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The final Congressional race featuring an accountant is in Virginia’s 11th District where KPMG alum Keith Fimian trails incumbent Gerry Connolly by less than half a point:
Challenger Keith Fimian was able to pick up votes on incumbent Gerry Connolly as a result, but not enough to make a significant dent in Connolly’s lead. There are still approximately 250 provisional ballots to be counted.
As of 1:30 p.m., the vote in the 11th District as a whole is:
Connolly: 111,630 (49.21%)
Fimian: 110, 700 (48.80%)
Fimian has to request the recount and has until November 22nd when the election becomes official. Because the margin is less half a percentage point, the recount would be paid for by Virginia (i.e. the taxpayers). No pressure, Keith. You best sleep on it for a day or two.
A quick rundown of the results on the races we told you about yesterday.
• Wisconsin – Ron Johnson won handily over Russ Feingold disappointing liberals like ATL Editor Elie Mystal and served as a pleasant surprise to libertarians like Adrienne who texted us, “WHOA Feingold got taken out in Wisconsin!! I never thought I would see that.”
• South Carolina – Nikki Haley won over Vinny Sheheen. She will be the first female governor in the Palmetto State’s history.
• Michigan – Rick “One Tough Nerd” Snyder cruised to victory over Virg Bernero in the governor’s race, winning by approximately 20 points.
• Virginia – The one race that is still ongoing is in Virginia’s 11th Congressional District between Gerry Connolly and KPMG alum Keith Fimian. The Wall St. Journal reports, “Connolly is leading by 487 votes. Mr. Connolly has 49.2% of the vote, while Mr. Fimian, who lost narrowly to Mr. Connolly in 2008, has 49%,” and Fimian is confident that he’ll be declared the winner.
So for those keeping score, accountants (all GOP, not surprisingly) are 3-1 with one race still too close to call. We’ll be watching the VA11 race until the bitter, bitter end.
Accounting News Roundup: GOP Has Marching Orders from Big Business; State Tax Initiative Results; GM Looking at Huge Tax Break | 11.03.10
Business Looks to Republicans to Block Rules, Taxes [Bloomberg]
The Republican gains in Congress mean U.S. companies from Goldman Sachs Group Inc. to Wellpoint Inc. may be able to weaken or block what they consider President Barack Obama’s anti-business policies on health care, the environment, taxes and financial reform.
Republicans will use their perch as the new majority in the House of Representatives to try to eliminate funding for parts of Obama’s health care bill opposed by business as well as curb regulations and government spending, Jay Timmons, senior vice president of the National Association of Manufacturer d lobbying group, said in an interview before the election.
PwC Completes Acquisition of Diamond Management & Technology Consultants, Inc. [PR Newswire]
wC US has completed its acquisition of Diamond Management & Technology Consultants, Inc. following approval today from Diamond’s shareholders. Per the terms of the agreement, all outstanding shares of Diamond were acquired for $12.50 per share in cash.
The Complete Idiot’s Guide to Why Democrats Lost [HuffPo]
For the less-politically inclined.
With Recent Change, GAAP, IFRS Differ on How to Treat Debt [A&A Update/Compliance Week]
The International Accounting Standards Board recently finalized a change in International Financial Reporting Standards that tells companies to measure most liabilities at amortized cost, or the historical cost written down over time based on a schedule. Where a company might exercise an option to measure a liability at fair value, any changes in value would flow to equity via the “other comprehensive income” section of the income statement rather than profit and loss.
Major State Tax-Related Election Results [Tax Foundation]
Among them, Prop 19 (aka legalizing pot and taxing the hell out of it) failed.
Election 2010: What the Democratic Debacle Means for Fiscal Policy [TaxVox]
Washington is divided into two camps—those who believe divided government will open the door to compromise on tough fiscal issues, and those who don’t. Put me squarely in the second camp. We are already hearing conflicting messages from both President Obama and House Speaker-to-be John Boehner (R-OH). They give lip service to “working together” and the need for deficit reduction, but will do little of either. Here are five reasons why:
Frank reelected to 16th term [On the Money/The Hill]
But will lose the HFSC Chairmanship. Bob Herz might be enjoying this more than anyone.
GM Could Be Free of Taxes for Years [WSJ]
General Motors Co. will drive away from its U.S.-government-financed restructuring with a final gift in its trunk: a tax break that could be worth as much as $45 billion.
Knicks Postpone Home Game Before Tests Reveal No Threat From Absestos [Bloomberg]
The Guy Responsible for Informing Us About Christine O’Donnell’s Pubic Hair Was an Auditor at the Federal Reserve
We’re just catching up to this little twist in the story so keep your pieholes shut. Plus, it’s election day, making it completely appropriate.
