• Regulators to Loosen Volcker Rule

    By:
    Chris Gaetano
    |
    Aug 1, 2017
    Five regulatory agencies―the Federal Reserve, Securities and Exchange Commission, Federal Deposit Insurance Corp., Commodity Futures Trading Commission and the Office of the Comptroller of Currency―said they will work together to loosen the restrictions imposed by the Volcker Rule, a crisis-era regulation that made it more difficult for banks to conduct certain investment activities with their own accounts. 

  • Tax Court Reverses Decades-Old Policy on Foreign Partner Taxation

    By:
    Chris Gaetano
    |
    Aug 1, 2017
    A tax court recently ruled that when a foreign partner redeems its partnership interest from a U.S. entity, then the resultant income counts as a capital gain not connected to U.S.-sourced income, and therefore is not taxable, overturning decades of IRS policy saying that it was. 
  • Regulatory Roundup: July 26-August 1

    By:
    Chris Gaetano
    |
    Aug 1, 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.
  • Treasury Shutters Obama-Era Savings Program, Says It Costs Too Much

    By:
    Chris Gaetano
    |
    Jul 31, 2017
    The Treasury Department announced that it is ending the Obama-era myRA program, which essentially worked as an IRA for those without workplace savings plans of their own, saying that its upkeep was too much considering the comparatively low demand for the service. 
  • Former Accountants, Awaiting Trial on Fraud Charge, Ran Another Scam in the Meantime

    By:
    Chris Gaetano
    |
    Jul 31, 2017
    Being arrested and charged with fraud was apparently not enough to dissuade one Arizona woman, who is now accused of running another scam while out on bail for the first one. 
  • TIGTA Faults IRS for Rehiring Problematic Workers

    By:
    Chris Gaetano
    |
    Jul 28, 2017
    The Treasury Inspector General for Tax Administration (TIGTA) criticized the IRS for rehiring too many workers with substantiated conduct or performance issues. 
  • New Scandal Finds Wells Fargo Bought Auto Insurance for Customers Without Their Knowledge

    By:
    Chris Gaetano
    |
    Jul 28, 2017
    Embattled bank Wells Fargo, already plagued by multiple scandals, adds one more to the pile: more than 800,000 people who took car loans from the bank were charged for auto insurance they didn't need, wreaking havoc on borrowers' finances. 
  • Study: Female CEOs Receive Just 3 Percent of Venture Capital Funding

    By:
    Chris Gaetano
    |
    Jul 27, 2017
    A recent study has found that female CEOs seeking funding for their businesses get only about 3 percent of total venture capital dollars, and that all-male teams are four times more likely to get funding than mixed-gender teams.  
  • SEC Says Offerings From All-Robot Firms Count as Securities

    By:
    Chris Gaetano
    |
    Jul 27, 2017
    The Securities and Exchange Commission said that tokens offered by the Decentralized Autonomous Organization, a venture capital fund that is run entirely by machines, count as securities. 
  • In a World of Digital Payments, Paper Checks Remain Popular in U.S.

    By:
    Chris Gaetano
    |
    Jul 26, 2017
    While many countries have long since ditched paper checks altogether, their use remains popular in the U.S., which has made harmonizing payment systems with the rest of the world a challenge that slows transactions. 
  • PCAOB Yanks Registration from Hong Kong Audit Firm

    By:
    Chris Gaetano
    |
    Jul 26, 2017
    The Public Company Accounting Oversight Board (PCAOB) censured and revoked the registration of Crowe Horwath Hong Kong over refusal to cooperate with a board investigation. 
  • Tanzanian Government Assesses Mining Company with Tax Bill Four Times Larger Than Annual GDP

    By:
    Chris Gaetano
    |
    Jul 25, 2017
    The government of Tanzania has levied a tax bill against a British mining firm digging gold there that is four times larger than the country's entire economy. 
  • Soon You Might Be Able to Teleconference Your Tax Appeal

    By:
    Chris Gaetano
    |
    Jul 25, 2017
    The IRS Office of Appeals plans to pilot a program that would allow taxpayers to hold virtual meetings with appeals officers instead of having to physically go to an IRS site. 
  • Regulatory Roundup: July 19-25

    By:
    Chris Gaetano
    |
    Jul 25, 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.
  • NYSSCPA President: Profession Is Changing, We Must Change with It

    By:
    Chris Gaetano
    |
    Jul 24, 2017
    NYSSCPA President Harold L. Deiters III, presenting the keynote address during today's NextGen Conference, recalled that when he first got started in the accounting profession, there were a lot of people, partners even, who didn't believe that computers would ever change the nature of their jobs. While this seems like a laughable proposition today, he said many are making similar mistakes when it comes to cutting-edge developments that are already taking care of the routine tasks that have been historical mainstays for the industry. If CPAs want to succeed in today's world, Deiters said they cannot hide from the changes that are coming but, rather, embrace them and adapt. 
  • Speaker: Too Many CPAs Are Too Busy to Think Long Term About Careers

    By:
    Chris Gaetano
    |
    Jul 24, 2017
    Allan D. Koltin, a professional and financial services consultant who spoke at the NYSSCPA's NextGen Conference today, lamented that many young accountants are "too busy being busy" to think about the long-term direction of their careers. 
  • TIGTA: Lack of Vetting by IRS Resulted in $34.8 Million in Erroneous Tax Credits

    By:
    Chris Gaetano
    |
    Jul 21, 2017
    The Treasury Inspector General for Tax Administration (TIGTA) faulted the IRS for not having the required vetting programs in place to confirm eligibility for the EITC and ACTC, resulting in $34.8 million in erroneous tax credits being sent out. 
  • Investors Want to Know More About Employees

    By:
    Chris Gaetano
    |
    Jul 21, 2017
    A group of investors, the Human Capital Management Coalition, has petitioned the Securities and Exchange Commission to require that companies disclose more information about their workforce. 
  • House Democrats Call on FASB to Require Country-by-Country Profit and Tax Disclosures

    By:
    Chris Gaetano
    |
    Jul 20, 2017
    House Democrats, in a letter recently sent to FASB Chair Russell Golden, asked that the board require that multinational companies to report more information on a country-by-country basis as part of an effort to combat offshore profit shifting. 
  • CBO Estimates 32 Million to Lose Coverage in Obamacare Repeal

    By:
    Chris Gaetano
    |
    Jul 20, 2017
    The Congressional Budget Office, working with the staff of the Joint Committee on Taxation, estimates that repealing the Affordable Care Act will result in 32 million people losing their insurance coverage. 

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