APRIL 15: Not Just Tax Day

It’s also the anniversary of the sinking of the Titanic in 1912.

titanic2.jpg

And you thought taxes were bad?

April 15, 2008: Something to Celebrate Today

There’s more to appreciate in life than just the best Tax Season season ever.

Debbie Lessin, CPA (bio)
D. J. Lessin & Associates, Inc.
Chicago, IL

I learned many years ago to manage my time and client load, stick to deadlines and know when to cut it off. I left the office at 5:00 PM last night with all the returns picked up and all extension checks in the office, including the one sent to the wrong suite in the building (I moved from there over 12 years ago), that I figured that we’d never see and I’d have to cover. All that’s left for this morning is to do the 4/15 extension ritual. I am writing from home when I am usually in the office already. I know I am done. READ MORE →

Top 10 Auditor Liability Settlements

Will the subprime mess cost auditors as much as the savings-and-loan crisis of the 1980′s?

Too early to tell. But the S&L debacle cost auditors close to $1 billion in settlements and sped the contraction of the Big Eight into today’s Final Four.

In the first quarter of this year, PwC settled three lawuits — Metropolitan Mortgage and SmarTalk Teleservices, each for about $30 million, and Crocus venture capital, for $6.1 million, according to Public Accounting Report.

But those settlements don’t come close to any of the record payouts.

Here are the top 10 CPA firm lawsuit settlements of all time, according to PAR:

1. $456 million: KPMG — Tax shelter clients. August 2005.

2. $400 million: E&Y — Savings and loan failures. November 1992.

3. $335 million: E&Y — Cendant. December 1999.

4. $312 milllion: Deloitte — Savings and loan failures. March 1994.

5. $298.5 million: E&Y — Cendant. December 2007.

6. $250 million: Deloitte — Fortress Re. September 2005.

7. $225 million: PwC –Tyco. July 2007.

8. $217 million: Andersen — Baptist Fund of Arizona. March 2002.

9. $210 million: Deloitte — Adelphia. November 2006.

10. $186.5 million: KPMG — Savings and loan failures. August 1994.