• Wells Fargo Subject of Another Scandal, Accused of Manipulating Loan Terms

    By:
    Chris Gaetano
    |
    Jun 15, 2017
    Troubled bank Wells Fargo, still reeling from revelations that it signed millions of people up for accounts they never asked for, is at the center of another scandal, as a class action lawsuit has accused the company of making loan modifications without the borrower's knowledge or consent. 
  • Employers Offering Summer Fridays Doubled from 2015

    By:
    Chris Gaetano
    |
    Jun 15, 2017
    Whether leaving early or just taking the day off entirely, the number of employers offering some sort of summer Friday policy has jumped in recent years, going from 21 percent in 2015 to 42 percent in 2017. 
  • KPMG Settles Hiring Discrimination Suit

    By:
    Chris Gaetano
    |
    Jun 14, 2017
    Big Four firm KPMG has settled a suit with the U.S. Department of Labor over claims that it against 60 Asian candidates applying for associate auditor jobs at its Short Hills, NJ office. 
  • IRS Unveils New Features for Online Tools

    By:
    Chris Gaetano
    |
    Jun 14, 2017
    The IRS has rolled out new features for its online accounts since it first launched the service this past December. 

  • Marijuana Industry Embraces Bitcoin as Workaround to Banking Problems

    By:
    Chris Gaetano
    |
    Jun 13, 2017
    The multi-billion dollar legal marijuana industry is increasingly turning to the digital currency Bitcoin as a way to access financial services from which they'd previously been barred. 
  • Accounting Fraud at Fujifilm $140 Million Bigger Than Initially Thought,

    By:
    Chris Gaetano
    |
    Jun 13, 2017
    Japanese firm Fujifilm Holdings Corp said that a third party investigation found even more accounting fraud than was originally reported in April, ballooning its expected $199,976,480 adjustment to $340,962,000. 

  • Regulatory Roundup: June 7-13

    By:
    Chris Gaetano
    |
    Jun 13, 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.
     
  • Speaker: Audit Interviews Cannot Be Mere Formality

    By:
    Chris Gaetano
    |
    Jun 13, 2017
    Salvatore A. Collemi, a CPA with extensive audit experience, said that auditors need to strengthen their soft skills, particularly when it comes to conducting interviews during the audit. 
  • SEC Appoints Two-Person Team to Head Enforcement Division

    By:
    Chris Gaetano
    |
    Jun 12, 2017
    Stephanie Avakian and Steven Peikin have been named as the co-heads of the SEC's Division of Enforcement. 
  • How to Get Your LinkedIn Profile Ignored by Recruiters

    By:
    Chris Gaetano
    |
    Jun 12, 2017
    Professional recruiters spend a lot of time reading through profiles on LinkedIn. In a recent article in FastCompany, some of them discuss the biggest mistakes they see in how people construct these profiles. 
  • House Passes Dodd-Frank Rollback

    By:
    Chris Gaetano
    |
    Jun 9, 2017
    The House of Representatives passed a bill that, if implemented, would roll back certain key provisions of the Dodd-Frank Act. 
  • Speaker: Local Govts. Challenged by Sluggish Property Tax Revenue Growth

    By:
    Chris Gaetano
    |
    Jun 9, 2017
    Six years after the establishment of the property tax cap in New York state, local government entities struggle with finding adequate revenues at a time of increasingly uncertain federal and state aid levels. 
  • Speaker: Audit Quality Remains Poor for Employee Benefit Plans, May Have Gotten Worse

    By:
    Chris Gaetano
    |
    Jun 8, 2017
    Acting Chief Accountant of the Department of Labor Michael Auerbach said today that, despite efforts to improve the quality of employee benefit plan audits stretching back to the late 80s, audit quality today is no better than when they first started, and in fact might even be worse. 
  • Speaker: Retirement Plan Litigation on the Rise

    By:
    Chris Gaetano
    |
    Jun 8, 2017
    Avery Neumark, the Partner-in-Charge of the firm’s Employee Benefits and Executive Compensation practice at RSSM, said at today's Employee Benefits Conference that there's been a wave of lawsuits against both private and not-for-profit entities about the quality of their retirement plans.

  • Society Honors Best Financial Reporting of 2016 at EFJ Awards Luncheon

    By:
    Ruth Singleton
    |
    Jun 8, 2017

    At the NYSSCPA’s 34th Annual Excellence in Financial Journalism Awards luncheon on June 8, the Society honored some of 2016’s best financial journalism and the reporters and other professionals who produced it.  Richard Tofel, the president of Pro Publica, an independent, nonprofit organization that produces investigative journalism in the public interest, served as the luncheon’s keynote speaker. He spoke before an audience of approximately 35 journalists, editors and awards judges at the Tribeca Grill in New York City

  • Society Supports Legislation Requiring Mandatory Peer Review for All Firms

    By:
    Ruth Singleton
    |
    Jun 8, 2017

    New York State is the only state in the country that does not require mandatory peer review for all CPA firms that take on attest engagements for clients. The NYSSCPA is advocating for legislation (S6026A/A7895A), now pending in both chambers of the state Legislature, to change that. 

  • IRS Rolls Out Revamped FATCA Registration System

    By:
    Chris Gaetano
    |
    Jun 7, 2017
    After four years of delays, the IRS officially launched its now-revamped registration system for foreign financial institutions to comply with the Foreign Account Tax Compliance Act. 
  • Study: 39 Percent of Workday Spent on Actual Work

    By:
    Chris Gaetano
    |
    Jun 7, 2017
    A survey of 600 knowledge workers at large companies has found that 39 percent of the workday is spent performing primary job duties, with other time filled up mostly with attending meetings and catching up on emails. 
  • New Society Committee Focuses on Accounting Education for Next Generation

    By:
    Chris Gaetano
    |
    Jun 6, 2017
    From new technology to shifting client demands, the accounting profession has found itself in a period of rapid change, and accounting education has to change with it. In order to meet the challenges that come with these changes, the NYSSCPA has formed a new Academic Advancement and Higher Education Committee, which aims to bring together all stakeholders in the education of the next generation of CPAs.
  • SCOTUS Limits SEC's Ability to Seek Disgorgement of Illegal Profits

    By:
    Chris Gaetano
    |
    Jun 6, 2017
    The Supreme Court of the United States, in a unanimous ruling, limited the power of the Security and Exchange Commission to seek disgorgement of profits gained through illegal activity. 

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