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Join Us in Greeting and Congratulating the Newest Members of the NYSSCPA!

The Latest From Our Publications

Read the October 2016 Issue on


Our focus this month is on taxes, and our features and departments cover a wide array of unique and unusual circumstances. Going beyond the bread-and-butter issues, tax advisors can sharpen their knowledge of these issues, which can be invaluable to taxpayers who find themselves in just such a scenario.

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  • Two Mistakes to Avoid When Following Up
    Aug 19, 2016
    If you’re a networking pro, you know the importance of having a network of professionals you can reach out to, and how beneficial it can be to have a network that’s constantly growing. Of course, adding people to your contacts list isn’t enough – you have to follow up with them, stay in contact so that they remember you exist. If you’re comfortable with doing that, that’s great! But sometimes the way you follow up can backfire on you. The Daily Muse offers a couple mistakes to avoid the next time you send out a friendly “staying in touch” type email: 
  • Three Things to Consider Before Accepting a Friend Request from a Coworker
    Aug 16, 2016
    Becoming friends with your coworkers can have numerous positive effects, including more successful teams and an improved office culture. Grabbing the occasional happy hour after work with coworkers can also add positivity to your work. Still, while there are a number of benefits to cultivating friendships with your coworkers, there are a few things you should consider before accepting a friend request from a coworker. Here they are, from Forbes:
  • Four Reasons You Should Consider Declining a Job Offer
    Aug 12, 2016
    Especially if you’ve been job hunting for a while, it can be easy to rationalize taking a position that you might not be 100% happy with. But unless you’re really desperate and need to pay the bills, taking a job that isn’t a good fit for you might be the worst decision you could make. Here are five reasons from Time that you might want to reconsider accepting that job offer:
  • Social Security Wage Base To Grow 7 Percent
    Oct 20, 2016
    The maximum amount of wages subject to the Social Security tax will be growing by 7 percent in 2017 according to a recent announcement from the Social Security Administration. 
  • Wells Fargo Troubles Deepen As It Faces ID Theft Probe, Racial Profiling Accusations
    Oct 20, 2016
    Just because its CEO stepped down doesn't mean Wells Fargo's problems are going away. Indeed, it appears that authorities are just getting started. Authorities in California, are alleging that the bank racially profiled immigrants for its phantom accounts and, in a separate case, that it engaged in criminal identity theft in creating these accounts.  
    Oct 19, 2016

    NYSSCPA Members in the News

    SEC and Anti-Money Laundering Conferences           
    CPA conferences to cover regulatory issues
    Westfair Communications
    Accountants can catch up on the latest regulatory issues at two day-long forums in Manhattan. The New York State Society of CPAs is presenting an SEC conference on Oct. 25 and an anti-money laundering conference on Oct. 27. The SEC conference will cover effective disclosure in financial reporting, strategies for defending Securities and Exchange Commission enforcement actions and current regulatory issues. Speakers include Craig Olinger of the SEC, Cullen Walsh of the Financial Accounting Standards Board and Claudius Modesti of the Public Company Accounting Oversight Board.

    Oct 17, 2016

    NYSSCPA Members in the News

    The CPA Journal
    Firm News – Oct. 14, 2016
    Accounting Today
    The CPA Journal, the New York State Society of CPAs monthly accounting magazine, has been named a finalist for the 2016 Folio: Eddie & Ozzie Awards in the “Association/Non-Profit Business to Business - Full Issue” Category for its June 2016 issue.

    Oct 14, 2016

    Accounting and Financial News Stories

    Fed Officials Concerned by Rising Corporate Leverage
    Wall Street Journal
    Federal Reserve officials are concerned about rising corporate borrowing levels, minutes from the Fed’s most recent meeting show. In minutes to the Fed’s late September policy meeting, released Wednesday, a few participants of the Federal Open Market Committee worried some corporations are using ultralow rates to do more than their usual borrowing.

  • A Brief Update on Filing Requirements for U.S. Citizens Living Abroad and Resident Aliens in the United States
    Oct 1, 2016

    Who has to file Form 1040NR? Form 1040NR may need to be filed if a specified individual is a nonresident alien engaged in a trade or business in the United States, represented a deceased person who would have had to file Form 1040NR, or represented an estate or trust that had to file Form 1040NR. See the form’s instructions for more information.

  • 2016 New York Tax Update: Highlights and Lowlights
    Oct 1, 2016

    This article covers recent updates and developments in the New York State and City tax areas.

  • Proposed Regulations Under IRC Section 2704
    Oct 1, 2016

    On Aug. 2, 2016, the U.S. Department of the Treasury and the IRS issued proposed regulations under IRC Section 2704 (the “Proposed Regulations”) that, if enacted in its present form, might significantly curtail the ability of taxpayers to claim valuation discounts for both lack of control and lack of marketability in family-controlled entities. 

  • Why the Estate Tax Should Concern Us All
    Oct 1, 2016

    During the week of Aug. 7, presidential candidates Hillary Clinton and Donald Trump revealed their respective tax policies in major speeches to partisan audiences. While the presentations contained such jargon as marginal rates, inversions, and expenditures, the programs can be summarized as follows: Corporate America—along with the wealthy—will bear the brunt of Mrs. Clinton’s progressive agenda in the form of higher taxes, while these two groups would see their taxes reduced under a Trump regime. This is the choice Americans face in November.

Carry It Forward

Internal Audit Committee