Footnotes:The Unavoidable Scandal; When Is Lerner Resigning?; Small Firms, Get Some Interns | 05.17.13</h1> <article> <h1>Footnotes:The Unavoidable Scandal; When Is Lerner Resigning?; Small Firms, Get Some Interns | 05.17.13</h1> <p>Caleb Newquist — Fri, 17 May 2013 21:29:10 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><strong>Treasury Knew of I.R.S. Inquiry in 2012, Official Says</strong> <em>Mr. Miller did concede that the I.R.S.'s apology for targeting was prompted by a question planted by the agency last Friday at an American Bar Association meeting. At that meeting, Lois Lerner, the head of the I.R.S.'s division overseeing tax-exempt organizations, was asked about an inquiry of the targeting issue, eliciting an apology that quickly leaked out of the closed-door session. The I.R.S. then scrambled to issue a formal release on the issue.</em> [<a href="http://www.nytimes.com/2013/05/18/us/politics/irs-scandal-congressional-hearings.html?hp&_r=4&" target="_blank">NYT</a>]</p> <p><strong>An ‘unthinkable’ IRS scandal? More like unavoidable.</strong> [Joe Thorndike in the <a href="http://www.washingtonpost.com/opinions/an-unthinkable-irs-scandal-more-like-unavoidable/2013/05/17/3f89a1ce-bd84-11e2-89c9-3be8095fe767_story.html" target="_blank">WaPo</a>]</p> <p><strong style="line-height: 1.538em;">Baucus on IRS: 'I have a hunch that a lot more is going to come out'</strong><span style="line-height: 1.538em;"> [</span><a href="http://thehill.com/video/senate/300387-baucus-predicts-irs-scandal-could-grow-in-scope" style="line-height: 1.538em;" target="_blank">The Hill</a><span style="line-height: 1.538em;">]</span></p> <p><strong style="line-height: 1.538em;">Lois Lerner Must Resign</strong><span style="line-height: 1.538em;"> And apologize, says David Cay Johnston. DCJ has it written up and everything: "I failed to do my job. I apologize for all the harm I have done. I will cooperate in every way with those who will, and should, examine every aspect of my indefensible errors in judgment." [</span><a href="http://www.taxanalysts.com/taxcom/taxblog.nsf/Permalink/SCAO-97SHBS?OpenDocument" style="line-height: 1.538em;" target="_blank">DCJ/Tax Analysts</a><span style="line-height: 1.538em;">]</span></p> <p><strong style="line-height: 1.538em;">VP Joe Biden Believes There’s ‘No Legal Reason’ The Government Can’t Slap A Sin Tax On ‘Violent Media’</strong><span style="line-height: 1.538em;"> [</span><a href="http://abovethelaw.com/2013/05/vp-joe-biden-believes-theres-no-legal-reason-the-government-cant-slap-a-sin-tax-on-violent-media/" style="line-height: 1.538em;" target="_blank">ATL</a><span style="line-height: 1.538em;">]</span></p> <p><span style="line-height: 1.538em;"><strong>Apple CEO wants lower taxes in exchange for job creation</strong> [<a href="http://www.nbcnews.com/business/apple-ceo-wants-lower-taxes-exchange-job-creation-1C9971237" target="_blank">NBC</a>]</span></p> <p><strong>Summer Interns -- Hire Them Even If You Don't Need Them</strong> [<a href="http://www.accountingweb.com/blog-post/summer-interns-hire-them-even-if-you-dont-need-them?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Accountingwebcom-Blogs+%28AccountingWEB.com+-+Blogs%29" target="_blank">AWEB</a>]</p> <p><strong>Cat to pay less for Chinese firm mired in accounting woes</strong> [<a href="http://www.chicagotribune.com/business/breaking/chi-cat-to-pay-less-for-chinese-firm-mired-in-accounting-woes-20130517,0,1572795.story" target="_blank">Reuters</a>]</p> <p><strong>IRS to Refund Tax Preparers for Canceled Certification Tests</strong> [<a href="http://www.accountingweb.com/article/irs-refund-tax-preparers-canceled-certification-tests/221808?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Accountingwebcom-News+%28AccountingWEB.com+-+News%29" target="_blank">AWEB</a>]</p> <p><strong>How To Give A Best Man Toast That Doesn't Suck</strong> It's applicable for ladies, too. [<a href="http://deadspin.com/how-to-give-a-best-man-toast-that-doesnt-suck-485774731" target="_blank">Deadspin</a>]</p> </div></div></div> </article> <article> <h1>Tax Panel Was a Real Snoozer Until Lois Lerner Started Talking About the Whole IRS Targeting the Tea Party Thing</h1> <p>Caleb Newquist — Fri, 17 May 2013 20:30:55 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p>I know you'll find it hard to believe that American Bar Association's annual tax meeting was a little boring, but right up to the point when <a href="http://editors.talkingpointsmemo.com/archives/2013/05/top_consequence.php" target="_blank">Celia Roady</a>, "a veteran tax lawyer" asked IRS tax-exempt head Lois Lerner for an update on the review of 501(c)(4) organization, things were downright Lunesta-ish: </p> <blockquote><p>Paul Streckfus, the editor of EO Tax Journal, an online publication for exempt organization tax practitioners, told TPM he had been “dozing off” when Roady had asked the question, but had “jumped almost out of my seat” when he realized what Lerner was saying. [...] Once Lerner had finished, Streckfus rushed up along with another reporter to question Lerner further, but she begged off.</p> </blockquote> <p>You made it one for the ages, Lois!</p> <p>[<a href="http://tpmmuckraker.talkingpointsmemo.com/2013/05/lois_lerner_irs_scandal.php" target="_blank">TPM</a>]</p> </div></div></div> </article> <article> <h1>To Whom It May Going Concern: "If people can sue the firms for not working overtime, can I sue the firm for making me fat?"</h1> <p>Caleb Newquist — Fri, 17 May 2013 19:49:42 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><em style="line-height: 1.538em;">Welcome to the latest edition of <a href="http://goingconcern.com/tags/whom-it-may-going-concern" target="_blank">To Whom It May Going Concern</a>, our infrequent feature of the best (read: worst) and worst (read: best!) tips and feedback we get from readers. Have a tip or feedback for us? Email us at <a href="mailto:editor@goingconcern.com?subject=To%20Whom%20It%20May%20Going%20Concern">editor@goingconcern.com</a> or drop something in the tips box. All tips on are on the record unless explicitly stated otherwise.</em><em style="line-height: 1.538em;"> </em></p> <div>If you watched the <a href="http://online.wsj.com/article/SB10001424127887324767004578488833834357540.html" target="_blank">Ways & Means Committee flogging</a> of Acting Commissioner Steven Miller and TIGTA inspector general Russell George earlier today, the dwindling resources of the IRS were mentioned by certain members a few times. Doing more with less -- or in some cases, nothing at all -- is something we all deal with, including your humble blogospondent. In fact, I've been working so much that it's really cutting into my NHL playoffs watching time, which is a shame because the NHL playoffs are the best playoffs in sports and I don't give a shit if you disagree. Yeah, the NHL is a poorly run, undervalued league dominated by a manipulative commissioner, but by God when the playoffs are on you forget about the extraordinary ineptitude of the National Hockey League and just hope that every game goes into triple-overtime. That's what I'm hoping to see tonight and all weekend long. </div> <div> </div> <div>Anyway, I'll just bring this full circle by saying that my enjoyment of one poorly run institution is disrupting my enjoyment of another and that's a shame. Doing more with less is the worst. I'd just like more of everything, please. On to this week's letters.</div> <div> </div> <div><span style="line-height: 1.538em;">File this under "post-busy season problems": </span></div> <div> <blockquote> <div>If people can sue the firms for not working overtime, can I sue the firm <span style="line-height: 1.538em;">for making me fat?</span></div> </blockquote> </div> <div>I'm no lawyer, but you shouldn't have trouble finding an under-worked one that would listening to your case. I'd start <a href="http://abovethelaw.com/" target="_blank">here</a>.</div> <div> </div> <div>A gypsy-turned accountant is having some problems with the application process:</div> <blockquote><div>I really enjoy trying to recall every place I've lived and worked in the <span style="line-height: 1.538em;">past 7 years for PwC's background check...</span></div> </blockquote> <div>Having moved many, many times in my life, I can appreciate this annoyance. Seven years ago, I was living in a small apartment in Denver. Seven apartments and two long road-trips later, I'm back in a different small apartment in Denver and there's no way I can recall every detail all those addresses. The ZIP codes are impossible. But you know has all this information?? The IRS. And your mom, probably.</div> <div> </div> <div>Here's your tax code constructionist nerd tip of the week:</div> <blockquote><div><span style="line-height: 1.538em;">See below: Holder refers to the Internal Revenue Code as the IRS code. (</span><span style="line-height: 1.538em;">transcript of press release)</span></div> <div> </div> <div>HOLDER: We’ll have to get you — we’ll have to get you that. There are a <span style="line-height: 1.538em;">variety of statutes within the IRS code that I’m not familiar with or have </span><span style="line-height: 1.538em;">the ability to, you know, give you the numbers to, but that we have looked </span><span style="line-height: 1.538em;">at.</span></div> </blockquote> <div>Eric Holder? We're getting tips about things Eric Holder said now?</div> <div> </div> <div>And finally, someone was kind enough to tell us about some Rothstein Kass layoffs:</div> <blockquote><div><span style="line-height: 1.538em;">I just heard from a buddy I interned with at Rothstein Kass in Jersey </span><span style="line-height: 1.538em;">who is now a Staff 1 that they fired 10% of the firm nationwide, about 100 </span><span style="line-height: 1.538em;">people. He didn't get fired though but one of the partners told a kid that </span><span style="line-height: 1.538em;">this is pretty normal for accounting firms.