Hard to believe that it was just last Thursday when the anonymous first-hand account of a sexless one-night stand with Senate candidate Christine O’Donnell was published over Gawker, grooming details included.
Aside from Christine O’Donnell’s stance on masturbation, witchcraft and her inability to assign anyone to fill out a postcard for her nonprofit organization, we could have done without this particular exposé. An anonymous douche probably thought he would make off with Gawker’s ‘low four figure’ sum and he would be an anonymous anti-tea party hero.
The Smoking Gun immediately was on the case to identify the pube peeker in question and it really didn’t take much effort on their part, as they came to a pretty solid conclusion late on Thursday after speaking with the author’s former roommate, Brad Kursiko:
While Kurisko refused to out “Anonymous,” some online activity this evening may point to the author’s identity. Shortly after his last phone conversation with a TSG reporter, a single name disappeared from Kurisko’s list of Facebook friends.
The man with whom electronic ties were abruptly cut is Dustin Dominiak, a 28-year-old buddy who attended Albion College with Kurisko. Records show that Dominiak has previously shared a Philadelphia address with Kurisko. One online posting reports that Dominiak, a Michigan native, has worked as an auditor at the Federal Reserve in Philadelphia.
TSG finally got Kurisko to confirm Dominiak as the blathering broheim, thus providing him with the unenviable distinction of being “that guy who wrote about Christine O’Donnell’s pubes.” Especially if she manages to pull off the huge upset today.
But more interestingly this whole story has only reiterated our contention that the sex lives of accountants (and by extension, auditors) is completely random and scattered. This particular encounter – Senate candidates and their grooming habits; Philly Fed auditors that will do anything for a buck – might be the apex of the theory.
~ Update includes the Michigan Governor’s race.
Here’s a rundown of some of the more prominent races that feature accountants. All of the polling information cited is the calculated average from Real Clear Politics.
• New York – Incumbent Senator Kirsten Gillibrand leads Republican Joe DioGuardi by approximately 20 points. For those not familiar with DioGuardi, he is an Arthur Andersen alum who made partner at age 31, was the first practicing CPA elected to Congress and is the father of Kara DioGuardi (ask the person next to you if you don’t know).
So it looks as though your bean counter brethren will win at least
two three races (Haley, Johnson, Snyder) with one certain defeat and one that’s too close to call.
If we’ve missed any accountants-cum-candidates in a Congressional or Gubenatorial race, let us know below or shoot us an email and we’ll update the post. Now go vote.
After Tomorrow, a Bunch of Losers Will Have to Quit Their Pouting and Come Up with Some Tax Policy Solutions
Lots of those losers will be Democrats. And if they feel like sticking it to the rich one last time, at least they can say a Reagan OMB Director and Bill Gates are on their side!
Namely Third Point boss Dan Loeb. Sure it’s nice if the Times, Journal, Daily News and the Post all give you the thumbs up but if Dan Loeb goes to the trouble of telling his own investors that you need to be the Empire State’s next top accountant, that’s probably a little better than you could hope for.
So if you would like to see the NYS public pension problem fixed, Loeb implores you to vote for Harry Wilson tomorrow. If you’re okay with “New York [going] the way of Greece” then you should vote for the other guy (his name is Frank DiNapoli).
Courtesy of our former sister from another mister site, Dealbreaker:
I have chosen only one candidate to bring to your attention, that is Harry Wilson for Comptroller of NY State. He has recently tied incumbent Democratic candidate Thomas DiNapoli in the polls. For those of you who are Democrats, this is not a matter of party politics but literally one of whether we want New York the go the way of Greece and go bankrupt because, trust me, that is the course we are headed towards without sound fiscal leadership.
Daniel Heninger’s WSJ article lays it all out: “New York, like California and many other once-important states, is sitting on a public- pension debt bomb. If it blows, it will take great swaths of the productive American economy with it for years. Harry Wilson thinks he can defuse the New York bomb. If Harry Wilson can get the public-pension death spiral under control in New York—and he just might have the professional and intellectual tools to do it—it should be possible to reform pensions in any state. That matters. The United States needs a growth rate well above the 2%-something that the Obama years have allowed. That means the people in all 50 states have to be pulling on the oars. They won’t be able to do that if their productive energies are being siphoned into more and yet more taxes that will be demanded— indeed virtually mandated—to pay off these pension obligations. It’s Harry Wilson or the deluge.”
Harry and DiNapoli are neck at 44% and which is why it is vital for you and to vote and to please pass this onto anyone else who is registered to vote in New York.
