For those of you working on accelerated filers, you’re probably counting down the days hours until Monday’s deadline for the second quarter.
So, if you’ve already filed, make all the other workhorses out there jealous by telling us where you’re going to happy hour the rest of the week.
If you’re working down to the wire, let us know what color your sleeping bag is or where you’ll be ordering take out. Or maybe how many days you’ve been wearing the same shirt. Has anyone put in 40 hours this week yet? You get the idea. All right, now get back to it. Regulators are waiting…
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Today in Bad Decisions: Borrowing Money from Your Ex-Mother-in-Law
Do you have a mother-in-law? How well do you get along with her? Not good, huh? Whatever differences you may have, surely it’s not this bad:
When a former son-in-law in Illinois failed to settle an asserted loan by his ex-mother-in-law to her satisfaction, she gave up on collecting but issued a 1099-C reporting the amount as debt forgiveness income.
Ex-Son-in-Law took it badly, and fought back. He sued Ex-Mom, claiming that because she wasn’t required to issue a 1099-C, it was fraudulent for her to do so.
Borrowing money from your mother-in-law, let alone your ex-mother-in-law is not what we would consider a good life decision. Jesus, especially if you’re a deadbeat. We understand that times are tough but hey, next time around he’ll know.
So this guy is in a tough spot. Solution? Sue her for fraud, of course! The judge in the case said someone issuing an unnecessary 1099 did not constitute fraud so the son’s only remedy now is to argue that the contents of said 1099 were fraudulent. Good luck with that, man. You’re finished.
A Victory For Bitter Ex-Mother-In-Laws Everywhere [Tax Update Blog]
Are Three Letters Enough for You?
Back when we did our initial survey of you — our brilliant readers — we asked you to share with us the certifications that you boast behind your name.
As you well know, the mother of all certifications for accountants is the CPA. You hear about it in your college courses until graduation and the accounting firms put you under the gun to knock it out so you can make manager witho��������������������this coveted status, Adrienne gives you the latest in CPA exam fodder every week in her >75 column.
After dominating the CPA, your careers mosey along and eventually you may consider obtaining another certification. The motivation for more of the alphabet are many but most likely you’ll want to hold yourself out compared to your slacker co-workers or maybe you’re just obsessed with the notion of having as many letter combinations behind your name as possible.
Some of the more common certifications include:
• Certified Management Accountant (CMA) – Implemented by the Institute of Management Accountants, the IMA states “As many as 85% of accountants today work inside organizations, where expertise in decision support, planning, and control over value-adding operations are crucial elements of operational success.”
• Certified Financial Manager (CFM) – A complement to the CMA, the CFM can be obtained by taking one additional exam in addition to the portions under CMA.
• Certified Fraud Examiner (CFE) – The sexiest certification going. As long as you can keep from soiling yourself.
• Certified Financial Planner (CFP) – Among other requirements, a three part, 10-hour exam is administered three times a year for this certification.
• Certified Internal Auditor (CIA) – The Institute of Internal Auditors issues this global certification that “demonstrate their comprehensive competence and professionalism in the internal auditing field.”
• Certified Information Systems Auditors (CISA) – Sponsored by the ISACA, this is another global certification for information systems, audit, control, and security professionals.
• Chartered Financial Analyst (CFA) – Issued by the CFA Institute. Check out the requirements here.
• Certified Valuation Analyst (CVA) – Issued by the National Association of Certified Valuation Analysts, this certification involves a five day training program and a 40–60 hour exam.
Although the thought of studying and testing for another certification may make you nauseous, it’s worth considering if you’re looking to make yourself a smidge more noticeable than your competition counterparts. Vote in our poll and discuss any thoughts or experiences in the comments.
Deloitte Closes Reno Office, Employees Not Totally Munsoned*
Deloitte is closing its Reno office, according to the Reno Gazette-Journal. The firm isn’t letting any of the eighteen employees go, rather they will either work from home or at client locations.
Bad news is that we wouldn’t expect the community colleges in the Reno area to get any attention any time soon and if you’re looking to get in on some free donuts, law enforcement is probably your best option.
Deloitte firm closing Reno office [Reno Gazette-Journal]
*We’re not sure this is necessary but whatevs.
