NEWS HIGHLIGHTS FOR TUESDAY - 7.5.16

By:
Maya Lindsay
Published Date:
Jul 5, 2016

NYSSCPA Members in the News

David Evangelista (Rockland), Harold L. Deiters III (Suffolk), Greg J. Altman (Buffalo), and Anthony S. Chan (Manhattan/Bronx)
State CPA Societies Tap New Leaders
Accounting Today
In New York, employee benefit plans advisor and auditor David Evangelista was recently elected president of the New York State Society of CPAs’ Foundation for Accounting Education by the FAE’s board of trustees. Evangelista, of Stony Point, N.Y., is a principal at MSPC Certified Public Accountants and Advisors. His one-year term as FAE president began June 1.

John Lauchert and Brian Reese (Utica)
New York CPA group elects two new board members from Mohawk Valley region
Central New York Business Journal
The New York State Society of Certified Public Accountants (NYSSCPA) has elected a total of 16 new members to its board of directors leadership team, including two from the Mohawk Valley region.  NYSSCPA is a New York City–based accounting association with more than 26,000 members.  The group has elected John Lauchert, a CPA who works in Clinton in Oneida County, to serve as the board’s secretary/treasurer.

David Evangelista (Rockland)
EBP Expert Named President of Foundation for Accounting Education
Inside Public Accounting
David Evangelista, a nationally known employee benefit plans advisor and auditor, was elected president of the Foundation for Accounting Education’s (FAE) Board of Trustees. Evangelista is a principal at Cranford, N.J.-based MSPC Certified Public Accountants and Advisors PC (FY15 net revenue of $9.9 million). His one-year term as FAE president began June 1. Established in 1972, the FAE is a 501 (c)(3) organization that operates the CPE programs for the New York State Society of CPAs (NYSSCPA).

Timothy Hammond (Syracuse)
Company news: Timothy Hammond joined The Bonadio Group
Syracuse.com
Timothy Hammond, CPA, joins The Bonadio Group in the healthcare/tax-exempt division. He is a certified healthcare financial professional. Hammond holds a master's of business administration and a bachelor's degree in accounting and economics from Le Moyne College. He is a member of the American Institute of Certified Public Accountants (AICPA), New York State Society of Certified Public Accountants (NYSSCPA) and Healthcare Financial Management Professional Association (HFMA).

Other Accounting and Finance News

IRS Contends with Mounting Legal Challenges
Accounting Today
The Internal Revenue Service and the U.S. Tax Court are seeing their caseloads pile up as taxpayers, interest groups, tax attorneys and Congress let loose with a volley of lawsuits and legal challenges. IRS and Tax Court officials addressed some of the issues at New York University’s 8th Annual Tax Controversy Forum in New York last week.

CFO Pay Slips 1.5% as Pension Growth Slows
Wall Street Journal
Slower pension growth drove down overall compensation for finance chiefs in 2015, even though other components of pay rose despite lackluster stock performance. CFO pay at 332 large companies fell 1.5% last year, according to a Wall Street Journal analysis of data provided by S&P Global Market Intelligence.

Slowdown in Shadow Lending Tightens Credit on Main Street
Wall Street Journal
America’s shadow banking system slowed sharply through the end of June, with the value of bonds backed by personal, corporate and real-estate loans falling $98 billion from the first half of 2015. That drop, which excludes bonds from state-backed issuers like Fannie Mae, represents a 37% decline from a year earlier, according to industry newsletter Asset-Backed Alert, and is making it harder for businesses, shopping-mall owners and consumers to refinance their debt.

Bad Debt Piled in Italian Banks Looms as Next Crisis
Wall Street Journal
Britain’s vote to leave the EU has produced dire predictions for the U.K. economy. The damage to the rest of Europe could be more immediate and potentially more serious. Nowhere is the risk concentrated more heavily than in the Italian banking sector. In Italy, 17% of banks’ loans are sour.

A Reading List of Tell-Alls, Strategic Plans and Cautionary Tales in Finance
New York Times
With the summer upon us and the so-called Brexit vote behind us, perhaps you might have some time to read one of the terrific books published recently that touch on big themes in business, finance and technology. I’ve been plowing through stacks of them to make your life simpler. Here are some of my favorites.

Wall Street Strategists Are Surprisingly Subdued on Stocks
Wall Street Journal
The stock market finished a rocky first half with small gains. Atypically, Wall Street’s top forecasters got it mostly right. And their subdued predictions for the rest of the year might also prove to be spot on. The S&P 500 gained 2.7% in the first six months of the year and the market sages are calling for more of the same in the back of the half of 2016.

Jumbo Mortgages Play Larger Role at U.S. Banks
Wall Street Journal
The jumbo mortgage business keeps getting bigger for banks. These high-dollar home loans rose to 24% of mortgage approvals at six of the largest U.S. banks in 2015 from 21% the year before, according to an analysis of federal home-loan data.

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