</span></div> </blockquote> <div>No kidding? That's quite a <a href="http://goingconcern.com/post/layoffs-watch-13-rothstein-kass" target="_blank">story</a>.</div> </div></div></div> </article> <article> <h1>Caption Contest Friday: Eagles Lineman Attempts to Read IRS Sign</h1> <p>Caleb Newquist — Fri, 17 May 2013 17:40:43 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p></p> <p><b id="docs-internal-guid-3c8f11a3-b39f-8717-db69-35b21dc44505" style="font-weight:normal;"><span style="font-family: Arial; background-color: transparent; white-space: pre-wrap;"><em>Philadelphia Eagles offensive lineman Evan Mathis stands in front of a sign for an Internal Revenue Service Building. Contrary to <a href="http://profootballtalk.nbcsports.com/2013/05/16/evan-mathis-shows-his-disdain-for-the-irs/" target="_blank">reports</a>, there is no evidence that a call of nature is being answered.</em> [</span><a href="http://instagram.com/p/ZVoxTXnxMU/#"><span style="font-family: Arial; background-color: transparent; white-space: pre-wrap;">EvanMathis69</span></a><span style="font-family: Arial; background-color: transparent; white-space: pre-wrap;"> via </span><a href="http://taxprof.typepad.com/taxprof_blog/2013/05/irs-sc.html"><span style="font-family: Arial; background-color: transparent; white-space: pre-wrap;">TaxProf</span></a><span style="font-family: Arial; background-color: transparent; white-space: pre-wrap;">]</span></b></p> </div></div></div> </article> <article> <h1>ANR: George, Miller Testifying to Ways and Means Committee; Taxpayer Advocate for Commissioner?; Lease Accounting 'Will Fly' | 05.17.13</h1> <p>Caleb Newquist — Fri, 17 May 2013 13:09:52 +0000</p> <div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><strong>Ways and Means to Hold Hearing on Internal Revenue Service Targeting Conservative Groups</strong> [<a href="http://waysandmeans.house.gov/calendar/eventsingle.aspx?EventID=333643" target="_blank">W&M</a>]<br />Former Acting Commissioner Steven Miller and TIGTA head J. Russell George will be testifying. FUN!</p> <p><strong>Should 501(c)(4)’s Be Eliminated?</strong> [<a href="http://www.nytimes.com/roomfordebate/2013/05/15/does-the-irs-scandal-prove-that-501c4s-should-be-eliminated/?nl=opinion&emc=edit_ty_20130516" target="_blank">NYT</a>]<br />There's room for debate.</p> <p><strong>Nina Olson for IRS Commissioner</strong> [<a href="http://online.wsj.com/article/SB10001424127887324082604578485631275805900.html" target="_blank">WSJ</a>]<br /><span style="line-height: 1.538em;">Ms. Olson is the ombudsman for the public inside the IRS. Her office parachutes in to aid individuals and businesses when the tax men are jerking them around, as well as making recommendations to Congress about modernizing the IRS and the tax code. She has held the post since 2001. </span><span style="line-height: 1.538em;">Ms. Olson seems to view the job as a moral calling, which is much-needed. The integrity of the tax system must be paramount when people are required to hand over giant chunks of their income to government. It usually falls to Ms. Olson to admonish the IRS that its chronic dysfunctions are—to borrow one of her favorite words—"unconscionable."</span></p> <p><strong>Tax Court Judge Slams IRS Over Whistleblower Case</strong> [<a href="http://blogs.wsj.com/riskandcompliance/2013/05/13/tax-court-judge-slams-irs-over-whistleblower-case/" target="_blank">WSJ</a>]<br />“We do not know whether these failures were the result of bureaucratic confusion or ineptitude,” the judge wrote. “We do know, however, that the obfuscation surrounding this matter has either been caused or exacerbated by respondent.”</p> <p><strong>IRS gives details of operations on furlough dates</strong> [<a href="http://www.journalofaccountancy.com/News/20138000.htm?WBCMODE=PresentationUnpublished" target="_blank">JofA</a>]<br /><span style="line-height: 1.538em;">All IRS operations will be closed on the furlough dates, meaning no tax returns will be processed and no tax-compliance activities will occur. Nonetheless, taxpayers should continue to comply with all return filing and tax payment due dates because none of these have been extended by the furlough. However, the IRS will not be able to acknowledge any returns that are filed electronically on a furlough date. </span><span style="line-height: 1.538em;">Taxpayers who have employment and excise tax deposits due on the furlough dates should continue to deposit them through the Electronic Federal Tax Payment System, which will remain in operation. In addition, the IRS is alerting taxpayers who have filing deadlines close to the furlough dates to plan ahead if they need assistance (e.g., the June 17 deadline for taxpayers abroad to file their income tax returns and the deadline for the second quarter estimated tax payment both fall on the Monday after the June 14 furlough day). </span></p> <div><span style="line-height: 1.538em;"><strong>New Accounting Proposal on Leasing Portends Big Changes</strong> [<a href="http://dealbook.nytimes.com/2013/05/16/significant-changes-proposed-in-lease-accounting/" target="_blank">DealBook</a>]</span><br />[S]ome accountants said they thought the new rule could succeed where previous efforts had failed. “The F.A.S.B. has made an attempt to keep it as simple as possible,” said Rick Day, the national director of accounting at McGladrey, an American firm that primarily audits smaller companies. “While it will be controversial, I think it will fly.”</div> <div> </div> <div><strong>Hacker breaks into local accounting firm</strong> [<a href="http://www.theridgefieldpress.com/17841/hacker-breaks-into-local-accounting-firm/" target="_blank">RP</a>]<br />900 clients of Lyons & Lyons may have been compromised.</div> <div> </div> <div><strong>Man Finds $4.85 Million Lotto Ticket in Cookie Jar</strong> [<a href="http://gawker.com/man-finds-4-85-million-lotto-ticket-in-cookie-jar-507791329" target="_blank">Gawker</a>] <div> For some time now, Richard Cerezo, of Geneva, Illinois, has stored 11 old Lotto tickets in a cookie jar for safe keeping. Earlier this month, on his wife's suggestion, he took the tickets to a local convenience store. <span style="line-height: 1.538em;">"I thought I had probably won about $600," Cerezo told the Patch. </span><span style="line-height: 1.538em;">It turns out it he had underestimated his winnings by just a bit. Cerezo had won the February 2 Lotto jackpot. His prize? $4.85 million.</span></div> </div> <p> </p> </div></div></div> </article> <article> <h1>Footnotes: KPMG Wins Some Audits; Debating Tax Reform's Chances; The Second Head Rolls (Sorta) | 05.16.13</h1> <p>Caleb Newquist — Thu, 16 May 2013 22:13:38 +0000</p> <div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><strong>KPMG Tops Q1 SEC Audit Wins</strong> [<a href="http://www.accountingtoday.com/news/KPMG-Tops-Q1-SEC-Audit-Wins-66725-1.html?CMP=OTC-RSS&utm_source=twitterfeed&utm_medium=twitter" target="_blank">AT</a>]</p> <p><strong>Is Tax Reform Doomed? A Debate.</strong> [<a href="http://www.bloomberg.com/news/2013-05-16/is-tax-reform-doomed-a-debate-.html" target="_blank">Bloomberg</a>]</p> <p><strong>Get IRS Out of the Business of Regulating Political Speech</strong> [<a href="http://taxvox.taxpolicycenter.org/2013/05/16/get-the-irs-out-of-the-business-of-regulating-political-speech/" target="_blank">TaxVox</a>]</p> <div><strong>Apple target of Senate hearing on offshore taxes</strong> <span style="line-height: 1.538em;">[<a href="http://www.politico.com/story/2013/05/apple-hearing-offshore-tax-91425.html" target="_blank">Politico</a>]</span></div> <div> </div> <div><span style="line-height: 1.538em;"><strong>Second IRS official to leave amid Tea Party targeting scandal</strong> </span><em><span style="line-height: 1.538em;">Joseph Grant, the acting commissioner for the agency's tax-exempt and government entities division, plans to retire, according to the IRS. </span><span style="line-height: 1.538em;">An internal IRS announcement said that Grant would retire from the agency on June 3. </span></em><span style="line-height: 1.538em;">[</span><a href="http://thehill.com/blogs/on-the-money/domestic-taxes/300307-second-irs-official-to-leave-amidst-scandal" style="line-height: 1.538em;" target="_blank">The Hill</a><span style="line-height: 1.538em;">]</span></div> <div> </div> <div><span style="line-height: 1.538em;"><strong>How to Avoid Organizational Mood Swings</strong> [<a href="http://www3.cfo.com/article/2013/5/growth-strategies_leadership-optimism-pessimism-ceo-cfo-message-employees?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+cfo%2Fdaily_briefing+%28Latest+Articles+from+CFO.com%29" target="_blank">CFO</a>]</span></div> <div> </div> <div><strong>NFL Linebacker James Harrison Spends More On Massage Than You Did On Your House. But Can He Deduct It?</strong> [<a href="http://www.forbes.com/sites/anthonynitti/2013/05/16/nfl-linebacker-james-harrison-spends-more-on-massage-than-you-did-on-your-house-but-can-he-deduct-it/" target="_blank">Tony Nitti/Forbes</a>]</div> <div> </div> <div><span style="line-height: 1.538em;"><em>Government investigative reports are most damning in the detail, not the sound bite. Some 80 percent of the sample of applications studied in the report were not resolved within a year. Of the 296 cases reviewed, 160 were still open as of December 2012, with delays running 206 to 1,138 days. Some of those open cases are nearly as old as my 4-year-old daughter, Penelope, who has learned to speak, read, write, count, walk, run, skip, jump and swim in that time. When it comes to dawdling, however, even she cannot match the I.R.S.