NEWS HIGHLIGHTS FOR WEDNESDAY - 7.6.16

By:
Maya Lindsay
Published Date:
Jul 6, 2016

NYSSCPA Members in the News


Harold Dieters (Suffolk)

A More Integrated Society

Long Island Business News

The New York State Society of Certified Public Accountants announced last month it is broadening its membership beyond the accounting profession to welcome attorneys, bankers and others as associate members. Non-accounting professionals with a bachelor’s degree, working full-time for the government, a nonprofit or in the financial, legal or banking industries, can now join the organization, but without the right to vote in society elections or to serve a leadership role.


Michael Todres (Nassau)

Michael Todres ’72 Elected to New York CPA Society Board of Directors

Bucknell University

Michael Todres ’72, a Bucknell University graduate, was recently elected to the New York State Society of CPAs (NYSSCPA) Board of Directors. A professional accounting association, the NYSSCPA has more than 26,000 members. Todres is the managing partner of Todres & Company, LLP in Westbury, N.Y. and has been a member of the NYSSCPA since 1974. Todres has a bachelor’s degree in Business Administration/Accounting from Bucknell, as well as a MBA from the University of Pennsylvania.


Other Accounting and Finance News


New Business Voices Applauding Debt-Equity Rules

Bloomberg BNA

Thousands of U.S. businesses and taxpayers are raising their voices to support the Treasury Department's controversial rules to stop companies from stripping income out of the U.S., in sharp contrast to the growing pressure from multinational corporations to drop the rules. Just days ahead of a July 6 meeting between Treasury officials and lawmakers and a July 7 comment deadline, the Main Street Alliance and Americans for Tax Fairness are urging the government not only to keep the rules as proposed, but to expand their reach.


Are Treasurys Headed for 1%? New Lows in a 35-Year Downtrend

Wall Street Journal

The yield on the benchmark 10-year U.S. Treasury note fell to its lowest level ever Tuesday, a new milestone in a three-decade downward run that even veteran traders never thought would go so far or last so long. The yield closed below 1.4% for the first time at 1.367%, surpassing the previous record low set four years ago, according to data going back to 1977.


2016 Fringe Benefits Tax Series: #5: Dine At Work On The IRS

CPA Practice Advisor

Does your business provide meals to its employees in your own cafeteria or by other means? Generally, the cost of this fringe benefit is deductible by the business and tax-free to the employees, but only as long as certain tax law requirements are met. Although business meals can take many forms, this discussion will focus on (1) di minimis meals, (2) employer-provided eating facilities and (3) meals on the business premises.


Executive Compensation and Benefits Alert: IRS Issues New Section 409A Guidance

JDSupra Business Advisor

In an unexpected development, on June 21, 2016, the IRS issued proposed regulations that clarify and modify the final regulations issued in 2007 and the proposed income inclusion regulations issued in 2008. In many cases, these changes are consistent with the current views of practitioners. In several instances, however, the proposed regulations curtail practices that many practitioners have thought to be compliant with Section 409A.


IASB Plans to Bolster Financial-Statements Reporting

Bloomberg BNA

The International Accounting Standards Board will launch an initiative to strengthen reporting in financial statements, board chairman Hans Hoogervorst said in a speech on international financial reporting standards. IASB's goal is to provide greater structure for organizing statements of financial performance—profit or loss (P&L) and other comprehensive income (OCI)—Hoogervorst told the more than 300 participants at an IFRS Foundation conference in Zurich June 30. The foundation oversees IASB activities.


Bank Profits Dealt Another Blow, as Yields Hit Record Lows

Wall Street Journal

Another day, another record low for the yield on the 10-year U.S. Treasury note. That is bad for banks. Making matters worse: the yield curve is flattening further. The 10-year Treasury yield fell to 1.367% on Tuesday, the lowest ever. At the same time, the difference between yields on the two-year and 10-year notes fell Tuesday to about 0.81 percentage point, its lowest level in more than eight years.


Fraud Advisory: Inspector General Warns Public About Email Phishing Scheme

Office of the Inspector General

The Acting Inspector General of Social Security, Gale Stallworth Stone, is warning citizens about a suspicious email “phishing” scheme that recently surfaced.  The Office of the Inspector General (OIG) received reports that several hundred employees of a private company, with offices across the country, recently received an email message that appears to be from the Social Security Administration (SSA).


A Four-Day Rally on Wall St. Skids to a Stop

New York Times

Stocks slumped on Tuesday as investors grew fearful over the health of the British financial system. Investors were jolted after three British financial firms stopped trading in their commercial property funds because large numbers of investors were trying to liquidate their holdings.


CEOs Sometimes Use Small Changes as Wedge for Broad Transformation

Wall Street Journal

Suzanne Sitherwood had ambitious plans for Laclede Group Inc. after she took command of the public-utility holding company in 2012. Yet her overhaul of the slow-growing business began with the small matter of interior decorating. Two months into the top job, Ms. Sitherwood turned her corner office into a conference room.


Bitcoin and Prepaid Cards Face Tighter Controls Under EU Proposals

Wall Street Journal

The European Commission proposed expanding its anti-money-laundering rules to cover virtual currencies and prepaid cards, in a bid to fight terror financing and tax evasion as revealed in the Paris attacks and the Panama Papers disclosures. The proposals from the commission, the EU’s executive arm, also seek to strengthen oversight of bank accounts and increase transparency about the ownership of trusts across the bloc.

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