Deloitte Is Apparently Going to Help the Other SEC with Its Zebra Problem
From the Associated Press yesterday: The Southeastern Conference hired international accounting firm Deloitte to conduct a review of its football officiating, reacting in part to what Commissioner Greg Sankey called the intense, often opinionated view of referees by the public and media. Sankey said conversations began in September about ways to examine officiating and find […]
Analysis: If Your Accounting Firm Was a College Football Team
Pack up your white pants and seersucker suits – Labor Day has come and gone which means only one (actually important) thing: college football is back. You NFL loving freaks can have your Sundays of Hollywood-produced sport; I believe the good Lord created Sundays solely as a recovery day for college football fans. Well, for that and drunk brunches, of course.
It is no secret that good ol’ Caleb is a vehement Husker fan, he only reason he’s given me the green light to churn out a post comparing your respective accounting firms to the likes of fried-butter-eating college football fanatics.
I can only pray that my effort will inspire the semi-regular infusion of sport, accounting, and bantering commenters around here, so I give you the “Accounting Firms If They Were A College Football Program” top nine rankings. Grab your body paint and come along for the tailgate.
Team: Oklahoma Sooners
First Take: Both are always in title contention but seem to shit the bed come Pay Day. Deloitte raises are on par with the Sooners’ BCS bowl record under Coach Bob Stoops (2-8).
Keep it in the Family: During Hurricane Irene, Deloitte encouraged employees to bunk up together, obviously a practice long in use in Oklahoma.
Sputter, Sputter: Sooner alum Blake Griffin jumped over a KIA at last year’s NBA slam dunk contest. A certain Deloitte consultant also prefers a certain overused and washed out mode of transportation…
Team: Oregon Ducks
First Take: They’re in the news for legit (raises, hurry-up offense) and controversial (fireside chats, BCS infractions) more often than you’d like. Also, their team colors are atrocious.
Hotties Everywhere: PDubs has Ireland. The Ducks have these ladies.
Just Pick One Already: PwC doesn’t churn out new logo/uniform re-designs as often as the Ducks but both cause a stir when they do. Whether the changes for either team result in better winnings has yet to be seen.
Firm: Ernst & Young
Team: Ohio State Buckeyes
First Take: You hate going up against them, but even if they do win, you’re thankful you’re not affiliated with their alumni.
Compliance? What Compliance? Former coach Jim Tressell thought it best to let a tattoos-for-autographs program run its course. E&Y is apparently doing the same with this minor Sino-Forest sitch.
Questionable Mascots: The poisonous nuts of the Midwest are no match for the Black & Yellow guy.
Team: Notre Dame Fighting Irish
First Take: Still talking about that big win in 1983. An exodus of leadership. The general public has gone from loathing them to just feeling bad for them. Give it up, you’re no longer the powerhouse you (thought you) once were.
Johnny Be Good. The Chairman is also a proud ND alum. Need we say more?
Empty Promises: We’re going to win it all! We’re going to hire thousands!
Firm: Grant Thornton
Team: Northwestern Wildcats
First Take: As hard you they try to be tough, they’re still nerds dressed in purple.
Off-the-Mark Advertising: GT – the lack of aligned teeth took some bite out of your full-page WSJ ad. And Dan Persa for Heisman – really? Your mom for Heisman.
Firm: Rothstein Kass
Team: Boise State Broncos
First Take: First it was a feel-good story but their continued rise through the ranks is pissing off the traditionalists.
The-Anybody-But-The-Other-Guy- Vote: Whether it was Boise’s ridiculously fantastic win over Oklahoma years ago in the Fiesta Bowl or RK’s dominance in the Going Concern March Madness pool, oftentimes their fan support stemmed from us just hating their competition more.
Team: Missouri Tigers
Only Take: You’re supposed to be on this list; we know you belong on this list; we don’t know what you’ve done to deserve being on this list.
Team: Penn State Nittany Lions
First Take: Your parents would have been pleased if you went there but better options awaited you.
Race to the Retirement Home: JoePa is 84 and coaching from the press box. Rumor has it Jack Weisbaum calls the shots from his personal tanning bed.
Firm: CBIZ/Mayer Hoffman McCann
Team: University Buffalo Bulls
Only Take: You think you’re a big deal, but really everyone uses you as an exhibition punching bag.
How’d we do? What team best parodies your firm? Share it in the comments below.