</em> [<a href="http://dealbook.nytimes.com/2013/05/16/a-dickensian-delay-at-the-i-r-s/" target="_blank">DealBook</a>]</span></div> <div> </div> <div><strong style="line-height: 1.538em;">Police Called to Free Grown-Ass Man Stuck in High Chair at McDonald's</strong><span style="line-height: 1.538em;"> [</span><a href="http://gawker.com/police-called-to-free-grown-ass-man-stuck-in-high-chair-507608103" style="line-height: 1.538em;" target="_blank">Gawker</a><span style="line-height: 1.538em;">]</span></div> </div></div></div> </article> <article> <h1>IRS Scandal Now Encroaching on What Some Employees Hold Most Dear</h1> <p>Caleb Newquist — Thu, 16 May 2013 20:36:37 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><span style="line-height: 1.538em;">Last Friday the head of the Tax-Exempt Organization Division of the IRS admitted that some employees had targeted conservative groups. Since then, a lot of things have happened including </span><a href="http://goingconcern.com/post/acting-irs-commissioner-gonna-take-now" style="line-height: 1.538em;" target="_blank">one resignation</a><span style="line-height: 1.538em;">, an open criminal investigation, and a lot of GOP masturbation.</span></p> <div>And now that the <a href="http://www.reuters.com/article/2013/05/16/us-usa-irs-idUSBRE94F10Y20130516" target="_blank">President has named an acting commissioner</a> to replace the last acting commissioner, we hope this is sign that we're on the road to some kind of conclusion, although I'm sure some people won't be satisfied until ObamaCare is repealed while John Boehner places one of those dog cones on Bo while wearing the American flag as a cape. Only <em>then</em> will justice be served.</div> <div> </div> <div>Still, people forget that there is collateral damage in situations like these. People who had nothing to do with the transgressions committed by a few employees are having their everyday lives affected and that is the real injustice here. What am I talking about? I'll tell you what I'm talking about -- <a href="http://www.reuters.com/article/2013/05/16/us-usa-irs-idUSBRE94F10Y20130516" target="_blank">SOFTBALL GAMES ARE BEING CANCELLED</a>, people </div> <blockquote><div><span style="line-height: 1.538em;">As the much-maligned agency faces withering scrutiny, IRS employees have pulled out of public events. </span><span style="line-height: 1.538em;">Lois Lerner, the head of the division that examines nonprofit claims, canceled plans to speak at a graduation ceremony for her law-school alma mater, Western New England University. The IRS softball team canceled a scheduled match with the office of Senator John Cornyn, the Texas Republican said on Facebook.</span></div> </blockquote> <div>Just take a moment to put yourself in the shoes of the captain of the IRS team. You know how serious he takes these games. This had to be an excruciating decision. I hope all the political games and pandering are worth it. </div> <div> </div> <div><a href="http://www.reuters.com/article/2013/05/16/us-usa-irs-idUSBRE94F10Y20130516" target="_blank">Obama picks temporary IRS head as Tea Party rallies on scandal</a> [Reuters]</div> </div></div></div> </article> <article> <h1>The Accountant's Definitive Guide to Building a Successful Résumé</h1> <p>Daniel Braddock — Thu, 16 May 2013 19:40:58 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p>With recruiting season in full swing, it’s time to dust off your résumé and revamp it. If you are a staff member, chances are your résumé still lists you as being in college. That needs to change.</p> <p><em>Everything</em> you need to know to put together a successful résumé can be found here. It’s important to remember that every HR recruiter and headhunter is different, but the basics are covered here in enough detail to get you started.</p> <div><u><strong>The Header</strong></u></div> <div>Keep it straightforward and professional. Like so:</div> <div> </div> <div><b id="docs-internal-guid-218fa3f0-aeab-e25c-8a24-ae30ca08902f" style="font-weight:normal;"></b></div> <div> </div> <div><u>Name</u>: Use the name that you go by at work. If your name is Jonathan Henry Lithstein III but your boss knows you as Jon Lithstein, use this. You will use your proper name on employment applications, background check forms, etc. When the HR rep calls you to set up an interview you want them using the name you’d prefer to be called around the office.</div> <div> </div> <div><u>Email Address</u>: By now you should have moved on from your <a href="mailto:davematthewsfanatic@hotmail.com">davematthewsfanatic@hotmail.com</a> address. Your email address on your résumé should reflect the name at the top of your résumé or a variation of it (e.g. <a href="mailto:jonlithstein@gmail.com">jonlithstein@gmail.com</a>; <a href="mailto:jlithstein@me.com">jlithstein@me.com</a>; <a href="mailto:jon.lithstein@outlook.com">jon.lithstein@outlook.com</a>). If you have a popular name chances are the obvious choices will be taken. Try putting your last name first, using a middle initial, or periods in between names. </div> <div> </div> <div> <div>Also, I recommend creating an email address just for your job search. This is a great idea if you are like me and you receive 37 mailing list emails before breakfast. Setting up a new email address and adding it to your smartphone is simple; it also enables you to set up different alerts on your phone. Having a new message alert every time you receive something to your job search account will keep you on top of communication. </div> <div> </div> <div><u>Phone Number</u>: List your cell phone. This is 2013, people. Make sure you have a professional greeting message, and for the love of God get rid of your P. Diddy ringback tone from 2007. </div> </div> <p><u>Address</u>: It is a good idea to list your mailing address if you are applying for positions local to you. If you are applying to opportunities in another city, it is best to leave your address off. I’ll explain how you address this issue in the next section. If you are concerned about privacy, leave it off altogether.</p> <p><u>Certifications</u>: List no more than two next to your name. You will highlight everything on your résumé, but you don’t need your certifications list to be longer than your name at the top. </p> <div></div> <div><u><strong>Career Objective</strong></u></div> <div>If there is a controversial section of a résumé, this would be it. Proponents like to say that it enables the candidate to succinctly describe what they’re looking for a new position. Isn’t this obvious by the fact that you are submitting a résumé in the first place?? </div> <div> </div> <div> <div><u>When to state a career objective</u></div> <div>1. You are applying to positions in another city. Quickly explaining why you are living in Chicago but applying to a position in Dallas will keep you in the running. Be specific -- “actively in the process of moving to Dallas” is better than “interested in a career in Dallas.” Show the initiative that you are moving to Dallas come hell or high water and regardless of whether the company hires you or not. And if you’re not hell bent on Dallas but the job description is your dream job? Sell it anyway - the objective is to get an interview instead of some person down the block from the company. </div> <div> </div> <div>2. You are trying to change career paths. I am not referring to going from public accounting to accounting manager at a private company. I’m referring to the “I’m an auditor but want to be an analyst at a fund” types. In this economy, a career change is still very much a stretch. Express your interest in doing so here. You will also want to tailor your job experience details to be in line with the “stretch” opportunity as much as possible.<br /> </div> </div> <div><u>The Risk</u> <br />Candidates oftentimes half-ass this section. It’s not entirely their fault, you see. Be too general -- “I am looking for an accounting position with a financial services firm” -- and you just wasted three lines of spacing on your résumé to state the obvious, wasting the time and patience of the recruiter. Be too specific and it might turn off the hiring manager. </div> <div> </div> <div>If you are using a headhunter, they will most likely tell you not to use an objective. This is because they don’t have the time to tweak it every time you apply for a different position through them. If you plan to go the headhunter route, don’t waste your breath coming up with a career objective on your résumé.</div> <div> </div> <div> <div><u>The Reward</u></div> <div>It’s minimum, really. When used correctly in a targeted fashion as I described above, it can keep your candidacy alive. However, you will never hear that someone got the job because, “Oh, they had a stellar career objective.”</div> </div> <p><u style="line-height: 1.538em;"><strong>Work Experience</strong></u><br /><span style="line-height: 1.538em;">You’re a big kid now. </span><span style="line-height: 1.538em;">I don’t care what your university career services professional told you -- do not list your education first. This made sense when you were still on campus, but even if you’ve been in the workforce for a year you are now a professional. List your professional work experience first.