA Debits & Credits]
Where are Deloitte’s Revenue Results?
Accountancy Age reports that P. Dubs still retains the most FTSE 100 clients in the UK while KPMG retains the largest amount of clients overall.
BFD, right? Stateside it’s all about the scratch. This begs the question of why the hell we haven’t seen any revenue results out of Deloitte yet. KPMG is too far out and P. Dubs and E&Y will be reporting next month.
But the Big Four Blog points out that Dr. Phil and Co. reported revenue in July last year but here we are approaching Labor Day (or for some, just the weekend) and not a peep.
We’ve contacted Deloitte about this and will update you with their response just as soon as we hear back. In the meantime, feel free to wildly speculate about the delay in the comments and what the fiscal year ’09 number will be. Last year global revenue was $27.4B so we’ll put over/under at $28.6B. Takers?
Firms Sponsoring Golfers – An Analysis
Accounting firms don’t do much advertising. It’s got something to do with ethics and since the CPA exam is ancient history for some we can’t talk specifics.
Firms do like to sponsor stuff related to golf. Tournaments, players, etc. One recipient of accounting firm cash has been widely followed here but now we recently discovered another firm sponsoree that, we feel, may rouse as loyal of a following as Phil.
This is Natalie Gulbis who is sponsored by RSM McGladrey.
Natalie works with RSM in partnering with the Special Olympics Golf Program and will be a contributor to RSM’s new golf blog.
We’re not really into golf so we can’t really debate who has a better game or who garners better exposure for their sponsor so, after the jump, we’ve presented a more superficial analysis:


We admit that we know nothing about promotion or advertising but if you’ve got opinions on which firm seems to have found the better golfer to sponsor, discuss in the comments.
Preliminary Analytics | 09.02.09
• OTB Is in Financial Trouble, but It’s Ready to Roll – Sometimes, time-honored traditions such as OTB are allowed certain concessions. [NYT]
• Madoff Details, and Property, on Tap – “[Inspector General David] Kotz turned over the report to SEC Chairman Mary Schapiro late Monday, and it is likely to be released within a week after the SEC’s five commissioners review it.” Probably no details on girth, etc. [WSJ]
• Disney Deal Could Spark Imaginitive M&A Ideas “When merger momentum really gets going, companies splash out for takeovers that make little sense to anyone except the investment bankers involved.” [DealBook]
• Stanford Back in Jail After Medical Tests – An aneurysm can’t keep Stan out of jail. DON’T MESS WITH TEXAS. [DealBook]
Review Comments | 09.01.09
• College Football Coach Follows Lead of Ponzi Kings – Go Blue. [DB]
• Canadian Deloitte Partner Fined $235k for ‘Shoddy Accounting’ [JDA]
• Mormons Become Victims in $50 Million Scam to Sell Gold Bullion – Mitt Romney was NOT involved. [Bloomberg]
• Wells Fargo Expects to Repay TARP Soon Without New Share Sale – We still haven’t seen a dividend check [Bloomberg]
• Buffett Helped AIG, XL – at a Price – “Both insurers signed so-called cut-through endorsements with a subsidiary of Berkshire Hathaway Inc. to offer some policy holders a guarantee that if the insurers couldn’t pay claims, Berkshire Hathaway would.” The man is nothing if he’s not good with money. [WSJ]
If You Know What’s Good for You, Stand Up Right Now
If your employer is of a shrewd nature and didn’t spring for Herman Millers, you need to get off your asses right now! Find out why, after the jump.
And yes, Gmail appears to be down.
One More Way Facebook is Working Against You
Somehow we missed this last week but whatevs. State taxing authorities are apparently getting the swing of this whole Internet phenomenon.
We really thought the IRS had taken their game to the next level by putting videos on YouTube but States are really getting crafty by using social networking sites and Google to catch tax scofflaws.
Continued, after the jump
WSJ:
In Minnesota, authorities were able to levy back taxes on the wages of a long-sought tax evader after he announced on MySpace that he would be returning to his home town to work as a real-estate broker and gave his employer’s name. The state collected several thousand dollars, the full amount due.
This has us a little concerned. One minute you’re updating your Facebook status as “Just won $500 at my weekly poker game,” just to rub it in everyone’s face, and the next thing you know you’re filing an amended return because some jerk you met at a party, and for some reason added as a friend, happens to be an IRS agent and takes his job really seriously. Is no cash-only operation sacred?
And it doesn’t matter if you’re not into online social networking:
Now, when a tax dodger can’t be found, said Nebraska tax official Steven Schroeder, agents often turn to Google. One agent collected $30,000 of unpaid tax from a resident after a Google search found him listed as a high-ranking local marketing rep for a national firm.
Face it people. One way or another, you’re going to participate in your patriotic duty.
Is ‘Friending’ in Your Future? Better Pay Your Taxes First [WSJ]
The Enigma of Business Casual and Other Questions Recruits Ask
We brought up recruiting yesterday which brings up many questions from the students out there who are looking to impress the firms that are coming to campus.