TaxSlayer.com Is the New Corporate Sponsor of The Gator Bowl
You may have heard that the college football season over the weekend, which means tax professionals’ mandatory Saturdays will be a little more unbearable and your football crazed significant other will not be seen nor heard from (with the exception of deafening bodily functions) until January.
January, of course, is bowl season when the best teams in the land compete for bragging rights as champions of various BCS bowls. It also allows a few dozen mediocre teams to play equally mediocre teams for no particular reason. One of these bowls is the Gator Bowl. Sure it might be the 6th oldest bowl and sure, it has been played on New Year’s Day since 1996 but that doesn’t make it any more meaningful. It will feature teams from the SEC and The Big 10 that will be a threat for their respective conference championships for 2 to 3 weeks. In short, the Gator Bowl has a long tradition of fielding third-rate football teams.
So it makes perfect sense for TaxSlayer.com, tax prep company with a long tradition of third-rate service, to sponsor the Gator Bowl:
The Evans, Ga.-based company announced a multi-year partnership Thursday with the Gator Bowl Association and the fact that it was named a new “title sponsor” of the bowl, starting with the 2012 Gator Bowl in Jacksonville, Fla., on Jan. 2.[…] TaxSlayer may not have the same name recognition as TurboTax or TaxAct, but it comes out of a tax prep business that dates back 40 years.
And in case you’re not convinced that TaxSlayer.com isn’t doing everything they can to get their name out there, they also sponsor Dale Earnhardt, Jr., which will make them a household name in no time. In the South, anyway.
Anti-BCS Group Sics IRS on Bowl Games Over Tax-Exempt Status
If you’re a college football fan, the debate over the Bowl Championship Series is something that has been rehashed every year since it came into existence. As we see it, there are three camps to this situation:
1) Those that hate the BCS with every fiber of their being and would sacrifice a family member (not always a hard choice, we realize) to have a playoff system.
2) Those that are fairly indifferent, which includes significant others that only pay attention because their gridiron-crazed other half can’t stop talking about it – “Nothing you can do about it, so just leave it alone.”
3) Those that support the BCS system because it makes them filthy rich.
But who knew that there was political action committee whose sole purpose for existing was bringing this controversial enigma to its knees? As you might expect, their pursuit has been all for naught but now they are feeling more confident because they are pursuing the BCS in a way that has proven historically successful: tax-related charges:
Playoff PAC, a political action committee that wants the bowls replaced with a championship playoff system, plans to file a complaint with the Internal Revenue Service on Thursday against the operators of the Fiesta, Sugar and Orange Bowls, three of the five games that constitute the Bowl Championship Series (the others are the Rose Bowl and the BCS title game). The Associated Press obtained a copy of the complaint prior to its filing.
A team of six lawyers and one accountant, working for no compensation, reviewed 2,300 pages of tax returns and public documents associated with all four bowls, said Playoff PAC co-founder Matthew Sanderson. The Pasadena, Calif.-based Rose Bowl was found to be “fairly free of these irregularities,” Sanderson said.
Think about it. A seemingly invincible opponent – Al Capone, UBS, you get the pic – has to have a chink in its armor somewhere. With this in mind, the Playoff PAC figured that finding a violation of the mind-numbing U.S. tax law was the best way to slay the BCS beast.
Playoff PAC is citing ‘extravagant’ salaries for the Sugar and Fiesta Bowl CEOs ($645k and $600k respectively) compared to the salaries of the Rose and Orange Bowls ($280k and $360k) as well as zero-interest loans that were provided to Fiesta Bowl executives. Playoff PAC is also poking around perks – the usual: golf, entertainment – provided to Bowl execs and possible extensive lobbying by the Fiesta Bowl and contributions to J.D. Hayworth, who ran and lost against Senator John McCain in the GOP primary.
Naturally, the Bowl people say this is all old worn-out nonsense from a bunch of haters. They comply with all laws, yada, yada, yada.
The problem, as the AP article points out, is that even if the Bowls are throwing around their donations all willy nilly, that doesn’t mean the IRS will revoke their tax-exempt status nor is it likely to get the playoff system in place that virtually everyone wants.
Using the tax law to break the iron grip that the BCS overlords have on the sport may be the right approach but Playoff PAC is going to need a much more convincing case then some exorbitant salaries, a few rounds of golf and big catering spreads. “IT’S DIVISION ONE FOOTBALL!” after all; it’s not for amateurs (except for the players, of course).
