• New Wave of Ransomware Rampages Through Internet

    By:
    Chris Gaetano
    |
    Jun 28, 2017
    Businesses across the world have been hit with a massive cyberattack that locks down victims' systems and demands $300 in Bitcoin, wrecking havoc and disrupting operations across many different industries. 
  • SEC: Oil Company Improperly Moved Hundreds of Millions from Operating to Capital Expenditure Accounts

    By:
    Chris Gaetano
    |
    Jun 28, 2017
    The Securities and Exchange Commission charged a Canadian oil company and three of its former top finance executives with perpetuating a massive accounting fraud over the course of several years. 
  • In an NYSSCPA State of Mind at the Moynihan Fund Gala

    By:
    Ruth Singleton
    |
    Jun 27, 2017
    Some of the biggest names in the accounting world came out for the second annual Moynihan Fund Gala on May 17 at The Lighthouse at Chelsea Piers to support scholarship, diversity and recruitment programs throughout New York state. The event raised nearly $200,000 for the Moynihan Scholarship Fund. Members of Billy Joel’s own band, performing as Mike DelGuidice & Big Shot, played the music legend’s greatest hits.
  • Regulatory Roundup: June 21-27

    By:
    Ruth Singleton and Zach Simeone
    |
    Jun 27, 2017
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.
  • Latest Phishing Scam Poses as Questions from Tax Software Education Provider

    By:
    Chris Gaetano
    |
    Jun 26, 2017
    The IRS is asking tax preparers to be on the lookout for a new phishing scam that claims to come from a tax software education provider and asks for an unusually large amount of personal information. 
  • Deloitte Values Great Barrier Reef at $42 Billion

    By:
    Chris Gaetano
    |
    Jun 26, 2017
    Deloitte Australia, in partnership with the Great Barrier Reef Foundation, issued a recent report that valued the Great Barrier Reef at $52 billion ($42 billion in U.S. dollars). 
  • TIGTA: IRS Missed More Than 500,000 Employment Identity Theft Victims

    By:
    Chris Gaetano
    |
    Jun 23, 2017
    The Treasury Inspector General for Tax Administration (TIGTA) said that employment identity theft is a much more widespread problem than initially thought, as the IRS did not identify more than 500,000 victims, even though identity thieves electronically filed tax returns with evidence that they used the victims’ Social Security Numbers (SSN) to gain employment.
  • Former Madoff Clients, Seeking to Retain Profits, Get Assistance From Madoff Himself

    By:
    Chris Gaetano
    |
    Jun 23, 2017
    Former clients of disgraced financier Bernie Madoff, defending themselves from a lawsuit on behalf of the victims of his multi-billion dollar Ponzi scheme, received some assistance from an unlikely source: Bernie Madoff himself. 
  • Number of Telecommuters More Than Doubled In a Decade

    By:
    Chris Gaetano
    |
    Jun 22, 2017
    Over the past ten years, the number of people who work from home at least half the time has more than doubled, growing 115 percent. Such people now make up about 3 percent of the workforce nationwide. 
  • PwC Adds Outsiders to Board

    By:
    Chris Gaetano
    |
    Jun 22, 2017
    PricewaterhouseCoopers has added two outside directors to its board, an unusual move for any U.S. Big Four accounting firm. 
  • State Legislature Passes Bill, Supported by the Society, Mandating Peer Review for All Firms

    By:
    Ruth Singleton
    |
    Jun 22, 2017
    On June 21, the last day of the New York legislative session this year, the state Legislature passed a bill (S6026A), 60-2, requiring peer review for all CPA firms that take on attest engagements for clients, regardless of size. The NYSSCPA advocated for passage of the act, which eliminates an exemption from mandatory peer review for firms with two or fewer CPAs, in order to protect the public interest by ensuring best practices among all CPA firms that perform audits.
  • Senate Republicans Unveil Their Version of Health Care Bill

    By:
    Chris Gaetano
    |
    Jun 22, 2017
    After working for weeks behind closed doors, Senate Republican leaders finally made public the details of their version of the American Healthcare Act. 
  • IRS Warns Against Treating Its FAQs as Legal Authority

    By:
    Chris Gaetano
    |
    Jun 21, 2017
    While an FAQ on the IRS website may be illuminating, it should by no means be considered a legal authority, according to a memo the service recently released. 
  • Report: Uniforms for Afghan Army Cost U.S. $28M More Than They Should Have

    By:
    Chris Gaetano
    |
    Jun 21, 2017
    A report from the Special Inspector General for Afghanistan Reconstruction said that uniforms provided to the Afghan army by the Pentagon cost taxpayers $28 million more than they should have.
  • Newsmaker: NYC Taxpayer Advocate Helps New Yorkers Resolve Their Property and Business Tax Issues

    By:
    Chris Gaetano
    |
    Jun 20, 2017
    Eunkyong Choi was appointed to the New York City Office of the Taxpayer Advocate last June, becoming the second person to hold this position. An attorney who specialized in tax controversies, she has extensive experience working with and advocating for low-income taxpayers and immigrant communities. She sat down with The Trusted Professional to talk a little bit about her background, her priorities and what the taxpayer advocate can do for the people and businesses of New York.
  • Senate Plans Vote on Healthcare Bill Next Week

    By:
    Chris Gaetano
    |
    Jun 20, 2017
    Senate Republicans plan to hold a vote on their version of the American Health Care Act next week, with party leaders seeking a quick legislative victory before July 4th. 
  • Female Representation on Corporate Boards Slips for First Time in Eight Years

    By:
    Chris Gaetano
    |
    Jun 20, 2017
    Despite steady growth since 2009, the number of women on corporate boards has slipped for the first time in eight years, going from 30 percent in 2015 to 28 percent in 2015. 
  • Regulatory Roundup: June 14 to 20

    By:
    Chris Gaetano
    |
    Jun 20, 2017
    ​With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.
  • Leak Exposes Personal Information, Political Stances of Nearly 200 Million Registered Voters

    By:
    Chris Gaetano
    |
    Jun 19, 2017
    In one of the largest data breaches of its kind, the personal information of nearly 200 million registered voters―including date of birth, home and mailing addresses, phone number, registered party, self-reported racial demographic and more―was leaked by a firm working on behalf of the Republican National Committee.
  • 34 Percent Have No Savings at All

    By:
    Chris Gaetano
    |
    Jun 19, 2017
    More than a third of Americans live entirely from paycheck to paycheck with no savings at all, 34 percent, according to a recent survey. 

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