</span></p> <div> </div> <div> <div>If you have have been at your firm for a number years, it is important to make your loyalty to the firm crystal clear. Remember, oftentimes the first time your résumé is “reviewed” it is only scanned by the recruiter’s eye <a href="http://www.google.com/url?q=http%3A%2F%2Fwww.huffingtonpost.com%2F2012%2F03%2F23%2Fresume-tips-for-post-50s_n_1372705.html&sa=D&sntz=1&usg=AFQjCNEcncgnUdRSh2OgzZWteY5In9hTVQ" target="_blank">for a matter of seconds</a>. Too many times I see a manager’s résumé break out every position with dates in such a way that to the quick (albeit irresponsible) reviewer it can look like they had three different jobs in seven years. </div> <div> </div> </div> <p>You have two options. The popular method is to only list your current position. If you started with E&Y right after college and you are now a senior manager, it will be obvious that you grew and were promoted over the previous several years. Your bullet points will detail your most recent and relevant work experience, and they will end with more of the outdated tasks you were responsible for at one point. There is no reason to list out that you were an associate from 2002 to 2004; don’t waste your breath. </p> <p>The second option is to list out job responsibilities for each position you’ve held. I don’t recommend this style, since it is can complicate the résumé and take up necessary space. </p> <div><u>What if you changed practices?</u><br />Detail each on their own. If you started at KPMG in tax but moved to audit, separate the two in such a way that the change is clear, however do not list KPMG as two different employers.</div> <div> </div> <div>Example: </div> <div> <div> </div> <div><strong>DOs and DO NOTs</strong>:</div> <ul> <li>DO use bullet points.</li> <li>DO not use run-on sentences or paragraphs.</li> <li>DO list your performance rankings as I talked about last week.</li> <li>DO highlight accomplishments.</li> <li>DO NOT use firm-specific acronyms.</li> <li>DO NOT refer to yourself with “I” or “me.” This is your résumé.</li> <li><span style="line-height: 1.538em;">DO list your clients as they are relevant to the employers you are applying to. If you are paranoid about this, use a description of your client. </span></li> <li><span style="line-height: 1.538em;">DO NOT be paranoid - your clients will be discussed in interviews.</span></li> <li><span style="line-height: 1.538em;">DO keep your punctuation consistent; end every bullet point with a period or do not - just don’t mix and match.</span></li> <li><span style="line-height: 1.538em;">DO not use present tense when describing your previous employer experience: use past tense grammar.</span> <div></div> </li> </ul> <div><u><strong>Education and Certifications</strong></u></div> <div>Group them together. Like so:</div> <div></div> </div> <p><u style="line-height: 1.538em;">Education</u><br /><span style="line-height: 1.538em;">Keep it brief.</span></p> <ul> <li>List your college(s) and degree(s) earned. List them with the most recent degree first.</li> <li>List your GPA if it is 3.5 or higher and/or you earned academic honors. Also list academic honors if applicable.</li> <li>If you graduated in the last decade, I suggest listing the month and year of graduation. </li> </ul> <div> </div> <div><u>Certifications</u></div> <div>Be specific. <span style="line-height: 1.538em;">If you fall under the tax or audit umbrellas, chances are great that you will be asked about your CPA status. Leave no room for doubt by devoting a line or two on your </span>résumé<span style="line-height: 1.538em;"> to it.</span></div> <div> </div> <div><u>If you are certified</u>:</div> <div>CPA Certified, State of Illinois </div> <div> </div> <div><u>If you are working on passing the CPA</u>:</div> <div>CPA Status: successfully passed two parts; actively pursuing remaining parts.</div> <div> </div> <div><em>Make it known that you are actively working on the exam</em>. This is better than leaving doubt in the recruiter’s mind.</div> <div> </div> <div><u>If you are not studying for the CPA</u>:<br />What the hell are you waiting for? Get on it. I don’t want to hear the “it won’t be relevant in my next job because...” speech. I’m telling you -- the job market is tight -- your competition coming out of public is every peer of yours that is also looking to bail from their respective Big4 ship. If I’m an HR rep and I have 15 résumés on my desk, I can easily widdle the pile to eight if I remove the candidates that are not certified or are not working on it. </div> <div> </div> <div> <div><u><strong>Personal and Professional Organizations</strong></u></div> <div>This is a section that allows you to briefly mention organizations that you are currently or once were affiliated with. This section should be brief but personal - it allows you to highlight things close to you.</div> </div> <p>Example:<br /></p> <div><u>Pointers</u>:</div> <ul> <li>Use bullet points</li> <li>List the dates of your involvement</li> <li>List: </li> <li>Memberships in relevant professional organizations</li> <li>Collegiate Greek Life involvement</li> <li>Collegiate varsity or other professional athletic involvement</li> <li>Community or church involvement that you are comfortable sharing</li> <li>Volunteer work you are currently participating in (like a mentorship program)</li> <li>Do not list: </li> <li>Several lines of detail for each position</li> <li>Every club or activity you participated in during college</li> <li>Anything related to high school</li> </ul> <div> </div> <div> <div><u><strong>Formatting, formatting, formatting</strong></u></div> <div>It's more of a deal breaker than you think. Did you miss that? <span style="line-height: 1.538em;">I can not stress this enough -- FORMATTING IS VERY IMPORTANT. Everything needs to be the consistent -- the size, type and formatting of your “Work Experience” label better match that of “Education and Certifications.” The best way to check formatting is to print off your </span>résumé<span style="line-height: 1.538em;"> and a review it as a hard copy. It’s amazing what your eye will catch on paper that you glossed over on the screen. I also suggest having someone else review it. You will have looked over your </span>résumé<span style="line-height: 1.538em;"> dozens of times by the time you have a final copy. Having a fresh pair of eyes review it for grammar, spacing, and formatting. </span></div> <div> </div> <div><strong><u>Miscellaneous Items</u></strong></div> <div><u>What about listing character traits at the top?</u><br />No, unless you are desperate to fill space. If you are desperate to fill space, you’re better off adding more to your work experience section. So, still no. </div> <div> </div> <div><u>What about system knowledge?</u><br />List systems that are universal. Being a master of PwC’s T&E systems is not a relevant system. Being proficient in Excel (v-lookups, macros) could be something you want to list under your work experience. Yes, the common thing to do is list skills out separately, but as a recruiter I find it much more efficient if you list them under on your job experience. This allows me to know where you earned the experience. </div> <div> </div> <div><u>What about listing my interests?</u><br />Space provided, I always suggest listing a few things. Keep them professional, honest, and make sure they are actual interests. Don’t list skydiving as a hobby if you did it once while you were in Vegas for your buddy’s bachelor party. Do you pack your own chute and are active base jumper? Cool, list it. As with anything else on your résumé, be prepared to hold a conversation about what you list here. </div> <div> </div> <div><u>What about the line “references available upon request?”</u><br />Don’t waste the space. It’s a given that you will be able to provide references. I’ll cover references in a future post. </div> <div> </div> <div><u>Do I need to stick to one page?</u><br />You don’t need to, but oftentimes it’s possible. If you have been at one firm since graduation and you are a manager or below, I don’t see the need to for two pages. If you are looking to move to your third company, chances are you a</div> <div> </div> <div><u>What about white space?</u><br />Do not be afraid of white space. Starting with 1” margins all around give you a strong foundation. If you need to adjust the bottom to .75” in order to fit onto one page, so be it. Try to avoid a résumé that has .25” spacing or less for margins - often times it will not print correctly, plus things just look too crammed at that point. </div> <div> </div> <div><u>PDF or Word?</u><br />I suggest converting your Word version into a PDF. This removes all risk in the formatting changing when the employer opens it on their end. </div> <div> </div> <div><u>How often should I update my </u>résumé<u>?</u><br />If you try to update your résumé every quarter but only do so every six months, you’re still ahead of the game. The more often you can, the better. </div> <div> </div> <div><u><strong>In closing...</strong></u></div> <div>These are just guidelines. At the end of the day, your résumé needs to reflect you. That said, it’s just a piece of paper and its purpose is to get you an interview. Keep these guidelines in mind when creating your résumé and capturing your skillset.</div> <div> </div> <div>What have you found to be helpful when editing your résumé? Share your thoughts below.</div> </div> <p> </p> </div></div></div> </article> <article> <h1>Companies Wanting More Liabilities on Their Balance Sheets Will Love the New Lease Accounting Proposal</h1> <p>Caleb Newquist — Thu, 16 May 2013 18:30:57 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><a href="http://uk.reuters.com/article/2013/05/16/uk-accounting-leases-idUKBRE94F0R420130516" target="_blank">What's that you say</a>, Hans? <em>No one</em> wants more liabilities on their balance sheet? </p> <blockquote><p>"Obviously, this standard is not a very popular one," IASB chief Hans Hoogervorst said in a conference call. "Generally, companies like off-balance-sheet financing" and the standard will put an end to a major part of it, he said.