The former Red Wing star’s Bloomfield Hills, Michigan love rink is on the market in a short sale, as he is facing foreclosure.
In fact, he owes $2.1 million on two homes in the area and an additional $51,000 in property taxes, according to the Detroit News.
Federov claims that he lost $60 million because of Hyman Lippit, PC a local law firm. His money was tied up with a financial advisor named Joseph Zada who was also a client of Hyman. Fishy doesn’t even begin to describe this situation.
ANYWAY! If you’re interested in helping the guy out, you can get his 4,400 square foot, 4 bed, 4 bath (plus two halvsies) residence for under a mil. Plus there’s a gate! Make the man an offer.
Ex-Wing Fedorov faces foreclosure on two Bloomfield Hills homes [Detroit News via Tax Watchdog]
And by a little late, we mean three months. Rahm found out the news from WBBM radio in Chicago let him know about it. So a slight embarrassment that was likely met with a response of “well, f*ck me,” “get the f*ck out of here” or simply, “F*ck.”
But the worst thing that Rahm Emanuel will endure for forgetting to pay his property taxes isn’t the questions from the media, it isn’t the $445.56 penalty that he and his wife incurred on the balance of $7,400, it’s that he just gave material to Glenn Beck for the rest of his time as the Chief of Staff.
Since delinquent taxpayers in the Obama Administration has been a favorite target of Beck but since he had his own tax troubles maybe he’ll just let this blow over.
Then again, GB could spin this into the jobs report that came out today which in turn encouraged a nice little drop in the markets which parlays into a Deepwater Horizon connection and pretty soon someone will be calling for someone else’s resignation.
Proposed Overhaul of Accounting Standards Contains Mark-to-Market Rule [NYT]
The FASB has rolled out MTM 2.0 and while the usual suspects have already started belly-aching, Bob Herz insisted that “The financial crisis reinforced the need for better accounting in this area.”
The new rule will require loans and loan-related instruments to be valued at their market value immediately, thus accelerating any losses that might occur. Losses will either be booked as a hit to earnings or as a reduction in the value of the asset. The Times quotes Jack T. Ciesielski of Accounting Analyst Observer, who reassures, “It will messier to read, but if you know what you are doing you can figure it out.”
The comment period (which should yield some interesting thoughts) will run through the end of September, after which the FASB will hold roundtables discussing the rule and then make any final changes. Institutions with greater than $1 billion in assets will be required to adopt the rule in 2013 while those with less than $1 billion will have until 2017.
The Property Tax: Unsung Hero [TaxVox]
States have their property tax revenues to thank for their budgets not being in an even bigger mess than they already are, according to TaxVox. “[P]roperty tax revenues have yet to fall both because the levy tends to be backward-looking (it takes a while for assessed values to catch up with reality on both the upside and the downside) and because local governments can raise rates. The strength of the property tax was the main driver of the small positive growth in overall state and local taxes for the fourth quarter of 2009.”
If states are lucky, by the time property tax rates adjust to the reduced home values, sales and income tax revenue may be on their way to recovery. However, it’s unlikely that tax revenues will return to their previous levels which means governments may have to continue (or maybe start?) to – God forbid – cut spending.
“I Didn’t Know What ‘$’ Means” Fails as Tax Defense [TaxProf Blog]
Who let this guy out of the lab? “I am unaware of the meaning of this symbol.”
Yahoo CFO Sees Annual Revenue Growth Of 7%-10% From 2011-2013 [WSJ]
Contrary to what some might believe, Yahoo is still in business and doing quite well, thankyouverymuch. CFO Tim Morse expects things to brighten up with revenue increasing 7-10% from 2011-2013, due mostly to increased advertising business. Yahoo’s partnership with Microsoft and Zynga (they make Farmville) are seen as key to the search engine competing with Google.
Survey finds tax departments more concerned with getting it right than aggressive tax planning [GT Press Release]
Grant Thornton’s latest CFO survey finds that they are more concerned with getting their taxes right than with paying less. Obviously the latter is a goal but considering the regulatory environment (i.e. Democrats are running things), it’s not the priority, despite what those people running for re-election might tell you.
• US accounting watchdog sanctions Satyam’s auditors [Reuters]
Siva Prasad Pulavarthi and Chintapatla Ravindernath, the two auditors that were arrested in India for their roles in the Satyam fraud, have been barred by the PCAOB from “being an associated person with a registered accounting firm.”
The Board who released the two orders against the men on Monday, that describe their efforts to get them to testify about their roles in the engagement last spring but they refused to cooperate, “After several attempts to accommodate Respondent with respect to the dates and location of testimony, including a delay to allow new counsel to become familiar with the matter after Respondent changed counsel, Respondent, through counsel, informed the Division in January 2010 that he would not comply with the Demand for testimony.”
• TheStreet.com To File Annual Report Late On Accounting Review [WSJ]
TheStreet.com announced yesterday that it was pulling an Overstock, delaying the filing of its 10-K for 2009. The Company, founded by sound effects specialist Jim Cramer, said that in a filing that it and Marcum (its auditor) needed to “focus attention on matters related to the Company’s previously-announced review of the accounting in its former Promotions.com subsidiary.”
In other words, the SEC is snooping around the accounting which typically is not a good sign (just ask Jim!). Despite this little bump in the road, the company assures everyone that it will “be able to file its 2009 Form 10-K on or before the fifteenth calendar day following the prescribed due date.”
• Lowest and Highest Property Taxes [Tax Policy Blog]
This map, courtesy of Tax Policy Blog, shows Texas claiming top prize for highest property tax (as a % of median home value), with New Jersey not far behind: