• Study: Female Business Owners 20 Percent Less Likely to Be Approved for Bank Loans

    By:
    Chris Gaetano
    |
    Oct 23, 2017
    A recent study found that while 50 percent of all business owners in general were able to get a bank loan approved over the last three months, when looking only at female-owned businesses, that number drops to 30 percent. 
  • Data Finds People Working Longer, Living Less

    By:
    Chris Gaetano
    |
    Oct 23, 2017
    Recent statistics released by the Society of Actuaries has found that people are retiring later even as life expectancy is getting shorter. 
  • IRS to Block Returns Missing Obamacare Info

    By:
    Chris Gaetano
    |
    Oct 20, 2017
    The IRS said it will be suspending or blocking any return filed for the 2017 tax year that is missing information about the taxpayer's health insurance status.
  • Speaker: New Recession Could Come in 5-7 Years

    By:
    Chris Gaetano
    |
    Oct 19, 2017
    Lester Wigler, a senior portfolio manager and financial adviser with Morgan Stanley, said that a number of financial indices show that the global economy is still growing, so don't worry about a worldwide recession in the next three to five years. The next five to seven years, though, are another story. 
  • Speaker: New Paid Family Leave Law Can Be Challenging But Employers Can Protect Themselves

    By:
    Chris Gaetano
    |
    Oct 19, 2017
    Frank Kerbein, the director of the Center for Human Resources at the Business Council of New York State and a speaker at the Foundation for Accounting Education's Oct. 18 Business and Industry Conference, said that the state's new paid family leave law will be challenging for employers, but there are ways for employers to mitigate the impacts. 
  • Speaker: Misconceptions Often Mean Contractors Leave Money on Table

    By:
    Chris Gaetano
    |
    Oct 19, 2017
    James Lundy Jr., a partner with Marcum LLP's Construction Industry Practice group and a speaker at the Foundation for Accounting Educations Oct. 19 Construction Contractors Conference, said that many contractors miss opportunities to lower their tax bills because of misconceptions about how certain programs can apply to their industry, particularly where it concerns deferred taxation. 
  • Panel: Construction Contractor Firms Keep Succession Planning in Mind

    By:
    Chris Gaetano
    |
    Oct 19, 2017
    As in CPA firms, leaders in the construction industry tend to skew older, which means many are wrestling with questions of how they can best ensure continuity of leadership and a continuing flow of high-quality younger employees interested in working in that field. 
  • IRS Reconsiders Equifax Contract

    By:
    Chris Gaetano
    |
    Oct 17, 2017
    The IRS has decided that it may not have been a good idea to hire Equifax, recently the subject of a data breach that impacted potentially 40 percent of the U.S. population, to verify taxpayer identities. 
  • California Carves Out Special Tax Apportionment Rules for Space Travel

    By:
    Chris Gaetano
    |
    Oct 17, 2017
    The state of California added "space transportation," that is the movement of people or property into space, to the list of unusual industries subject to special apportionment rules for determining how much income the state can tax. 
  • Regulatory Roundup: Oct. 11-17

    By:
    Chris Gaetano
    |
    Oct 17, 2017
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.
  • IRS to Revisit How It Processes Private Letter Rulings

    By:
    Chris Gaetano
    |
    Oct 16, 2017
    The IRS warned practitioners that it plans to reconsider how it processes certain private letter rulings, and may issue new guidance to that effect. 
  • Nominations for Society‚Äôs Board of Directors Due Jan. 2

    By:
    NYSSCPA Staff
    |
    Oct 16, 2017

    Are you interested in serving on the NYSSCPA’s Board of Directors? The Society’s Nominating Committee is accepting submissions of interest by members to fill key leadership positions on the NYSSCPA’s Board of Directors. Terms begin on June 1, 2018. The deadline to submit a nomination is Tuesday, Jan. 2.

  • Study Finds Bad News is Best Delivered Directly, Clearly

    By:
    Chris Gaetano
    |
    Oct 16, 2017
    If you've got to deliver bad news to someone, perhaps an employee who didn't get the raise or promotion they've been angling for, a recent study has found that you shouldn't sugar coat anything or beat around the bush: just tell it to them straight. 
  • Trump Signs Executive Order Ending Obamacare Subsidies

    By:
    Chris Gaetano
    |
    Oct 13, 2017
    Donald Trump has signed an executive order that ends billions of dollars in cost sharing reduction payments to insurers, a move that upends a key component of the Affordable Care Act, which could increase premiums by as much as 20 percent. 
  • Equifax Page Taken Down After Found to Be Running Malware

    By:
    Chris Gaetano
    |
    Oct 13, 2017
    Recent visitors to the Equifax web site may have found themselves face to face with a shady popup telling them that they should update Adobe Flash, a well-known vector for malware that later investigation found was due to a third party website infected with malicious code. 
  • Study: Men Given Testosterone Generate Price Bubbles, Overvalue Assets More Than Those With Placebo

    By:
    Chris Gaetano
    |
    Oct 12, 2017
    A recent study that gave some men testosterone and others a placebo found that, when buying and selling financial assets to earn real money, those who got the hormone were more likely to generate price bubbles and overvalue assets than those who got the placebo. 
  • SEC Proposes Disclosure Simplification Rules as Part of FAST Act

    By:
    Chris Gaetano
    |
    Oct 12, 2017
    The Securities and Exchange Commission has released draft rules that aim to simplify public company disclosures as mandated in the FAST Act, a transportation funding bill that also contained securities law-related measures. 
  • Study: Swiss Sewers Flush $2 Million Worth of Gold Annually

    By:
    Chris Gaetano
    |
    Oct 11, 2017
    A recent study has found that about 95 pounds of gold, $2 million worth at current prices, is flushed through the Swiss sewage system every year. 
  • NYS Peer Review Bill Sent to Governor

    By:
    Chris Gaetano and Ruth Singleton
    |
    Oct 11, 2017
    Legislation that would mandate peer review for all CPA firms in the state that do attest work, has today gone to the governor for final approval. Affected firms will have 18 months to have a completed peer review.
  • FASB Makes Long-Awaited Nonprofit Proposal

    By:
    Chris Gaetano
    |
    Oct 10, 2017

    The question of whether a transaction should count as an exchange or a contribution—and whether a contribution is conditional or unconditional—is one that has long challenged not-for-profit accountants, with no real consensus as to the proper treatment. A new proposed accounting standards update, issued on Aug. 3 by the Financial Accounting Standards Board (FASB), aims to end this ambiguity by providing a consistent methodology. While it’s relevant mainly for nonprofits, if approved, it would apply to every entity that receives or makes contributions of cash and other assets. 

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