</p> </blockquote> <p>Well, that's a drag, isn't it? Never mind that it's financial reporting reality to include future obligations in the <em>liabilities section of the balance sheet</em>. But reality is terribly inconvenient thing because there is $1.5 trillion of operating leases sitting off-balance sheet, according to the U.S. Chamber of Commerce and real estate groups who HATE this proposal. </p> <p>Luckily, they've got one man on the Hill who could afford some time out of his busy day to express his outrage and suggest the SEC get involved:</p> <blockquote><div>At least one politician swiftly condemned the plan.</div> <div> </div> <div>Representative Brad Sherman, a Democrat of California, who serves on the U.S. House of Representative Financial Services Committee, said the plan would "substantially harm small businesses and throw a real monkey wrench in the real estate economy.</div> <div> </div> <div>Sherman, who spoke at a Securities and Exchange Commission hearing on a wide range of issues, urged the SEC to intervene in the accounting proposal.</div> </blockquote> <div>Maybe if we're lucky, this IRS thing will keep everyone distracted until next year when the final standard will be issued. </div> <div> </div> <div><a href="http://uk.reuters.com/article/2013/05/16/uk-accounting-leases-idUKBRE94F0R420130516" target="_blank">Global accountants stick to plan for leases on balance sheets</a> [Reuters]</div> <div><strong>Earlier: </strong><a href="http://goingconcern.com/post/itll-be-nothing-short-miracle-meaningful-lease-accounting-reform-become-reality" target="_blank">It'll Be Nothing Short of a Miracle for Meaningful Lease Accounting Reform to Become Reality</a><br /> </div> <div> </div> </div></div></div> </article> <article> <h1>Survey: Working Moms in Accounting Firms Could Have It Much Worse</h1> <p>Caleb Newquist — Thu, 16 May 2013 16:56:10 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><a href="http://blogs.vault.com/blog/workplace-issues/results-from-vaults-working-parent-survey/" target="_blank">Our friends at Vault</a> are still cranking out surveys and last week they debuted a new one that focused on working parents. Now, I don't have kids so I suppose that disqualifies me from commenting on juggling a professional life and trying to rear a helpless baby into something that slightly resembles a human being and, therefore, I really don't have much say in what accounting firms should or should not be doing to make that juggling act a little easier, but to hell with that. </p> <p>Seems like everything is fine anyway because<span style="line-height: 1.538em;"> working moms at accounting firms have it pretty good compared to a lot of industries:</span></p> <blockquote><p><strong style="line-height: 1.538em;">On a scale of 1 to 10, how accommodating is your employer of working mothers?</strong></p> </blockquote> <blockquote><div>(Women who work in) Accounting: 7.66</div> <div>Finance & Banking: 6.96</div> <div>Education: 6.758 </div> <div>Law: 6.45 </div> <div>Consulting: 6.44</div> </blockquote> <div>Jesus, lawyers just can't win. </div> <div> </div> <div>Of course it's important to remember that work-life balance it takes a bit of effort. It's hilarious when people talk about a great work-life balance at their firm but then never go on vacation or use any of the perks offered to them. Flex-time -- the most prevalent benefit -- is a good example of a benefit that is only as useful as you make it. Sure, it might be easier to insist on using it since there's a brand new human in your house that can't eat, communicate, sleep regular hours, or get after that list of chores without your help, but<span style="line-height: 1.538em;"> still! It's one thing to say, "I'm on a flex-schedule," and it's a completely another to make it a reality. I've seen women on 30 hour flex-week schedules working 60 hours a week. And who's fault is that? It's not like the rest of the team was in as much need of a clean diaper as the babies at home. (Well, maybe a couple.)</span></div> <div> </div> <div><span style="line-height: 1.538em;">HOWEVAH, the big takeaway from Vault's working parent survey is that if you work at an accounting firm, your situation could be worse. </span><span style="line-height: 1.538em;">Like the 21% of firms</span><a href="#footnote1" name="fn1" style="line-height: 1.538em; background-color: rgb(255, 255, 255);" id="fn1"><sup>1</sup></a><span style="line-height: 1.538em;"> that don't offer paid maternity leave. Or the 10% of firms that don't even offer UNPAID maternity leave. Or the 23% of firms that don't offer flex-time options at all. Just think of the lack of sleep!</span></div> <div> </div> <div>So you've got it better than most, accounting moms; just don't forget to <em>work</em> that work-life balance. Think of it this way -- if you take your flex-time as serious as you take blowing up your Facebook feed with pictures, then you'll be just fine.</div> <div> </div> <div><a href="http://blogs.vault.com/blog/workplace-issues/results-from-vaults-working-parent-survey/" target="_blank">Vault's Working Parent Survey: Do Women Even Want It All?</a> [Vault]</div> <div> </div> <div><a href="#fn1" name="footnote1" id="footnote1"><small><sup>1</sup></small></a><small> <em><span style="line-height: 1.538em;">Law: 26%; </span><span style="line-height: 1.538em;">Accounting: 14%; </span><span style="line-height: 1.538em;">Consulting: 10%; </span><span style="line-height: 1.538em;">Education: 8%; </span><span style="line-height: 1.538em;">Banking/Finance: 5%; </span><span style="line-height: 1.538em;">Healthcare: 5%; </span><span style="line-height: 1.538em;">Human Resources: 5%; </span><span style="line-height: 1.538em;">Technology: 5%; </span><span style="line-height: 1.538em;">Nonprofit: 3% -- Yes, this <strong>is</strong> a useful footnote.</span></em></small></div> </div></div></div> </article> <article> <h1>Accounting News Roundup: The New Lease Accounting Exposure Draft Is Here; PCAOB Deal with China?; This Accountant Love KFC More Than You | 05.16.13</h1> <p>Caleb Newquist — Thu, 16 May 2013 13:25:09 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><strong>IASB and FASB Propose Changes to Lease Accounting</strong> [<a href="http://www.fasb.org/cs/ContentServer?c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FNewsPage&cid=1176162614474" target="_blank">FASB</a>, <a href="http://www.fasb.org/cs/BlobServer?blobkey=id&blobnocache=true&blobwhere=1175826935767&blobheader=application%2Fpdf&blobcol=urldata&blobtable=MungoBlobs" target="_blank">ED</a>]<br />The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) today published for public comment a revised Exposure Draft outlining proposed changes to the accounting for leases. The proposal aims to improve the quality and comparability of financial reporting by providing greater transparency about leverage, the assets an organization uses in its operations and the risks to which it is exposed from entering into leasing transactions.</p> <p><strong>Significant Changes Proposed in Lease Accounting</strong> [<a href="http://dealbook.nytimes.com/2013/05/16/significant-changes-proposed-in-lease-accounting/" target="_blank">NYT</a>]<br />Under the proposal, issued jointly by the international board, which sets rules for many countries around the globe, and by the Financial Accounting Standards Board, which writes the United States rules, [e.g.] an airline entering into a lease for a plane would show an asset of the right to use the plane and an equal liability based on the current value of the lease payments it has promised to make. That accounting would be similar to what it would show had it borrowed money to buy the plane.</p> <p><strong>Camp Statement on Miller Resignation</strong> [<a href="http://waysandmeans.house.gov/news/documentsingle.aspx?DocumentID=334105" target="_blank">Ways and Means</a>]<br /><span style="line-height: 1.538em;">“The American people should be able to trust and have faith that, not only the IRS, but that the tax code will treat them fairly. This resignation does nothing to change the culture of discrimination at the IRS. And, it certainly does nothing to change the fact that the tax system is targeting honest, hardworking taxpayers instead of working for them. There are still far too many unanswered questions and until we know what truly happened, we cannot fully fix what is wrong. This Committee wants the facts, and the American people deserve answers to why they were targeted on the basis of their political beliefs. The IRS has demonstrated a culture of cover up and has failed time and time again to be completely open and honest with the American people. This investigation will continue so Congress can ensure that no taxpayer is unfairly targeted. </span><span style="line-height: 1.538em;">The Committee and the American people deserve honest answers from Mr. Miller at our hearing this Friday."</span></p> <div><span style="line-height: 1.538em;"><strong>Possible PCAOB deal</strong> [<a href="http://www.chinaaccountingblog.com/weblog/possible-pcaob-deal.html" target="_blank">China Accounting Blog</a>]<br />It sounds like the PCAOB is going to have take a crappy deal: "</span><span style="line-height: 1.538em;">I expect the agreement will be announced as part of the Strategic and Economic Dialogue between the U.S. and China scheduled to take place in early July. Once the SEC gets the requested working papers, I expect it will dismiss the case against the firms. That removes the most urgent risk that the accounting firms might lose the right to practice. Accordingly, this agreement likely removes the risk that U.S. listed Chinese companies will be delisted. </span><span style="line-height: 1.538em;">For the PCAOB, the agreement is a painful compromise. There is no deal allowing for inspections. But the protocol might allow working papers to be shipped to the PCAOB in the U.S. for inspection, presumably after being redacted for state secrets. That is a poor substitute for on the ground inspections. I believe that the PCAOB is facing significant political pressure to accept this deal."