Latest Articles

  • How to test an organization’s cybersecurity risk management program

    By:
    Joel Lanz, CPA/CITP, CFF, CISA, CISM, CISSP, CFE
    |
    Mar 23, 2015
    The audit committee season is now under way, and though first-quarter meetings usually focus on financial statement matters, there’s a good chance that the client’s ability to effectively mitigate cybersecurity risk will come up for discussion. 
  • IRS guidance offers relief for small businesses on HRAs, Form 3115

    By:
    Chris Gaetano
    |
    Mar 23, 2015
    Amid warnings of severe processing delays at the IRS this tax season, the preparer community got a pleasant surprise in February, when the service released new guidance offering relief from two tax provisions that CPAs considered particularly onerous.
  • Working on an estate tax return?

    By:
    Anthony J. Cooper, J.D.
    |
    Mar 19, 2015
    Late-filing penalties for estate tax returns are frequently used as grounds for professional liability claims against CPAs, in large part because of their cost: Given the steeply progressive tax rates for estate tax and rapidly accruing penalties, these can exceed $300,000.
  • For NYSSCPA members, tax season help is just a click or call away

    By:
    Staff Report
    |
    Mar 17, 2015
    Having trouble getting answers this tax season? Two highly interactive—and free—member benefits may lead you to the clarification or guidance you need: the technical hot­line, run by volunteers from more than 41 NYSSCPA technical committees, and Exchange, the Society’s social networking platform, which members often use to crowdsource their tax season challenges.
  • Society supports FASB proposal on practical expedient-valued investments

    By:
    Chris Gaetano
    |
    Mar 16, 2015
    The NYSSCPA expressed support for a proposal by the Financial Accounting Standards Board (FASB) that, if approved, would make it easier to consistently categorize investments in the fair value hierarchy. 
  • NYSSCPA agrees with limited partnership plan, but not retrospective application

    By:
    Chris Gaetano
    |
    Mar 11, 2015
    Though the NYSSCPA largely agreed with a Financial Accounting Standards Board (FASB) proposal meant to resolve certain inconsistencies in how earnings within master limited partnerships (MLP) are handled, it did raise concerns about the board’s plan to implement these changes retrospectively. 
  • Carry It Forward

    By:
    |
    Mar 9, 2015
    Last month, I told you that the Society was hard at work thinking of a fitting way to honor David J. Moynihan, the NYSSCPA’s 2009–2010 president. Since Dave passed away in January, so many of us had the same question: How do we continue his legacy? Dave was a man of action as well as ideas, a big-picture thinker who never shied away from rolling up his sleeves. As an organization, we knew that whatever we did to pay homage to him would have to embody those same characteristics.
  • NYSSCPA Award Winner Builds Bridge Between Business And Academia

    By:
    CHRIS GAETANO
    |
    Feb 3, 2015
    A. Rief Kanan, the winner of this year’s Dr. Emanuel Saxe Outstanding CPA in Education Award, has always had one foot in the academic world and another in the business world—a balancing act that has benefited both his students and the companies he works with. 
  • Society Offers Suggestions on Foreclosed Properties Proposal

    By:
    CHRIS GAETANO
    |
    Feb 2, 2015
    The NYSSCPA generally agreed with a proposal from the Financial Accounting Standards Board (FASB) that would standardize the treatment of foreclosed properties when they’re backed by a loan from the U.S. Department of Housing and Urban Development (HUD), but said that the guidance should be applied well beyond the residential developments that were the focus of the exposure draft. 
  • Changing with the times

    By:
    |
    Dec 12, 2014
    When people think of CPAs, they think of unbiased, responsible, trustworthy advisers. But more and more, we need to add another adjective to our skill set: nimble. Our profession has undergone a tremendous amount of change in the last decade—the kind that leaves no room for rigidity or small thinking. Success today is tied to the ability to be adaptable, to interpret and navigate shifts even as we stay true to our core principals. 

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