Accounting News Roundup: Groupon Throws New Accounting Chief a Bone; Ex-Madoff Controller to Plead Guilty; IRS Volunteer Performance | 09.13.12
Investor fears over 'aggressive’ accounting [Telegraph]
Investors have raised concerns about the “aggressiveness” of companies’ financial statements, calling for auditors to investigate firms’ accounting policies. Shareholders question the usefulness of the accounts companies provide and want auditors to look at how judgment and accounting policies are applied, according to a survey from accountants PwC. [...] One investor surveyed said: “It would be very helpful to know where people push the boundaries. If all companies could be ranked in terms of aggressiveness or conservative accounting policies, as judged by their auditors, that would be helpful information.”
Groupon awards new accounting chief 281K shares [CT]
Brian Stevens will receive 281,030 shares to be exact.
Longtime Madoff Employee to Plead Guilty [NYT]
Irwin Lipkin, a former controller of Bernard L. Madoff Investment Securities LLC, will appear in Manhattan federal court on Thursday, prosecutors said in a letter to the judge. He will plead guilty to charges of conspiracy to commit securities fraud and falsifying documents, prosecutors told U.S. District Judge Laura Taylor Swain in the letter, which was dated Tuesday, September 11. The letter said Lipkin, 74, created "false financial records that were provided to BLMIS investors," false filings with the U.S. Securities and Exchange Commission and false statements required under a federal law that sets standards for pension plans.
Informer Sparked New York Probe
The information came from someone who approached Mr. Schneiderman's office between roughly nine months and a year ago, this person said. Under the state's False Claims Act, the attorney general can investigate alleged fraud against the state based on a whistleblower's allegations. The ongoing probe is examining whether partners at private-equity firms changed management fees into investment income to delay tax payment and pay less—or avoid taxes altogether. Some private-equity firms use so-called management-fee conversions, while other firms avoid them.
TIGTA: Tax Returns Prepared Through IRS's Volunteer Assistance Program had 51% Error Rate
That's not so good.
Chicago visitors pay the most travel taxes
Five years running, Chicago!
Suspect pulls gun on victim while having sex in a moving car
The incident began Sep. 2 when the victim and his two friends went to the Paddy Wagon Irish Pub in Port Charlotte. When the bar closed early Monday morning they invited two girls they met to one of the friend’s home on Atlas Street. One of the women and the victim went into a bedroom to have sex. The girl said she needed $250, which he said he didn’t have. She asked how much he had and he gave her $120. The victim then went to the bathroom and when he returned, found the two women had left the home. The victim had obtained the woman’s cell phone number earlier at the bar and called her; they agreed to meet at the Pick N Run store on Peachland Boulevard. When he got there he expected to meet the woman who took the $120. Instead, Linscott walked up to his Nissan Sentra and said the other girl ditched her. Linscott got into his car and as they drove off, he said she began touching him and having sex while he was driving. The victim told detectives she also said she needed money and he told her he already gave her friend $120 earlier. The victim said Linscott then put a .357 Taurus revolver to his head and demanded money. The victim grabbed the gun and a fight ensued in the moving car; he said he punched her in the head so she would release the gun. He told detectives he was in fear of his life and lost control of his car, struck a palm tree, went airborne and then ran across two front yards in the 1200 block of Dewhurst Street. Linscott got out and fled the scene.
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