</span></div> <div> </div> <div><strong>Google Denies Misleading Parliament Over U.K. Tax Liabilities</strong> [<a href="http://www.bloomberg.com/news/2013-05-16/google-denies-misleading-parliament-over-u-k-tax-liabilities.html" target="_blank">Bloomberg</a>] <div>Matt Brittin, vice president for sales and operations in northern and central Europe for the world’s most popular Internet search engine, said he stood by November testimony that the company pays taxes where it creates “economic value.” Lawmakers today tried to establish whether the company was closing sales in the U.K., making it liable for more tax. <span style="line-height: 1.538em;">“Nobody in the U.K. has had an opportunity to close a transaction with a customer,” Brittin told the cross-party Public Accounts Committee. “I stand by what I have said."</span></div> <div> </div> <div><span style="line-height: 1.538em;"><strong>IRS Delay in Disclosing Groups’ Scrutiny Focus of Probes</strong> [<a href="http://www.businessweek.com/news/2013-05-15/congress-focuses-on-irs-delay-in-disclosing-tea-party-scrutiny" target="_blank">BBW</a>]</span> <div>“My question is who’s going to jail over this scandal?” House Speaker John Boehner told reporters today. <span style="line-height: 1.538em;">“Someone made the conscious decision to harass and to hold up these requests for tax-exempt status,” said Boehner, an Ohio Republican. “Clearly someone violated the law.”</span></p> <p><strong style="line-height: 1.538em;">The <em>other</em> IRS scandal</strong><span style="line-height: 1.538em;"> [</span><a href="http://www.cjr.org/united_states_project/the_other_irs_scandal.php" style="line-height: 1.538em;" target="_blank">CJR</a><span style="line-height: 1.538em;">]</span><br /><span style="line-height: 1.538em;">David Cay Johnston lists a few, including: "Missing from much coverage is the relevant recent history—the role of the Supreme Court’s 2010 Citizens United decision and how it prompted a deluge of requests from new organizations seeking tax-exempt status under tax code Section 501(c)(4) as “social welfare” organizations—despite the fact that many of these are blatantly political operations."</span></p> <p><strong style="line-height: 1.538em;">KFC smugglers bring buckets of chicken through Gaza tunnels</strong><span style="line-height: 1.538em;"> [</span><a href="http://www.csmonitor.com/World/Middle-East/2013/0515/KFC-smugglers-bring-buckets-of-chicken-through-Gaza-tunnels?cmpid=addthis_twitter#.UZPfsZceyQt.twitter" style="line-height: 1.538em;" target="_blank">CSM</a><span style="line-height: 1.538em;">]</span><br /><span style="line-height: 1.538em;">For six years, Rafat Shororo longed for the taste of a KFC sandwich he had eaten in Egypt. This week, he got his finger lickin' fix at home in the Gaza Strip after a local delivery company managed to smuggle it from Egypt through underground tunnels. "It has been a dream, and this company has made my dream come true," says Mr. Shororo, an accountant, as he receives his order from the delivery guy.</span></div> </div> </div> <p> </p> </div></div></div> </article> <article> <h1>Acting IRS Commissioner Is Gonna Take Off Now</h1> <p>Caleb Newquist — Wed, 15 May 2013 23:03:52 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><a href="http://politicalticker.blogs.cnn.com/2013/05/15/read-the-irs-acting-commissioners-resignation-letter/?utm_source=twitterfeed&utm_medium=twitter" target="_blank">Steven Miller</a> figured it was time:</p> <blockquote><div>May 15, 2013</div> <div>The internal message to IRS Employees from Acting IRS Commissioner Steven T. Miller</div> <div> </div> <div>Dear Colleagues,</div> <div> </div> <div>It is with regret that I will be departing from the IRS as my acting assignment ends in early June. This has been an incredibly difficult time for the IRS given the events of the past few days, and there is a strong and immediate need to restore public trust in the nation's tax agency. I believe the Service will benefit from having a new Acting Commissioner in place during this challenging period. As I wrap up my time at the IRS, I will be focused on an orderly transition.</div> <div> </div> <div>While I recognize that much work needs to be done to restore faith in the IRS, I don't want anyone to lose sight of the fact that the IRS is comprised of incredibly dedicated and hard-working public servants. During my 25-year IRS career, I am profoundly proud to have worked alongside you and to be part of an institution that has worked hard to support the nation. I have strong confidence in the IRS leadership team to continue the important work of our agency.</div> <div> </div> <div>I want to thank everyone for all of their support and friendship during my career in government service. And I especially want to thank each and every one of you for your continued commitment to the nation's taxpayers.</div> <div> </div> <div>Steve</div> </blockquote> <div>[via <a href="http://politicalticker.blogs.cnn.com/2013/05/15/read-the-irs-acting-commissioners-resignation-letter/?utm_source=twitterfeed&utm_medium=twitter" target="_blank">CNN</a>]</div> </div></div></div> </article> <article> <h1>Footnotes: Camp Has More Questions; PCAOB Scholarship Falls in Student's Lap; Amazon's UK Taxes | 05.15.13</h1> <p>Caleb Newquist — Wed, 15 May 2013 21:56:12 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><strong style="line-height: 1.538em;">Camp: IG report raises as many questions as it answers</strong><span style="line-height: 1.538em;"> [</span><a href="http://thehill.com/blogs/on-the-money/domestic-taxes/299919-camp-ig-report-raises-as-many-questions-as-it-answers" style="line-height: 1.538em;" target="_blank">The Hill</a><span style="line-height: 1.538em;">]</span></p> <div><strong>Sarbanes-Oxley Compliance Costs on the Rise</strong> [<a href="http://www.accountingtoday.com/news/Sarbanes-Oxley-Compliance-Costs-Rise-66696-1.html" target="_blank">AT</a>]</div> <div> </div> <div><strong><a href="http://www.d.umn.edu/external-affairs/homepage/13/adamguck.html" target="_blank">This student</a> at the University of Minnesota Duluth got a $10,000 scholarship from the PCAOB and he didn't even apply for it</strong>. [UMD]</div> <div><strong>Texas Fertilizer Explosion Victims in No Mood to Pay Property Taxes</strong> [<a href="http://abcnews.go.com/Business/texas-fertilizer-explosion-victims-mood-pay-property-taxes/story?id=19176352#.UZP6UbXvuoQ" target="_blank">ABC</a>]</div> <div> </div> <div> <div><strong>Report: Florida has one the nation’s highest business tax burdens</strong> [<a href="http://miamiherald.typepad.com/nakedpolitics/2013/05/report-florida-has-one-the-nations-highest-business-tax-burdens.html" target="_blank">MH</a>]</p> <p><strong style="line-height: 1.538em;">Amazon's UK Unit Pays $3.7 Million In Taxes On $6.5 Billion In Sales</strong><span style="line-height: 1.538em;"> [</span><a href="http://www.huffingtonpost.com/2013/05/15/amazon-uk-taxes-2012_n_3277499.html?utm_hp_ref=business" style="line-height: 1.538em;" target="_blank">Reuters</a><span style="line-height: 1.538em;">]</span></div> </div> <p><strong>Former accountant stole more than $670K from St. Paul archdiocese</strong> [<a href="http://www.startribune.com/local/east/207589261.html" target="_blank">MST</a>]</p> <p><strong>EY Connect Day is this Friday</strong>. [<a href="http://www.prnewswire.com/news-releases/500-ernst--young-llp-professionals-donate-time-and-talent-to-raise-the-financial-iq-of-nyc-kids-207521091.html" target="_blank">E&Y</a>]</p> <p><strong>KPMG is moving into a new Knoxville office</strong>. [<a href="http://blogs.knoxnews.com/flory/2013/05/kpmg-moving-downtown.html" target="_blank">KNS</a>] </p> <p><strong>Seniors Charged for Drug, Prostitution Ring at Jersey Old Folks' Home</strong> [<a href="http://gawker.com/seniors-charged-for-drug-prostitution-ring-at-jersey-o-506838419" target="_blank">Gawker</a>]</p> </div></div></div> </article> <article> <h1>You Know the Convergence of Loan Loss Accounting Is in Sorry Shape When Banks Are a Voice of Reason</h1> <p>Caleb Newquist — Wed, 15 May 2013 20:22:00 +0000</p> <div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><span style="line-height: 1.538em;">Right now, the FASB and IASB are nowhere near agreeing on how loan loss accounting should be done and </span><span style="line-height: 1.538em;">fifteen (!!!) banks including Bank of America, JPMorgan, Citigroup, Morgan Stanley, and Wells Fargo would like the rulemaking bods to get their act together: </span></p> <blockquote><div>While we acknowledge the difficulty inherent in reconciling disparate points of view, we strongly <span style="line-height: 1.538em;">encourage the Boards to achieve convergence on what we believe is the most important MOU project. </span><span style="line-height: 1.538em;">Although we continue to support an event-driven accounting framework for recognizing credit losses </span><span style="line-height: 1.538em;">consistent with the proposal previously provided by members of the US banking industry</span><span style="line-height: 1.538em;">, we </span><span style="line-height: 1.538em;">acknowledge the need for a balanced approach that will broadly appeal to numerous constituents. While </span><span style="line-height: 1.538em;">a converged standard may not necessarily lead to fully comparable results in practice, the differences </span><span style="line-height: 1.538em;">between the models proposed by the Boards are far too great and will generate vastly different results. </span><span style="line-height: 1.538em;">Ultimately, we believe compromise will be necessary by both Boards in order to achieve a converged </span><span style="line-height: 1.538em;">credit impairment standard. We strongly encourage the Boards to renew their cooperation on this </span><span style="line-height: 1.538em;">critically important matter. </span></div> </blockquote> <div>Did you read that? The banks concede that <em>other companies</em> -- maybe even those outside financial services! -- may have concerns on this issue and therefore, the Boards need to get to work so we can all move on with our lives.