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November 23, 2022

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

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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:

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