See you Monday, capital market servants. It’s okay, tax warriors – Just think, two weeks from today and you’ll be sleeping in.
• KPMG severs Iran ties [FT]
T Fly and Co. has pulled the plug on Iran after big pressure from the UANI, “Tom Wethered, KPMG International’s general counsel, wrote to UANI on Thursday that the accountancy network had terminated the membership of Bayat Rayan, one of Iran’s biggest accountants.” The FT reports that the firm cited “serious and escalating concerns,” about the country’s government.
• Imagine: iPad App l Statements [XBRL Business Information Exchange via CPA Trendlines]
Someone make this happen ASAP. “Imagine it. Everyone connected by the Web, not the current Web but the Semantic Web. iPads, iPods, iPhones, Androids, Smartphones; maybe a few PCs will still be around. IFRS used globally. Financial information in XBRL making it dynamic like a pivot table, rather than static like the legacy paper statements.”
• Is Hiring More IRS Employees ‘Job Creation’? [The Atlantic]
There’s a lot of hysteria over the 16,000-some odd new IRS agents that will be running around the country trying to steal your freedom. Those are real jobs though.
• Koss Fraud: Unrecorded revenue? [Fraud Files Blog]
Tracy Coenen kicks around another theory of how alleged shopaholic Sue Sachdeva hid her embezzlement from Grant Thornton, “I’ve heard from a few sources who I consider to be very reliable that Sachdeva hid her theft by not recording revenue. This would mean that Koss’s revenue was understated by $31 million during the time she was committing her theft.” Tracy points out that this method would be “messy” but “There is almost no chance that the auditors will discover the theft and the cover-up. The bulk of the auditors’ work is spent on the balance sheet. So long as transactions related to the theft don’t show up in the ending balances of the balance sheet accounts, she’s pretty safe there.”
• Singer Toni Braxton bobbles tax bill [Tax Watchdog]
Toni Braxton really needs help. She now owes the IRS nearly $400k after a $71k tab from last summer. We’ll say it again – Get Ludacris on the phone.
• 10 illegal aliens in S.C. admit to bilking IRS out of $13 million [Greenville Online]
Who do the teabaggers get mad at for this one? Don’t they hate the IRS and illegal aliens equally? We can only hope that this will cause their heads to explode. Oh, and because it’s in South Carolina we can probably expect a lynching of everyone involved.
• Job of the Day: Fannie Mae Needs a Experienced Accountant [GC Career Center]
Four to six years experience, CPA required. Responsibilities include: Compile, review, analyze, and record financial information to the general ledger. Complete monthly closings. Prepare balance sheet and profit and loss statements, consolidated financial statements, and other accounting schedules and reports. Located in DC Metro. You!
Being a celebrity is tough. You see all that money roll in and then when you find out you have to pay almost 50% in taxes on it, that might just piss you off a little. It pisses off some celebrities enough that they just decide they’re not paying Uncle Sam jack. Then there are those that just forget to pay (*cough* Willie Nelson *cough*).
The two newest members of the tardy tax payers are hip-hop artist Foxy Brown and R&B singer Toni Braxton. Brown owes the IRS $641,558 in back taxes for the years 2003 to 2006. Braxton owes just over $71k to the IRS but she’s got some history of financial trubs: she filed for bankruptcy in 1998 with over $1 mil in debts so she’s probably familiar with the collection-type protocols.
Our advice to the two ladies would be take the Lehman Brothers approach on this and get some of that Foxy Brown and Toni Braxton schwag on eBay.
Foxy Brown’s prison jumpsuit from Riker’s? Toni Braxton’s Grammy trophies (or maybe just the underwear-is-optional dress)? We want to hear what kind of mementos you readers would be willing to plunk down your hard earned cash for to help these ladies out.