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Kleinbard: We Can’t Afford The Tax Reform Many Want (Tax Cuts), And Many Don’t Want The Tax Reform We Need (Business Tax Overhaul)

Los Angeles Times op-ed: A Company Tax System That’s Both Fair and Competitive? It’s Possible, by Edward Kleinbard (USC): You cannot get away talk of tax reform. It remains the one need that keeps the organisation community securely engaged with President Trump. And in a crowded legal calendar, it’s the one …

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Accounting News Roundup: No Low Tax Rates for You, Accounting Firms|09.13.17

Crucial audit matters

A BDO study of corporate board directors found that 48% of them “do not feel the conversation of Webcams is an improvement to the openness and usefulness of the auditor’s report for investors.” This shouldn’t be unexpected given that 1) A great deal of board members don’t care much about auditing and 2) Even numerous audit committee members do not care much about auditing.

Interestingly, 50% of those directors surveyed are worried that “the conversation of Web cams in sensitive areas could make their task as a board member harder.”

But isn’t really being a board director expected to be tough? I like how BDO designed a study question to feel out the fragile sensibilities of corporate board directors, as if their convenience is the main concern here. I ‘d think that if anyone out there were to be groomed for handling a metric asston of additional work, it ‘d be corporate board members. Pile it on, I say.

How’s tax reform occurring?

Problem, accounting firm partners:

Some services companies such as accounting companies won’t get the benefit of lower tax rates Republican politicians are preparing for other companies, Treasury Secretary Steven Mnuchin said Tuesday.

Republicans desire to cut the 35% business tax rate. They likewise want to reduce rates on so-called pass-through services, which pay business taxes through the individual tax returns of their owners at private tax rates, which presently reach as high as 39.6%.

A few of you may be thinking, “No, he does not mean……”Yes. Yes, he does:

“If you’re an accounting professional company which’s plainly earnings, you’ll be taxed an income rate, you won’t be taxed a pass-through rate,” Mr. Mnuchin said. “If you’re a business that’s creating making tasks, you’re going to get the advantage of that rate since that’s going to be travelled through to help develop jobs and much better wages.”

It’ll be interesting to see if accounting professionals stay gung-ho about tax reform if they’re get excluded from all the fun.

Accountants acting badly

Some people just cannot assist themselves:

An accountant and disbarred San Diego lawyer who once claimed to lead among the nation’s most distinguished estate and tax preparation law office has pleaded guilty to concealing $ 1.5 million in possessions from financial institutions in his personal bankruptcy case and evading $ 6 million in taxes.

J. Douglass Jennings Jr., who often passed “Uncle Doug,” pleaded guilty in San Diego federal court on Monday to insolvency fraud and tax evasion, the U.S. Attorney’s Office stated.

Uncle Doug aimed to conceal a $ 1 million genuine estate interest, a 53-foot luxury yacht named “Sea Eagle” worth $ 150k, and antique silver worth $ 165k. Uncle Doug’s wife, Peggy (Aunt Peggy, I presume) likewise created a bunch of loan files in her mother’s name. They’re both in their 70s, so I envision them to be enjoyable grandparents.

Formerly, on Going Concern…

… I discussed a story about a CPA who got caught in the act of (presumably) duping a client. In Open Products, someone asked about interning at a small firm after accepting an offer from PwC.

More from Going Issue

Do not forget to examine out our new profession page, Gigs. Skim it for tasks and sign up to get the current info on opportunities in choose cities like New York and Los Angeles.

Mentioning L.A., we’re surveying accounting professionals who live and work there. If that’s you, assist us out.

Finally, we released our inaugural accounting settlement report recently.

In other news:

  • ‘Buddies of the Court’ Have Concealed Ties to Big Investors
  • “Bitcoin will ultimately blow up. It’s a scams. It’s even worse than tulip bulbs and won’t end well.”
  • 5 facts about Millennial households
  • Sixth Circuit Rejects Law Prof’s Claim That ‘‘ Satanic’ $ 666 Merit Pay Raise Was Retaliation For His Union Activities
  • An Exceptionally Accurate Parody Of The iPhone X Release

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Image: The White House/Public Domain

The post Accounting News Roundup: No Low Tax Rates for You, Accounting Firms|09.13.17 appeared initially on Going Issue.


Going Issue

How Perceived Influence Over Laws Affects Tax Evasion

Paul Mason (Baylor), Steven Utke (Connecticut) & Brian Williams (Indiana), Why Pay Our Fair Share? How Perceived Impact Over Laws Affects Tax Evasion: We take a look at how the relation between taxpayers and their federal government impacts tax evasion. Particularly, we examine how viewed impact over government policymaking affects taxpayers’ tax evasion decisions … TaxProf Blog site

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