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Press Release

CPAs want Cuomo to jumpstart NY business with real tax reform and spending cuts

Alonza Robertson
Published Date:
Jan 20, 2015

NEW YORK - (January 20, 2015) New York certified public accountants want Governor Cuomo’s new state agenda to focus on tax reform, spending cuts, infrastructure development and business development incentives, according the results of an annual economic survey conducted by the New York State Society of CPAs and Siena College Research Institute.

The sluggish pace of New York’s economic recovery was the overall assessment of the 30-question survey, nysscpa.org/cpasurvey2014 - conducted in November and December 2014. The 601 CPAs that responded to the poll work in public accounting, private industry, non-profitorganizations, government agencies and educational institutions.


Some 68 percent of those CPAs who responded said last year’s corporate tax reform changes have provided little to no change in their clients' tax burden, 66 percent said it's unlikely that businesses not now located in New York will be motivated to relocate or expand here due to the tax reform package or while 45 percent say business conditions have not improved or about the same as six months ago. Those poll number mirror the sentiment and predictions of CPAs to the same question posed in 2013.

Still many continue to hope for the best. The majority of those surveyed– 45 percent of whom self-identified as leaders with more than 20 years experience working as CFOs, directors, presidents, partners and business owners - said they remain optimistic that 2015 will be better for a year for New York businesses. The survey results come one day before Cuomo's annual State of the State address where he is expected to propose several new initiatives including a major boost to the state's minimum wage rate to $11.50 from $8.75 per hour.

“The results of our economic outlook survey should come as no surprise to New Yorkers,” said NYSSCPA President Scott M. Adair. Our government leaders continue to focus on the state's tax structure and our survey identified this as a crucial piece to improving the state's economic outlook.”

In terms of growing and shrinking economic sectors here in New York State, CPAs identified a number of clear winners and losers. When asked to choose what sectors they see potential for growth, CPAs ranked the financial (47 percent) and medical (45 percent) industries at the top choices. Industries CPAs expect to struggle to attain profitability in the coming years were identified as manufacturing and retail.

In terms of their clients, 83 percent of CPAs say that New York State taxes are having either a somewhat (44 percent) or very (39 percent) serious impact on how they do business. Some 61 percent of respondents felt the state’s recently-enacted corporate tax reform package will not have any effect on their clients. Other topics the CPAs weighed in on include the state of audit quality, tax inversions, workplace diversity and succession planning for accounting firms.

Of the 601 NYSSCPA members who responded to this year’s survey, 65 percent work for a public accounting firm, 24 percent work in private industry, 5 percent work for a non-profit organization and 2 percent each work for either a governmental agency or an educational institution.


Incorporated in 1897 and now representing more than 28,000 CPAs, the NYSSCPA is a not-for-profit organization that represents the issues, standards and public services efforts of certified public accountants who practice in New York State; encompassing all areas of public practice, government, education, business, and industry. Visit the Society’s website at nysscpa.org for more information.