Brutal economic conditions unsurprisingly hit global accounting giant Deloitte Touche Tohmatsu this year.

The firm reports that revenue for fiscal 2009 (which ended May 31) fell 4.9% from the year before, settling at $26.1 billion. A decline in deal flow and the economic downturn around the world are cited as the primary reasons for the performance. Only the consulting business posted a gain. At the same time, Deloitte's workforce grew globally by 40,000 to 169,000, but the net increase masks a turbulent year for the employees.

Continue reading Deloitte revenue down, employees up ... mystery behind the numbers

Deloitte revenue down, employees up ... mystery behind the numbers originally appeared on BloggingStocks on Mon, 26 Oct 2009 14:40:00 EST. Please see our terms for use of feeds.

Wesley Snipes, the unlikely face of the tax denial movement, has been acquitted of the most serious charges in his tax evasion case. He was found guilty of three of six lesser charges and could face up to three years in prison. He will also have to pay as much as $17 million in back taxes, interest, and penalties.

A jury found him not guilty on two felony charges of fraud and conspiracy, and other charges related to failing to file and pay taxes from 2002 to 2004. However, he was found guilty of failing to file returns or pay taxes from 1999 through 2001.

However his co-defendants, tax advisers, were convicted of the more serious charges, a sign that "I was just listening to my advisers" defense can work.

According to the New York Times, "Instead of prosecuting all offenders, the Justice Department brings cases against well-known individuals, hoping that widespread news coverage will encourage compliance, a policy known as general deterrence. The Snipes prosecution, like the three earlier cases that resulted in full acquittals, appears to have backfired."

The failure to convict Snipes on the most serious charges will probably embolden tax deniers. The feds had been looking to make a strong statement about the importance of paying taxes and appear to have failed miserably.

Wesley Snipes cleared of most serious charges in tax case originally appeared on BloggingStocks on Sun, 03 Feb 2008 08:40:00 EST. Please see our terms for use of feeds.