The CPA Exam Gets Dragged Into One Illinois House Race
Normally, we obviously wouldn't care about some stupid state race but this election season, one wanna-be House representative in Illinois is trying to lay the smack down on his funeral director opponent in the 46th District GOP primary using his accounting education and the CPA exam as his weapon. Daniel J. Kordik is a 52-year-old […]
2010 CPA Exam All-Stars, Illinois Edition
This one's for my FIBs! Based on the 2011 Candidate Performance book (2010 CPA exam data), Illinois ranked 4th in size of the 55th NASBA jurisdictions (trumped only by California, New York and Texas) and ranked 10th in overall CPA exam performance. 4,274 Illinois candidates sat for the exam in 2010 and they took 2,509 […]
Grad Assistants May Starve After University of Illinois ‘Payroll Glitch’ Results in Back Taxes Owed
The irony being that UI is consistently one of the top accounting programs in the country. The Champaign News-Gazette has the scoop:
The University of Illinois failed to withhold taxes for hundreds of graduate assistants over seven years, resulting in thousands of dollars in back taxes owed to the Internal Revenue Service. The payroll “glitch” also means some graduate assistants will go without pay for the next few months to cover taxes owed on their tuition and service fee waivers. About 280 graduate assistants will be taxed for part of their 2011 tuition waivers starting this month, and 17 who owe more than their next few paychecks will get no pay for three months, officials said.
Seven years. Hopefully some of the grad assistants have some money saved but it sounds like more than a few of them will be having a helluva time with this. The Graduate Employees’ Organization director of communication, Natalie Uhl gets serious:
“For some of them, they have absolutely no way to pay rent next month, no way to buy food,” she said. Some students are planning to drop out of school, Uhl said. “They’ll essentially be paying to work for the school,” she said. “They’ll be receiving no money for the work that they do.”
Jesus. That’s worse than working for minimum wage at an accounting firm! The University, for their whole role in this, is saying “my bad” but rationalizes the lack of paying the GAs by keeping things no nonsense. This is the IRS we’re talking about, after all. They’ve got guns!
“We feel bad about the inconvenience. We understand that the additional withholding may create a hardship, and it’s unfortunate. We’re required by the law to take the withholding,” [UI spokesman Thomas Hardy] said.
UI didn’t withhold taxes for hundreds of grad assistants [CNG]
Fraud Experts: Calls for Criminal Charges Against Ernst & Young Are ‘Absurd’
Since Andrew Cuomo decided to make our lives insanely busy this week, we’ve been talking to lots of different people about what will happen next in the Ernst & Young saga. We stumbled across a couple of experts, Dr. Mark Zimbelman an Accounting Professor who specializes in fraud, forensic accounting and auditors’ detection of fraud at BYU’s Marriott School of Business, along with his son, Aaron Zimbelman, a doctoral student at the University of Illinois at Urbana-Champaign whose research interests include auditing, financial statement fraud and corporate governance.
The father and son team have a blog, Fraudbytes, that discusses, well<