Please ensure Javascript is enabled for purposes of website accessibility

Accounting News Roundup: Vault Accounting Firm Rankings and Marijuana Businesses | 04.20.17

accounting-news-vault-accounting-rankings

Vault accounting firm rankings

In general, I don’t get as excited about rankings like I used to, but I’d be remiss not to mention that Vault’s Accounting 50 came out the other day. For the most part, it’s you would expect.

The Big 4 occupy the first four spots, but there’s quite a bit of shuffling among the second-tier firms and top 25. The prestige list is a snooze. The diversity rankings are new and pretty interesting.

The practice area rankings are also new but the results are predictable. All in all, the Vault lists are our favorite accounting rankings so they’re worth a spin every year.

The marijuana business

It’s April 20th, which is still a holiday in some states but in Colorado this year, it’s just Thursday.

Anyway, the trouble with legal marijuana is that it’s still listed as a Schedule I controlled substance (i.e. prohibited) at the federal level. And I.R.C. § 280E disallows any business from “deducting expenses for business activity if it consists of trafficking in federally prohibited controlled substances.” If you’re in a state that’s new to recreational marijuana and you’re thinking about serving these types of clients, you should head to your local 4/20 rally and listen to some proprietors about their plight.

Or read this Bloomberg BNA article for more background.

How’s tax reform coming along?

Here’s an interview with Dave Camp, the former Michigan Representative who wrote a tax reform plan and now works as a senior policy advisor at PwC. Although Camp’s plan was “simpler and more transparent, without increasing the burden on the rich or the poor” there’s no indication that it will be used as a model for any attempted legislation.

Previously, on Going Concern…

Adrienne Gonzalez was the ring announcer for a bunch of imaginary fights in accounting. In Open Items, someone’s asking about PwC’s and KPMG’s the New York Risk Advisory practices.

In other news:

Get the Accounting News Roundup in your inbox every weekday by signing up here.

Image: Angela George/Wikimedia Commons

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

a dog wearing VR

Monday Morning Accounting News Brief: Deloitte on Microtransactions; More EY Split Roadblocks; Have You Become Irritable? | 11.28.22

Happy Monday! Here’s some stuff that’s going on. Several US audit firms told the Financial Times that they had elevated some or all of their crypto-related clients to the status of “high risk”, triggering a more thorough audit that will take longer and lead to higher bills; some clients could ultimately be dropped altogether. KPMG […]

woman working on a laptop with a dog beside her

Monday Morning Accounting News Brief: The Leadership Void; KPMG Gets Fined (Again); PwC Ups Leave | 10.3.22

Deloitte launches Global Sustainability & Climate learning program that aims to enhance skills and capabilities of Deloitte people to help address a global societal challenge. Dubai’s financial regulator has provisionally fined KPMG and one of its former partners $2 million over the firm’s auditing of Abraaj, the emerging markets private equity group that collapsed in […]