Outsourcing firms and the paradox of time-travel: Multinational facilities management and construction firm Carillion imploded spectacularly in 2017, and went into compulsory liquidation in January of this year. Carillion’s directors and auditors (KPMG) are currently the subject of multiple investigations into financial misconduct. What does this have to do with time travel? “Carillion effectively ‘pulled income from the future’ when they booked profit based on forecasts and estimates…” [Sheffield Political Economy Research Institute]
“When accountants start time traveling, it’s time for a new system.” Robin McAlpine, director of Common Weal, presents an argument for keeping the Big Four out of public policy-making. Whether or not you agree with him, he makes an entertaining case. [CommonSpace]
Bill Gates feels he and other billionaires should be paying more in taxes, not less. No word yet on what Jeff Bezos thinks about this idea. (We’d ask Elon Musk, but he’s too busy designing a time machine to comment…or is he?) [CNN]
“Back in Time:” This 367-year-old bond is still paying interest. [YouTube].
Is a tax refund good news? Maybe not. What seems like a windfall to a taxpayer looks more like an interest-free loan to the IRS. [CNBC]
ICYMI: The time travelling dietician! [YouTube]
The Wake-Up Call is The REM Cycle’s bimonthly compilation of newsworthy articles pertaining to taxation, accounting, and life in general. Got a hot tip? Email us at REMCycle@rem-co.com.