NEWS HIGHLIGHTS FOR TUESDAY - 10.11.16

By:
Maya Lindsay
Published Date:
Oct 11, 2016

NYSSCPA Members in the News

David Young (Rochester)
CPA on saving money
WROC Rochester News 8
CPA David Young discussed some options for people looking to save money Monday on News 8 at Sunrise. Young said the first expense you can consider reducing is the cost of television service. "A lot of people are paying for cable and it might be fairly expensive per month," he said. "You might be able to save money by reducing it into a basic cable channel and filling in with Netflix or whatever else you can get streaming online. A lot of people aren't using all the package they're paying for. It's an easy way right off the bat."

NYSSCPA’s NextGen
Look For These Newly Painted Cans in Islip Town Parks near You
Greater Bay Shore
Ever wonder what accountants do when it’s not the busy season Apparently they’re still busy — doing good deeds. A group of NextGen volunteers with the New York State Society of CPAs spent a recent day painting four trash receptacles for use in Town of Islip public parks. Working with Keep Islip Clean, the volunteers came up with whimsical designs for four 55-gallon drums donated by Billy Hill of Rainbow Party Rentals. Rainbow Party Rentals has provided drums for all the Keep Islip Clean painting projects.

Other Accounting and Financial News Stories

Hillary Clinton Proposes a New Tax Break
Wall Street Journal
Democrat Hillary Clinton, hoping to win over skeptical and struggling voters, is proposing a new tax cut that would give an additional $1,000 a year or more to millions of parents of young children. The timing of the proposal appeared to be calculated to deliver maximum political benefit and to appeal to voters who have turned away from her Republican rival, Donald Trump, but haven’t embraced Mrs. Clinton. It’s part of a larger plan for middle-class tax cuts.

The New York Tale of Donald Trump's Accountant
The New Yorker
The political drama of the week—the revelation that, in 1995, Donald Trump claimed nine hundred and sixteen million dollars in losses and as a result might not have had to pay any federal income taxes for two decades—was a New York story in every particular. Its theme was the comeuppance of the capital class by the hand of brainier, laboring professionals.

The Great Market Switcheroo of 2016
Wall Street Journal
Investors who got just one trade right this year would have done brilliantly: Sell everything that did well in the first half of the year and buy everything that did badly. The reversal has been spread across almost all assets, with leaders becoming laggards and laggards leaders. Wall Street cynics will be tempted to see this as mere market noise, profit taking by casino capitalists who get bored of one trade and move on to something new.

Buffett scolds Trump on taxes, discloses 2015 return data
Crain’s New York Business
Warren Buffett just fact checked Donald Trump. In a debate Sunday, Trump acknowledged using a nine-figure loss in 1995 to reduce tax obligations and sought to liken the move to strategies used by some of Democratic presidential nominee Hillary Clinton's wealthy supporters, including Buffett. On Monday, the billionaire Berkshire Hathaway Inc. chairman released information from his personal taxes and challenged the Republican presidential candidate to do the same.

Dueling Payday-Lending Campaigns Deluge CFPB With Comments
Wall Street Journal
The Obama administration’s crackdown on payday lending to low-income borrowers has generated unusually heavy public feedback, stoked by computer-generated comments and the escalating ideological battle over consumer financial issues.

10 Things You May Have Missed in Technology
Accounting Today
Here are ten things in technology that happened last month and how they affect your firm and your clients. Did you miss them? LinkedIn joins the “Gig Economy.” LinkedIn has recently released Profinder — a marketplace that connects consumers with independent service providers.

The World Looks Brighter for U.S. Companies
Wall Street Journal
The global economy is a gloomy-looking thing. Some U.S. companies have reason for cheer anyway. A big reason why profits have been weak over the past several quarters is that overseas business has been so slow. But, like tourists to an exotic land, multinationals’ experience abroad could be a lot nicer than what things are like for the locals. That makes up for dim headline expectations for global growth.

Wall St. Closes Higher as Oil Prices Climb
New York Times
Stocks on Wall Street rose Monday as crude oil jumped to its highest price in more than a year, and energy companies climbed with it. Investors also reacted to the latest twists in the presidential race. Oil rose after Russia’s government said it supported efforts by OPEC to cut production. Apple reached its highest price of the year and led tech stocks up after new reports of fires affecting Samsung’s Galaxy Note 7 phone, which competes with Apple’s iPhone.

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