Since most New Yorkers have no idea who is running for NYS Comptroller this should at least put a memorable name in your head.
He was calling them during important votes!
With less than a week to go until the election and Vitter leading by about 16 points, Charlie Melancon figures this particular line of attack can’t hurt anything.
Accounting News Roundup: Tax Cut Political Football Goes Flat; Google’s Remarkable Tax Planning; Yes, IRS Agents Are Strapped | 10.21.10
Tax Cuts Slide To Back Burner On Campaign Trail [WSJ]
It’s a sign that a decision by Democratic leaders, to put off a vote on extending the tax cuts until after the Nov. 2 elections, may be paying off politically.
“It’s harder to write an ad portraying a vote that hasn’t happened yet,” said Brian Gaston, a former senior aide to House GOP leaders and now a lobbyist at the Glover Park Group.
Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes [Bloomberg]
Google y $3.1 billion in the last three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda.
Google’s income shifting — involving strategies known to lawyers as the “Double Irish” and the “Dutch Sandwich” — helped reduce its overseas tax rate to 2.4 percent, the lowest of the top five U.S. technology companies by market capitalization, according to regulatory filings in six countries.
TUI Travel CFO Quits After Accounting Error [Dow Jones]
In an embarrassing admission, the company said an ongoing audit for the fiscal year ended September 2010 had highlighted the accounting error in the integration of IT systems in its U.K. mainstream business that had accrued over a period of four to five years and which increased its total write-off for 2009 from GBP29 million to GBP117 million.
Chief Executive Peter Long told Dow Jones Newswires that the issue had been identified when it reported its third-quarter results but continued to investigate the matter and “only last night were we able to determine the scale of the problem.”
Banks Clueless on Foreclosure Mess Severity [Jonathan Weil/Bloomberg]
The biggest U.S. mortgage lenders and servicers say they’re putting the foreclosure mess behind them, and that it never was a major problem. The reality is these companies are so big and unmanageable, the people in charge of running them have no way to know if that is true.
One thing that remains unknowable is how many flawed home- mortgage records and foreclosure proceedings are out there waiting to be unearthed. Dozens of federal and state agencies are investigating. It’s anyone’s guess what they might turn up.
NJ man cashes $158G check IRS mistakenly sent him [Asbury Park Press]
He figured no one would notice.
For ‘B-to-B’ Companies, Finding Facebook ‘Friends’ Can Be a Struggle [WSJ]
These days, even small “business-to-business” concerns like Bill.com are experimenting with social media, perceiving the popular online hangouts as low-cost, easy-to-use venues for attracting new customers and retaining existing ones. But unlike their consumer-focused counterparts—retailers that sell smartphones, jeans, games and other personal products—so-called B-to-B businesses seem to be having a harder time connecting with their target audience.
Some IRS agents carry guns, too, agents tell UAB accounting student group [Birmingham News]
“My first day on the job, I thought, ‘Why are they carrying guns?'” said Donald Smith, a UAB graduate and special agent with the IRS-Criminal Investigation unit.
Korea wants G20 to delay accounting standard consolidation [Korea Times]
Apparently they have a say in the matter
So some Democrats thought it would be a cute to try and turn the tables on their Republican opponents by insinuating that by supporting the Fair Tax, the GOP was raising taxes on middle class Americans.
Love or hate the Fair Tax, anyone that takes more than 30 seconds to research the idea knows that if implemented, the Fair Tax would abolish the income tax.
In some recent ads, a few Democratic nominees left that part out entirely:
Research supplied by FairTax.org shows that Democrats in 16 districts have run at least 31 ads blasting Republicans for supporting the tax. But many of these ads neglect to mention the levy is essentially a national sales tax that would replace the current federal tax system.
FactCheck.org recently slammed the Democratic Congressional Campaign Committee (DCCC) for running ads that omitted this fact.
“Democrats are accusing Republicans of supporting a 23 percent sales tax on everything, which would be on top of all existing taxes… it’s misrepresenting by omission of the FairTax idea,” FactCheck.org director Brooks Jackson told The Hill.
The motivation behind this strategy could be due to a number of factors:
1) The Democrats who ran the ads feel that most Americans are gullible enough to believe anything they see on TV.
2) The Democrats who ran the ads don’t understand how the Fair Tax policy would work on its most basic level, thus meeting the intelligence level to serve in Congress.
3) Democrats simply suck at accusing Republicans for trying to raise taxes.
It wouldn’t be a surprise if the first two played a part but come on. Leave the “he/she wants to raise your taxes” to the experts you fools and stick with the lowbrow stuff.
Dem ads against GOP not accurate on crux of FairTax proposal [On The Money]