<span style="line-height: 1.538em;"> </span></div> <div> </div> <div>Get with it, you guys. I mean, the banks! Geez.</div> <div> </div> <div><span style="line-height: 1.538em;">[<a href="http://www.fasb.org/cs/BlobServer?blobkey=id&blobwhere=1175826921545&blobheader=application%2Fpdf&blobcol=urldata&blobtable=MungoBlobs" target="_blank">FASB</a> via <a href="http://www.accountingtoday.com/news/Banks-Urge-FASB-IASB-Agree-Credit-Loss-Impairment-Standards-66700-1.html" target="_blank">AT</a>]</span></div> </div></div></div> </article> <article> <h1>The AICPA Found That Crippling Student Loans Can Be a Real Drag</h1> <p>Adrienne Gonzalez — Wed, 15 May 2013 18:34:16 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p>The "duh" comes <a href="http://blog.aicpa.org/2013/05/student-debt-delays-spending-saving-and-marriage-infographic.html" target="_blank">from AICPA Insights</a>:</p> <blockquote><p>According to a new survey conducted for the AICPA by Harris Interactive, only 39% fully understood the burden student loan debt would place on the future and 60% have at least some regret over the choice of education financing. Furthermore, 75% have made a personal or financial sacrifice--such as delaying a home purchase and postponing marriage and children--because of monthly student loan payments. The <a href="http://www.aicpa.org/Press/PressReleases/2013/Pages/AICPA-Survey-Reveals-Effects-Regrets-Student-Loan-Debt.aspx" target="_self">press release</a> includes tips for parents and students on both saving for college and managing loan payments. The below <a href="http://www.360financialliteracy.org/" target="_blank">360 Degrees of Financial Literacy</a> infographic, <a href="http://www.360financialliteracy.org/Tools/Infographics/Realities-Regrets-of-Student-Debt" target="_blank">Realities & Regrets of Student Debt</a>, highlights the findings.</p> </blockquote> <p>And there's a nice fancy infographic to accompany it:</p> <p></p> <p>Of course, you guys decided to be financial professionals when you grew up so you don't have these kinds of problems. You save by wearing the same cheap blue shirt every other day, drive a 1995 Honda Accord and steal leftovers out of the office fridge to save a few bucks on lunch. Right?</p> </div></div></div> </article> <article> <h1>Joe Echevarria Was a Hipster Before It Was Cool</h1> <p>Caleb Newquist — Wed, 15 May 2013 17:50:27 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p>Before he was CEO of Deloitte, talking about <a href="http://goingconcern.com/post/god-deloitte-still-humblebragging-about-its-hiring-numbers" target="_blank">creating thousands of jobs</a>, talking to both <a href="http://tv.msnbc.com/2012/11/29/deloitte-ceo-white-house-chat-was-reassuring-and-constructive/" target="_blank">current</a> and <a href="http://goingconcern.com/2011/10/caption-contest-thursday-deloittes-shade-of-blue-looks-very-familiar" target="_blank">ex-Presidents</a>, and having <a href="http://goingconcern.com/post/deloitte-ceo-joe-echevarria-doesnt-want-hear-about-troubles-youve-had-selling-your-house" target="_blank">1%er problems</a>, Joe Echevarria admits that he had some "<a href="http://management.fortune.cnn.com/2013/05/14/tips-for-new-grads-deloitte/" target="_blank">rough edges</a>."</p> <p>He <s>group</s> grew up in the Bronx, attended the University of Miami (aka Suntan U.) and didn't have the personal hygiene and fashion sense necessary for an ambitious young accountant:</p> <blockquote><p>I had a big mustache and bad hair. Also, I had two suits, one brown and the other green polyester.</p> </blockquote> <p>Okay, so Joe E was a hipster before being a hipster was a thing. That's respectable. But it's not like he was trying to stick out like a sore thumb. No one had the heart to tell him that he needed a little makeover:</p> <blockquote><p>I had no social graces, either — I didn't know where the bread plate goes on a table, had never drunk coffee out of a cup with a saucer. It took me a long time to realize that these things matter in the corporate world. No one was willing to tell me.</p> </blockquote> <p>This got Joe the "low potential" label at Haskins & Sells (you probably never heard of them) for a while, but luckily he had a mentor who was able to steer him in the right direction:</p> <blockquote><p>I had a boss, a Hispanic woman, who gave me good advice. Right before I left on vacation, she said to me, "You're coming back without that mustache. You will never make it into management if you look like the Frito Bandito." I had never realized that was holding me back.</p> </blockquote> <p>And now he's shown all of you! </p> <p>However, the important question here is -- WHERE ARE THE PICTURES? WE MUST HAVE THEM. If you dig these treasures up, <a href="mailto:tips@goingconcern.com?subject=Joe%20Echevarria%20--%20Original%20Hipster">email them to us</a> immediately.</p> <p><a href="http://management.fortune.cnn.com/2013/05/14/tips-for-new-grads-deloitte/" target="_blank">A CEO's tips for new grads ... and everybody else</a> [Fortune]</p> </div></div></div> </article> <article> <h1>Recruiter Manages to Creep CPA Out Over Email</h1> <p>Caleb Newquist — Wed, 15 May 2013 16:37:00 +0000</p> <div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><span style="line-height: 1.538em;">As we tumble through the post-busy season spring, an untold number of recruiters are on the hunt for accounting professionals whose asses can fill the empty seats of their clients. Recruiters use a number of different tactics when pursuing talented accountants but </span><span style="line-height: 1.538em;">one of the trickiest parts of this cat and mouse game has to be cold calling candidates. The obvious goal for any recruiter to sound like you've got something enticing to share with Jim or Jane, CPA but not come on so strong that you give him or her the creeps. </span></p> <div><span style="line-height: 1.538em;">Recently a tipster shared with us an email sent by a recruiter who successfully accomplished neither of those things:</span></div> <blockquote><div>From: [Recruiter]</div> <div>Date: Fri, May 10, 2013</div> <div>Subject: [Candidate], I'm interested in you</div> <div>To: [Candidate]</div> <div> </div> <div><span style="line-height: 1.538em;">[Candidate],</span></div> <div> </div> <div>Your career is impressive. I'm compelled to reach out to you.</div> </blockquote> <div>Right off the bat you get a bad feeling. At least for our reader who wrote us, "You need to start a column entitled the creepy things recruiters say."</div> <div> </div> <div>And I can kinda see why this is a little weird. Usually when some opens with "I'm interested in you," that's code for "I'm interested in you with your clothes off." Maybe that's just me. Pretty much <em>any other subject line</em> would have successfully not weirded this person out.</div> <div> </div> <div>Anyway, it's funny because the rest of the email is pretty standard non-creep stuff:</div> <blockquote><div>I'm also fortunate to lead a team of highly successful professionals. Passionate about opening new career doors for people like you. Doors to opportunities that help move you forward toward realizing your goals professionally and personally.</div> <div> </div> <div>Our specialty is public accounting. We have contacts with over 5000 firms in every region of the US. Managing Partners who are glad to pay our referral fee, because the outstanding professionals we refer, also help them move forward toward realizing their goals.</div> <div> </div> <div>Our first step is to speak. Tell us what's important to you.</div> <div> </div> <div>We're ready to listen - when is convenient for you?</div> <div> </div> <div>Best regards,</div> <div>[Recruiter]</div> </blockquote> <div>Like I said, standard. But that opening? Probably need to take another look at that.</div> <div> </div> <div>Anyone else ever get weird vibes from recruiters over email? <a href="mailto:tips@goingconcern.com?subject=Creepy%20Recruiter%20Emails">Share them with us</a>.</div> </div></div></div> </article> <article> <h1>Accounting News Roundup: The Inspector General's IRS Report; Olympus Is Back in Black; Tax-exempt Org Returns Are Due | 05.15.13</h1> <p>Caleb Newquist — Wed, 15 May 2013 13:21:41 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><strong>Inspector General’s IRS Report: Highlights, Full Text</strong> [<a href="http://blogs.wsj.com/washwire/2013/05/14/inspector-generals-irs-report-highlights-full-text/" target="_blank">WSJ</a>, <a href="http://electionlawblog.org/wp-content/uploads/201310053fr-revised-redacted-1.pdf" target="_blank">Report</a>]<br />The Internal Revenue Service used “inappropriate criteria” to review applications from tea party and other groups seeking to qualify as tax-exempt “social welfare” organizations, according to a government watchdog report that offers the clearest picture to date on a practice that began at least as early as 2010. The report found that while some work began right away on applications that presented potential “significant campaign interventions,” no work was completed on the majority of these applications for 13 months, while agents awaited guidance from the tax-exempt office headquarters.