Latest Articles

  • Survey: NYSSCPA Members See Clear Value in Society Committees

    By:
    Nereida Gomez and Keith Lazarus
    |
    Aug 3, 2015
    You join for the networking, appreciate the opportunity to sharpen your technical skills and see it as a chance to give back to the profession. Those are just a few of the reasons why members said they serve on one or more of the NYSSCPA’s 61 technical committees, when polled by the Society in May. The survey drew responses from nearly 100 members who work in public practice for small, medium and large firms; for-profit companies in industry; and as sole practitioners. The NYSSCPA plans to use the results to make enhancements to committee administration and to establish new statewide groups. 

  • DOL Moves to Take EBP Audit Standards Setting from AICPA

    By:
    Chris Gaetano and Colleen Lutolf
    |
    Jul 28, 2015

    The U.S. Department of Labor (DOL) is calling for federal legislation that would allow the U.S. Secretary of Labor to establish standards for employee benefit plan (EBP) audits, as well as require additional education for the CPAs who perform them. The call comes after a recent agency study found that 39 percent of EBP audits contained major deficiencies. The study, issued in May, examined 400 of the 81,162 EBP audits filed by approximately 7,300 firms in 2011. Audits were categorized by the size of a firm’s employee benefit plan audit practice, which the DOL pointed out was not necessarily reflective of the size of the firm overall.

  • Speaker: As World of Estate Planning Changes, Firms Must Change, Too

    By:
    Chris Gaetano
    |
    Jul 28, 2015

    The world of estate planning is changing rapidly, as firms face a smaller client pool and stiffer global competition. But according to Jonathan G. Blattmachr, a speaker at the FAE’s recent Estate Planning Conference, there are ways to navigate the shift and even leverage it. Blattmachr, whom the New York Times has called “one of the nation’s most influential estate tax lawyers,” is a principal at Pioneer Wealth Partners.

  • Four Best Practices for Responding to Data Theft

    By:
    Randy R. Werner, CPA, J.D., LL.M./TAX
    |
    Jul 24, 2015

    An external auditor was brought in to audit the financial statements of a multistate grocery store chain. During the engagement, he uploaded payroll and pension plan data for some 5,000 employees onto his laptop, which he planned to encrypt once he got back to his office. On his way there, he stopped for lunch at a restaurant and left his laptop in the car. When he returned, the doors had been unlocked and the computer was missing.

  • IRS Hoping to Use Web to Meet Budget Challenges, But Security an Issue

    By:
    Chris Gaetano
    |
    Jul 24, 2015
    Fresh off a tax season that the IRS itself has characterized as miserable, with the strapped service able to field just a fraction of the calls it received, an official speaking at the Foundation for Accounting Education’s IRS Practice and Procedures Conference said the agency was trying to find ways to work better with its diminishing resources.
  • CPA Roundtable

    By:
    Chris Gaetano
    |
    Jul 23, 2015

    The NYSSCPA’s NextGen Conference for new and aspiring CPAs takes place later this week. In your opinion, what do up-and-comers in the profession agonize about needlessly? Conversely, what areas should they probably give more thought to? Here's what some CPAs had to say. 

  • When Are New York CPAs Considered to be “Active” Practitioners? (And What Are Their CPE Responsibilities?)

    By:
    Jennifer Winters, CPA
    |
    Jul 21, 2015
    Understanding at what point CPAs are considered to be “active” and when they have continuing professional education (CPE) responsibilities can sometimes be a bit of a challenge for those New York CPAs who are no longer working in a public accounting firm—whether they have retired, taken an accounting or financial position in an enterprise outside a public accounting firm, or simply left accounting altogether and have entered a new profession.
  • Have You Considered Serving on the Society’s Nominating Committee?

    By:
    John J. Lauchert, CPA, NYSSCPA Secretary/Treasurer
    |
    Jul 15, 2015

    Are you interested in helping to select who will serve on next year’s NYSSCPA Board of Directors? If so, consider serving on the Society’s Nominating Committee. This year’s 11-person Nominating Committee will be recommending a president-elect, four vice presidents, a secretary/treasurer, five at-large directors and directors from the Mid Hudson, Northeast, Queens/Brooklyn, Rockland and Utica chapters. These nominees are then presented to the membership in a proxy/ballot that is sent out in April.

  • Three Risk Management Concerns Your Firm Should Address

    By:
    Randy R. Werner, CPA, J.D., LL.M./TAX
    |
    Jul 14, 2015

    The fundamental principles of risk management for CPAs have remained remarkably consistent over the years, despite the variety and complexity of changes that continue to take place in regulatory and professional standards. This constancy is mainly due to the high expectations the public has for CPAs. Their assumptions of how CPAs should conduct themselves affect the way CPAs are perceived in the world of professional liability, where jurors, judges and arbitrators generally have a limited understanding of the accounting profession.

  • NYSSCPA Weighs in on the Future of Peer Review

    By:
    Staff Reports
    |
    Jul 7, 2015
    The AICPA’s ambitious plan to revolutionize the 35-year-old peer review process with a near-real time engagement monitoring tool is being positioned to improve practice monitoring overall, but the NYSSCPA has identified some aspects of the proposal that need attention. 

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