KPMG has some suggestions including getting a haircut and reminding everyone that “college attire does not necessarily equal business casual attire”.
This is good to know because sometimes wearing your sweats to class gets really convenient and changing clothes should typically delayed until you’re ready to go to the bar.
Since we have some the best and brightest readers we’ll put it out to them to give the co-eds some suggestions on how to land their first gig. Our only suggestions would be to show up sober and wear shoes but use your judgment as such formalities are often overrated.
Problem of the Day: Boring Repetitive Work Papers
A reader pointed out a problem that plagues many of you in the number crunching universe: writing work papers, emails or other documentation that are incredibly boring and repetitive.
We’ll take that a step further and put it out there that speaking styles among accountants also take on a certain, shall we say, monotony.
More, after the jump
Nearly all accountants’ writing and speaking styles include these words or phrases:
• As such
• Notes
• Pretty straight forward
• Let me know if you have any questions
• Circle back
Clearly, accountants are not English majors. Short of putting a thesaurus on everyone’s desk, we’re not really sure how this can be remedied. Inserting the occasional curse word can add some shock value but this attempt to spice things up may be short-lived depending on your co-workers tolerance for vulgarity.
The list above is obviously not a complete one. Discuss in the comments the most annoying language that you see or hear on a daily basis and if you’ve got suggestions on how to make your day to day interaction more exciting, we’re all ears.
Prisoner’s Dilemma and the Art of the BF
Editor’s Note: Robert Stewart is a former Big 4 auditor and ex-Marine who has since served in several executive management roles in both Internal Audit and Corporate Finance. He is also the founder and chief contributor to online accounting and audit community, The Accounting Nation. Outside of work, he is a husband, father, brother, writer, and woefully inadequate aspiring triathlete. To learn more about The Accounting Nation, go to http://www.accountingnation.com.
Everything in business these days is focused on teams and teamwork. And yet…in the worlds of accounting and finance…and especially in public accounting…the concept of teamwork often feels like such a joke.
More, after the Jump
There always seems to be that one douche bag that stays too late, gets there too early, inflates chargeability, eats hours, works weekends, foregoes vacation, or does some other trick in an attempt to make everyone else look bad and try to the be the superstar of the game. “Semper Fi…fuck the other guy” as the motto goes. And as a result of his selfish actions, causes everyone else to follow suit in order to compete in the marketplace. It raises the bar higher and higher, costing each person their sanity and ruining their long-term job satisfaction and work/life balance.

I like to call that person the buddy fucker, or BF for short. Every group or team has one. And as Dane Cook would say, “if you can’t think of who that person is on your team…then you ARE that person….I know…its funny because it’s true.” It’s so funny…because it’s so true.
If you could somehow get all parties to agree to a common set of working “rules” or standards, then everyone would be happier. But this, my friends, will never happen…and it’s because of a little thing called the Prisoner’s Dilemma. The Prisoner’s Dilemma describes a common strategic situation in game theory whereby two or more opponents in a given “game” must make a strategic decision, absent knowledge about what the other party will do, in order to maximize their individual payoff. Both parties inevitably end up choosing an option which results in a less-than-optimal outcome as a result of his or her lack of certainty about what the other party will do.
In other words, rational players (i.e. your fellow employees and staffers…it’s a stretch of a moniker…I realize) will always BF in order to protect their downside. If you make an agreement with your fellow staffers that nobody will work more than 50 hours per week and that one BF breaks ranks and works 60…everybody else looks like a slacker. So everybody protects their downside by working 60 hours…and everybody is worse off as a result of it. This applies to so many things in life and business…just think about the applications…mind boggling. But guess what…It’s just part of the Game…so get used to it…or get out of it. There’s no dignity in complaining. Accept and move on…
The Solution to All Our Fiscal Problems
Leave it to the French. They’ve got the solution to all our fiscal problems. Whether we have the courage to follow their example is another matter.
The solution? Our frog eating friends have decided that they will start taxing people for their stupidity:
More, after the jump
The French Foreign Ministry is proposing a very narrow law requiring citizens foolish enough to wander into international danger zones, regardless of public warnings, to pay at least part of the cost of their own rescue.
For the purposes of our country, we would call for a much wider law that would encompass all kinds of idiotic behavior. For example, Brett Favre deciding to unretire again should be levied something in the neighborhood of 100% of his new salary. If he loves playing football so much, then he’d be thrilled to pay the tax.
The invasion of Iraq kinda goes without saying.
As for state budgets, New York and California’s fiscal crises would have been non-issues had a tax been placed anyone that was elected to those states’ legislative bodies.
Plus, since the amount of stupid behavior is so vast, legions of enforcement personnel would obviously be needed, putting many of you back to work. Pending your passing of an examination of course.
Discuss, in the comments, the appropriate tax levies for your most reviled stupid behavior by your fellow Americans that would solve our budgetary troubles. The existence of this blog/post is duly noted.
Stupidity Tax May Keep Dunces Out of Trouble: Celestine Bohlen [Bloomberg]
