Monday, March 25 – Tuesday, March 26
* American Institute of Certified Public Accountants’ workshop on fair value measurement of assets. New York.
* Figuring athletes’ taxes is, well, taxing. Callum Borchers – The Boston Globe. The complicating factor for pro athletes is not how much they earn — though they often make millions of dollars per year — but where they earn it. With few exceptions, athletes owe income taxes in every state where they play. Link
The answer to the moderator’s question was a resounding: yes. The question, asked to several credit hedge fund managers during a conference on Thursday, was: did you make money last year? In fact, the managers from Pine River, BlueMountain, Cerberus and Brevan Howard made a lot. But 2013 is not going to be so easy, they said.
* As Senate passes spending measure, stark budget views are on display in House. Jeremy Peters and Jonathan Weisman – The New York Times. House Republicans brought to a vote the budget proposed last week by Senate Democrats in the hope that they could divide their opponents’ ranks and put them on record supporting its $1 trillion in tax increases. Link
Wall Street is shrinking, but so are some of its bankers.
Eight years ago, Goldman Sachs Group’s Kishan Shah weighed 400 pounds and couldn’t find a suit that fit his 62” waist for a job interview. Now he’s 195 pounds, and he’s quitting Goldman to spread the gospel of healthy weight loss as chief executive of a chain of gyms for obese Americans.
By Matthew Goldstein
With money managers increasingly falling in love with their own voices and so many willing to give them a platform to air their thoughts, I’ve long thought it would be good if someone could come up with a Volubility Index that measured performance against the number of times someone was quoted or made some stock, bond, or market prediction.
* Albany near deal on budget, taxes. Erica Orden and Laura Nahmias – The Wall Street Journal. Gov. Andrew Cuomo and legislative leaders were close to reaching a deal to pay for about $700 million in new tax cuts or credits proposed by Republicans. Among the options debated: extending the so-called millionaires tax to raise money for other tax cuts. Link
* Tax credits or spending? Labels, but in Congress, fighting words. Annie Lowrey – The New York Times. In budget proposals put forward last week, both Democrats and Republicans called for scrubbing billions of dollars’ worth of the popular deductions, loopholes and credits that litter the tax code. But the two sides are sharply divided what should happen to any revenue raised. Link
Some important tax and accounting dates in the week ahead:
Sunday, March 17 – Wednesday, March 20
Tax Executives Institute mid-year conference features speakers including E. Ray Beeman, tax counsel and special adviser for tax reform to the U.S. House of Representatives Committee on Ways and Means, former U.S. Senator Olympia Snowe, and tax experts from the Organisation for Economic Co-operation and Development and the Internal Revenue Service. Washington.