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Red Hat’s CFO talks about major tax-reform needs in the US (CFO.com)
Red Hat CFO Frank Calderoni believes major tax reform is long overdue in the US.
In an opinion piece for CFO.com, Calderoni says billions of dollars would be reinvested in the US economy and new growth would be discovered if four major efforts were undertaken by US officials.
“The last time there was a major overhaul of US tax law was in 1986, and since then, our corporate tax system has become outdated and non-competitive,” Calderoni explains.
Among his suggestions is a “significant” lowering of US tax rates for businesses. Calderoni says this would free up resources and lead to more investment dollars and improved corporate expansion.
Home Depot CFO to fix Interline’s reporting and refinance coming debt (Wall Street Journal)
Home Depot CFO Carol Tomé added $US1.7 billion in annual revenue to the books with the July 22 acquisition of Interline Brands Inc.
Tomé said one of her first focuses with the new brand is to close its books at a faster rate. “It takes [Interline] three weeks to close the books,” she told The Wall Street Journal. “I’m going to fix that.”
Home Depot will report Interline results in arrears, but Tomé said the maintenance and repair products for the distributor’s fiscal year will “ultimately be in lockstep with its own.”
Home Depot purchased Interline for just over $US1.6 billion. The company used $US1.5 billion in new debt, bringing its balance sheet to $US20.9 billion in total debt.
“$US3 billion of 10-year notes, bearing 5.4% interest, will come due in March. Home Depot plans to refinance the debt prior to maturity,” Tomé told The Journal.
Women at smaller accounting firms are advancing faster (Journal of Accountancy)
A new survey from AICPA finds that women at smaller accounting firms are more likely to move into a partnership role than women working for the big four accounting companies.
The AICPA’s CPA Firm Gender Survey found that women hold 43% of the partnership positions at firms employing two to 10 CPAs and 39% at firms with 11 to 20 CPAs. When a company employs 21 to 99 CPAs that number drops drastically to 27%, and then to 20% for firms with 100 or more CPAs.
There is some good news for women at bigger firms. Deloitte LLP named Cathy Englebert as its CEO earlier this year, and KPMG followed suit by electing Lynne Doughtie as its CEO and US chairman.
While speaking at the Bank of America Banking & Financial Services Conference on Tuesday, Goldman CFO Harvey Schwartz was asked why his bank hadn’t been more aggressive in cutting back on the company’s fixed income division.
“We are very committed to it because when we’re with clients whether they are transacting on a particular day or not, it doesn’t matter to us. We know this service is important to them,” Schwartz said.
“There are still going to be asset managers, there are still going to be bonds created, there are still going to be hedge funds in the world, there are still going to be clients globally who need to hedge, [there is] asset liability management,” he added.
Goldman is making changes, it is just doing it quietly, Business Insider reports.
“We’ve cut head count [in] fixed income by more than 10% since 2013,” Schwartz said.
Schwartz went on to explain why his company hasn’t felt the need to openly advertise those cuts.
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