</p> <p><strong>Treasury Report: The IRS Owes Apologies to More Than Just Tea Party Groups</strong> [<a href="http://www.theatlanticwire.com/politics/2013/05/treasury-report-irs-owes-apologies-more-just-tea-party-groups/65233/" target="_blank">Atlantic</a>]<br />The concerns are threefold. The first is that IRS employees established an unfair process for flagging applications for additional review. The second is that the review process itself took an exceptionally long time. The third is that requests for additional information from applicants was handled improperly.</p> <p><strong>Carney Says White House Not Involved in IRS Targeting Groups</strong> [<a href="http://www.bloomberg.com/news/2013-05-14/carney-says-white-house-not-involved-in-irs-targeting-groups.html" target="_blank">Bloomberg</a>]<br />“I am certainly not aware and am confident that no one here was involved in this,” Carney said.</p> <p><strong>Those exempt organization returns are due today.</strong> [<a href="http://rothcpa.com/2013/05/tax-roundup-5152013-those-exempt-organization-returns-are-due-today/" target="_blank">Tax Update</a>]<br />Joe Kristan reminds us.</p> <p><strong>Olympus books profit as it shrugs off accounting scandal</strong> [<a href="http://www.globalpost.com/dispatch/news/afp/130515/olympus-books-profit-it-shrugs-accounting-scandal#4" target="_blank">AFP</a>]<br /><span style="line-height: 1.538em;">Japan's Olympus said Wednesday it swung to an annual net profit as it turns the page on a huge accounting scandal, adding that it expects profits to more than triple in the current fiscal year. </span><span style="line-height: 1.538em;">The camera and medical equipment maker said net profit for the year to March was 8.02 billion yen ($78 million), reversing a year-earlier loss of 48.99 billion yen. Sales were worth 743.85 billion yen, down 12.3 percent. </span><span style="line-height: 1.538em;">The firm's return to profitability came as it rebuilds from a scandal for which several former executives are facing criminal charges.</span></p> <p><strong style="line-height: 1.538em;">Would You Pay $2 Million for This Painting of Naked Bea Arthur?</strong><span style="line-height: 1.538em;"> </span><strong style="line-height: 1.538em;">[NSFW]</strong><span style="line-height: 1.538em;"> [</span><a href="http://gawker.com/would-you-pay-2-million-for-this-painting-of-naked-bea-506571160?utm_campaign=socialflow_gawker_twitter&utm_source=gawker_twitter&utm_medium=socialflow" style="line-height: 1.538em;" target="_blank">Gawker</a><span style="line-height: 1.538em;">]</span><br /><span style="line-height: 1.538em;">This reminds me of how much liked the movie Airheads.</span></p> <div> <div> <p><strong>House Holds Hearing Today on Small Business and Pass-Through Entity Tax Reform</strong> [<a href="http://taxprof.typepad.com/taxprof_blog/2013/05/house-holds-.html" target="_blank">TaxProf</a>]<br />Maybe <a href="http://goingconcern.com/post/irs-scandal-has-made-long-odds-passing-tax-reform-even-longer" target="_blank">I spoke</a> to soon.</p> </div> <div><strong>Same-sex marriage opponents to file suit against IRS</strong> [<a href="http://thehill.com/blogs/on-the-money/domestic-taxes/299713-same-sex-marriage-opponents-to-file-suit-against-irs" target="_blank">The Hill</a>]</div> </div> <div> <div>The National Organization for Marriage (NOM) announced Tuesday that it planned to sue the Internal Revenue Service (IRS), accusing it of leaking confidential tax documents to a political rival. <span style="line-height: 1.538em;">The group, which opposes same-sex marriage, said it was yet another victim of the IRS's targeting of conservative groups, accusing the agency of leaking confidential tax documents to the same-sex marriage advocacy group the Human Rights Campaign (HRC).</span></p> <p><strong style="line-height: 1.538em;">Rich Manhattan moms hire handicapped tour guides so kids can cut lines at Disney World</strong><span style="line-height: 1.538em;"> [</span><a href="http://www.nypost.com/p/news/local/manhattan/disney_world_srich_kid_outrage_zTBA0xrvZRkIVc1zItXGDP" style="line-height: 1.538em;" target="_blank">NYP</a><span style="line-height: 1.538em;">]</span><br /><span style="line-height: 1.538em;">The “black-market Disney guides” run $130 an hour, or $1,040 for an eight-hour day. </span><span style="line-height: 1.538em;">“My daughter waited one minute to get on ‘It’s a Small World’ — the other kids had to wait 2 1/2 hours,” crowed one mom, who hired a disabled guide through Dream Tours Florida. </span><span style="line-height: 1.538em;">“You can’t go to Disney without a tour concierge,’’ she sniffed. “This is how the 1 percent does Disney.” </span><span style="line-height: 1.538em;">The woman said she hired a Dream Tours guide to escort her, her husband and their 1-year-old son and 5-year-old daughter through the park in a motorized scooter with a “handicapped” sign on it. The group was sent straight to an auxiliary entrance at the front of each attraction.</span></div> </div> <p> </p> </div></div></div> </article> <article> <h1>Footnotes: There Are More Opinions on This IRS Drama Than Low-Level Staffers in Cincinnati | 05.14.13</h1> <p>Adrienne Gonzalez — Tue, 14 May 2013 22:00:28 +0000</p> <div class="field field-name-field-image field-type-image field-label-hidden"><div class="field-items"><div class="field-item even"></div></div></div><div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><strong>Florida Atlantic University accounting grads once again have a 100% employment rate post-graduation</strong> [<a href="http://articles.sun-sentinel.com/2013-05-13/business/fl-fau-accounting-graduates-20130513_1_fau-grant-thornton-2013-class" target="_blank">SunSentinel</a>]</p> <p><strong>A former PwC partner in Northern Ireland who took a break from work due to stress and depression did not win his bid to overturn a ruling that he suffered disability discrimination</strong> [<a href="http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/expartner-of-accounting-firm-fails-in-disability-discrimination-appeal-29266190.html" target="_blank">Belfast Telegraph</a>]</p> <p><strong>If you're anywhere near Long Island and, like many, a <a href="http://twitter.com/gregkyte" target="_blank">Greg Kyte</a> fanboy stalker, head over to the Laughing Devil Comedy Festival tonight to see him do what he does best when he isn't not writing here. Kyte's on at 8. </strong>[<a href="http://www.laughingdevil.com/devilfestival/comedians.cfm" target="_blank">Laughing Devil</a>]</p> <p><strong>Peter J Reilly thinks if the IRS would just stick to collecting taxes, everything will be cool</strong> [<a href="http://www.forbes.com/sites/peterjreilly/2013/05/14/let-the-irs-stick-to-collecting-taxes/" target="_blank">Forbes</a>]</p> <p><strong>Under GW Bush, the IRS went after some "liberal" groups as well</strong> [<a href="http://www.salon.com/2013/05/14/when_the_irs_targeted_liberals/" target="_blank">Salon</a>]</p> <p><strong>Justice Dept. Opens Criminal Inquiry Into I.R.S. Audits</strong> [<a href="http://www.nytimes.com/2013/05/15/us/politics/facing-trio-of-crises-white-house-dodges-questions.html?_r=0" target="_blank">NY Times</a>]</p> <p><strong>There Is No Good Fix for the IRS Tea Party Problem</strong> [<a href="http://www.bloomberg.com/news/2013-05-13/there-is-no-good-fix-for-the-irs-tea-party-problem.html" target="_blank">Bloomberg</a>]</p> <p><strong>The Real I.R.S. Scandal</strong> [<em>T]he scandal isn’t what’s illegal—it’s what’s legal. It’s what society chooses not to punish that tells us most about the prevailing ethical standards of the time. Campaign finance operates by shaky, or even nonexistent, rules, and powerful players game the system with impunity. A handful of I.R.S. employees saw this and tried, in a small way, to impose some small sense of order. For that, they’ll likely be ushered into bureaucratic oblivion.</em> [<a href="http://www.newyorker.com/online/blogs/comment/2013/05/irs-scandal-tea-party-oversight.html" target="_blank">New Yorker</a>]</p> <p><strong>Oh, and in case you missed it, this has nothing to do with accounting but one of the greatest social media meltdowns of all time is happening as we speak, don't miss it.</strong> [<a href="https://www.facebook.com/amysbakingco" target="_blank">Facebook</a>]</p> </div></div></div> </article> <article> <h1>IRS Can Expect More Than Standard Level of Unwanted Attention for the Immediate Future</h1> <p>Caleb Newquist — Tue, 14 May 2013 21:19:00 +0000</p> <div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even"><p><em>In what is the most serious escalation yet of the revelations surrounding the agency, Holder said the Justice Department and the Federal Bureau of Investigation would examine whether any laws were violated at the IRS, which has acknowledged that it selected groups with the words “tea party” and “patriot” in their names for special audits. <span style="line-height: 1.538em;">“The FBI is coordinating with the Justice Department to see if any laws were broken in connection with those matters,” Holder said in announcing the investigation. “We are examining the facts to see if there were criminal violations.” </span></em><span style="line-height: 1.538em;"><em>The criminal probe ensures that the IRS will be the subject of intense attention for the foreseeable future. </em>[<a href="http://www.washingtonpost.com/business/economy/holder-orders-fbi-justice-probe-of-irs/2013/05/14/7891fde6-bcc0-11e2-9b09-1638acc3942e_story.html#" target="_blank">WaPo</a>]</span></p> </div></div></div> </article> </main></body></html>