NEWS HIGHLIGHTS FOR THURSDAY - 6.2.16

By:
Maya Lindsay
Published Date:
Jun 2, 2016

NYSSCPA Members in the News

F. Michael Zovistoski (Northeast)

NYSSCPA inducts F. Michael Zovistoski as 97th president, opens doors to non-CPAs
Accounting Today
The New York State Society of CPAs (NYSSCPA) inducted Albany CPA F. Michael Zovistoski, a partner at UHY, as its 97th president on May 19 at the NYSSCPA’s Foundation for Accounting Education (FAE) Moynihan Fund Gala, the Society announced this week. Zovistoski's one-year term begins June 1.

Other Accounting and Finance News

FDIC: Banks’ First-Quarter Results ‘Mixed’
Wall Street Journal
The nation’s commercial banks and savings institutions reported a 1.9% decline in net income in the first quarter, as institutions set aside funds to help cover future loan losses and as trading income at some large banks fell. Net income at the 6,122 banks insured by the Federal Deposit Insurance Corp. dropped $765 million, to $39.1 billion, in the first quarter, compared with a year ago, according to data released Wednesday by the FDIC.

IRS Chief Counsel Denies Basis Mitigation From Estate Tax Increase
Forbes
The Chief Counsel has issued advice (CCA 201622032) that may discourage taxpayers from settling on estate tax valuation.  Or maybe it is just a cautionary tale for advisors to better coordinate income and estate tax planning.  It is about basis and the statute of limitations.  Try to keep calm. Since we have an income tax, not a gross receipts tax, we only recognize a net number when we sell something.

Stocks Start June Near Break-Even
Wall Street Journal
The Dow Jones Industrial Average added just 2.47 points Wednesday, its smallest daily point change in either direction since November. The blue-chip index declined as much as 122 points early in the session before turning around. U.S. trading volumes were low, with nearly 6.5 billion shares exchanging hands compared with the year-to-date average of 7.8 billion shares.

664,532: The Number of Active CPAs in the US
AccountingWEB
There are more than half a million actively licensed individual CPAs in the United States, according to the first such tally ever compiled by the National Association of State Boards of Accountancy (NASBA). The official count was 664,532 licensees as of April 22, gleaned from NASBA’s national database of CPAs that aggregates data from 51 of the 55 CPA licensing jurisdictions nationwide.

Bank Stress Tests: The Bar Keeps Getting Higher
Wall Street Journal
Banks are better positioned than ever to withstand the Federal Reserve’s annual stress tests. But investors still shouldn’t count on smooth passage. Sometime this month, the Fed will unveil the latest results of this exercise under which banks have to show how they would contend with myriad challenges including a financial shock and global recession.

 

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