Accounting News Roundup: GOP Senators Not Caving on Tax Cuts; NY Court of Appeals Hears In Pari Delicto Cases; Convicted Ex-PwC Employee Loses Case to Get MBA Back | 09.14.10
~ Good morning capital market servants. It’s Dan Braddock’s favorite day of the week. Just another reminder that we’ll be on a lighter posting schedule today as TPTB continue to interrogate us about our lack of influence. We’ll pop in from time to time today to make sure everyone is playing nice and be back to a full schedule tomorrow.
A Career in Accounting [WSJ]
“[W]hile jobs dried up during the economic crisis, hiring in accounting wasn’t hit as hard, and cutbacks have created a need for more hiring as the econ my Thompson, the U.S. campus recruiting leader at PricewaterhouseCoopers. She’ll be hiring 3,000 people this year, up from 2,600 last year.”
Does Anyone Really Want to Be an Accountant? A Tailgate Survey [Re:Balance]
Jim Peterson articulates two time-honored traditions: college football and accounting. The former’s popularity is never in question but Jim talked to some young tailgaters that might make you doubt the substantive popularity of the latter.
Senate Republicans firm on tax cuts for rich [Reuters]
“Republicans in the U.S. Senate poured cold water on Monday on hopes for a compromise with President Barack Obama that would have allowed Bush-era tax cuts for the wealthiest Americans to expire.
Taxes have become a flashpoint going into a November 2 election in which Republicans are seeking to wrest control of Congress from the president’s fellow Democrats. Obama says the cost of keeping the tax cuts for the rich is too high as the United States emerges from recession with a massive budget deficit.”
AIG Plots End to U.S. Aid [WSJ]
“American International Group Inc. and its government overseers are in talks to speed up an exit plan designed to repay U.S. taxpayers in full while enabling the giant insurer to regain independence, according to people familiar with the matter.
Under the plan, which could commence as early as the first half of 2011, the Treasury Department is likely to convert $49 billion in AIG preferred shares it holds into common shares, a move that could bring the government’s ownership stake in AIG to above 90%, from 79.8% currently, the people familiar said. The common shares would then be gradually sold off to private investors, a move that would reduce U.S. ownership and potentially earn the government a profit if the shares rise in value.”
Auditors Anticipate NY Ruling on Malpractice Exposure [Compliance Week]
“A group of investors in the reinsurance firm American International Group are suing the company’s audit firm, PricewaterhouseCoopers, for failing to detect a long-running bid-rigging and accounting fraud scheme at AIG. PwC won a dismissal of the suit contending AIG shared blame because it was AIG employees who carried out the fraud that PwC failed to identify, a common defense for audit firms against shareholder claims.
The investor group, led by the Teachers Retirement System of Louisiana and the City of New Orleans Employees’ Retirement System, appealed the dismissal and will have their day in the New York Court of Appeals this week. A Delaware appeals court handed the case over to the New York Appeals court, saying ‘a resolution of this appeal depends on significant and unsettled questions of New York law.’ ”
Seeking An Equitable Outcome: NY State Court of Appeals Hears In Pari Delicto Cases [RTA]
Francine McKenna’s take on the case above.
Verizon Finance Chief Joh Killian Announces Plan to Retire After 31 Years [Bloomberg]
Get your résumé in now.
So Then I Guess Accounting Is Mostly Influenced By Middle-Aged White Dudes? [JDA]
“I’m on a roll with offending people lately so let’s just take this all the way and pull the diversity card, specifically when it comes to Accounting Today’s recent list of 100 Most Influential in accounting.
OK so some faces were predictable and totally warranted; soon-to-be-former FASB Chairman Bob Herz (we’re talking about influence in the profession, not sexiest), GASB Chairman Robert Attmore, PwC Chairman Dennis Nally, IRS Commissioner Doug Shulman… you get the idea. No, I mean you really get the idea, as the rest of the list is comprised of middle-aged white guys too except for 13 women and 3 1/2 black men (Barack Obama counts as .5 if we’re looking at this in a strictly statistical way). Yeah, we noticed.”
Convicted Accountant Loses Legal Bid for MBA Degree [BusinessWeek]
“A certified public accountant who hid his conviction for insider trading from his teachers at New York University’s graduate business school wasn’t entitled to the MBA degree that he thought he earned, a judge ruled.
In February 2007, three months after completing his course work at NYU’s Stern School of Business, Ayal Rosenthal pleaded guilty to charges that he leaked to his brother secret tips that he learned at his job at PricewaterhouseCoopers LLP. Rosenthal never told the school about the investigation of him or his guilty plea, even while serving as a teaching assistant in a professional responsibility course, according to a court ruling.”