NEWS HIGHLIGHTS FOR MONDAY - 5.23.16

By:
Maya Lindsay
Published Date:
May 23, 2016

NYSSCPA Members in the News

Dionne Warwick Serenades New York CPA
Accounting Today
Chart-topping singer Dionne Warwick sang for the New York State Society of CPAs at the NYSSCPA Foundation for Accounting Education’s annual gala Thursday evening, raising funds for young students interested in entering the accounting field. The gala raised funds in support of the NYSSCPA’s Career Opportunities in the Accounting Profession (COAP) program, a college readiness program that helps students of color enter the accounting profession, where they have been historically underrepresented.

Other Accounting and Finance News 

Bitcoin Catches On With Gold Bugs
Wall Street Journal
Kanishka Sukumar, a consultant who works in midtown Manhattan, says his parents often stash money in gold for safekeeping. But the 24-year-old thinks there is a better place for his savings. "In times of financial turmoil, I would prefer to see a portfolio full of bitcoin,” said Mr. Sukumar, who holds about one-third of his wealth in the digital currency.

Here's What You'll Pay for Social Security and Medicare Tax in 2016
The Motley Fool
One of the first things you notice when you get your first paycheck is that your take-home pay is less than your wage or salary would suggest. That's because part of your earnings gets withheld to cover taxes, and a big part of that withholding goes toward Social Security and Medicare taxes.

The High Cost of Ultralow Interest Rates
Wall Street Journal
At last, the Federal Reserve is sending signals that an interest-rate increase might come next month. That’s good, but a modest bump up, following the one in December, won’t be enough. The sooner the Fed moves from near-zero interest rates—and negative interest rates, the latest central-banker fad—the better. These policies are toxic for financial stability.

6 Tips for Retaining Millennials
Accounting Today
With the accounting profession in the midst of a staffing crisis, retaining staff at all levels is a major concern for accounting firms – but they’re finding it particularly difficult to keep Millennials, who often don’t seem to respond to the traditional retention tools.  This slideshow shares six tactics for keeping your Millennials on side, from Bruce Tulgan, founder and CEO of RainmakerThinking Inc. and author of the recent Not Everyone Gets a Trophy: How to Manage the Millennials.

Investors Check Out of Europe
Wall Street Journal
Fund managers are pulling cash out of European equity and debt markets in response to concerns about the continent’s fractious politics, ultralow interest rates and weak banks, and relentless economic malaise. Investors have sold exchange-traded funds tracking European shares for nearly 15 weeks—the longest stretch since 2008—according to UBS Group AG.

Goldman Sachs and Deutsche Bank shareholders revolt against pay deals
TheGuardian
Goldman Sachs has suffered a stinging rebuke over pay from its investors just hours after shareholders in rival Deutsche Bank rejected its remuneration plans outright. A third of investors who voted on Goldman’s pay plans opposed them, despite chief executive Lloyd Blankfein accepting his first pay cut in four years, from $24m (£16.5m) to $22.6m.

Click here to see more of the latest news from the NYSSCPA.