• U.S. Consumer Debt at Record High

    By:
    Chris Gaetano
    |
    Jul 14, 2017
    People across the country have been breaking out the credit cards more eagerly than before, as recent data has found that Americans collectively now have credit card debt totaling $1 trillion, with household debt now the highest its ever been at $12.73 trillion. 
  • Senators Ask FTC to Review IRS Private Debt Collectors

    By:
    Chris Gaetano
    |
    Jul 13, 2017
    Four U.S. Senators have requested that the Federal Trade Commission review whether the four private debt collection firms hired by the IRS to contact holders of delinquent tax liabilities are in compliance with the Fair Debt Collection Practices Act. 
  • Study: 44 Percent Supplement Income with Side Hustle

    By:
    Chris Gaetano
    |
    Jul 13, 2017
    The days where having one job and one job only seem to be fading into the past, as a recent survey has found that 86 percent of people supplement their income with a side gig of some sort or another. 
  • Security Firm CEO Hacked, Declared Bankrupt

    By:
    Chris Gaetano
    |
    Jul 12, 2017
    In an irony that could only be called Sophoclean, the CEO of the largest security firm in Sweden had his identity stolen and used to apply for bank loans and, later, declare bankruptcy. 
  • AICPA Buys High School Accounting Curriculum Training Program, Seeks to Train Teachers

    By:
    Chris Gaetano
    |
    Jul 12, 2017
    Seeking to enhance the quality of accounting education at the high school level, and to encourage more young people to pursue accounting careers, the AICPA has acquired the Accounting Pilot and Bridge program, which trains high school educators to teach a higher level accounting curriculum.
  • CFPB Approves Rule Restricting Use of Mandatory Arbitration

    By:
    Chris Gaetano
    |
    Jul 11, 2017
    The Consumer Financial Protection Bureau (CFPB) just issued a new rule that restricts the ability of banks and other financial institutions to mandate the use of private arbitration in the event of a dispute, opening up more pathways for litigation instead. 
  • Head of Defunct Bitcoin Exchange Pleads Not Guilty to Fraud Charges

    By:
    Chris Gaetano
    |
    Jul 11, 2017
    Mark Karpeles, the former CEO of the now-defunct Bitcoin exchange MtGox, has pleaded not guilty to embezzlement and data manipulation charges that Japanese authorities leveled at him in the wake of the exchange's spectacular collapse in 2014. 
  • Regulatory Roundup: July 6-11

    By:
    Chris Gaetano
    |
    Jul 11, 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.
  • NY Penn Station's 'Summer of Hell' Begins Today

    By:
    Chris Gaetano
    |
    Jul 10, 2017
    Commuting into the city through Penn Station is generally a frustrating and stressful exercise, even on the best of days. Today kicks off a summer that promises to be far worse as maintenance and repairs shut down parts of the busiest passenger train hub in the nation. 
  • 20 Percent of Employers Plan to Expand Use of Company Credit Card Programs

    By:
    Chris Gaetano
    |
    Jul 10, 2017
    Companies are increasingly turning to corporate cards for their employees versus reimbursing them for expenses, with 20 percent saying they plan to invest more in company-backed cards this year. 
  • Norway Instituted a Voluntary Tax Plan. It Raised $1,325

    By:
    Chris Gaetano
    |
    Jul 7, 2017
    Faced with accusations that a recent series of tax cuts would only benefit the wealthiest citizens, the Norwegian government instituted a program that let people pay more in taxes if they wanted to. The result? $1,325. 
  • Number of Employers Offering Summer Fridays Grows from 22 to 42 Percent in Just Two Years

    By:
    Chris Gaetano
    |
    Jul 7, 2017
    The number of employers offering some kind of summer Fridays program has surged in just a short time, growing from 22 percent in 2015 to 42 percent today. 
  • Lawsuits Against Tax Preparers, Already High, Set to Grow

    By:
    Chris Gaetano
    |
    Jul 6, 2017
    Tax preparers are already sued more than any other CPA specialty, and analyses from liability insurance firms indicate that several unique conditions in the 2017 season will lead to even more litigation against firms. 
  • Study: When Execs Meet with White House Officials, Company Stock Surges

    By:
    Chris Gaetano
    |
    Jul 6, 2017
    A recent study has found that when corporate executives meet with federal officials, their stock tends to do better. The study also found that the degree to which such meetings have on stock prices is affected by which party is in the White House at the time. 
  • Ukrainian Police Seize Accounting Firm's Servers in Connection with Malware Attack

    By:
    Chris Gaetano
    |
    Jul 5, 2017
    Ukrainian police seized an accounting firm's servers on the suspicion that they had been used to spread a malware attack that last week crippled networks around the world. 
  • Study: CPA Firms Spending Lots of Sponsorships But See Few Results

    By:
    Chris Gaetano
    |
    Jul 5, 2017
    A recent study has found that CPA firms have been spending more than ever on sponsorships, more even than on traditional advertising, despite seeing few tangible results from these efforts. 
  • Regulatory Roundup: June 28-July 5

    By:
    Chris Gaetano
    |
    Jul 5, 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.
  • SEC Expands Nonpublic Draft Registration from EGCs to All Companies

    By:
    Chris Gaetano
    |
    Jun 30, 2017
    The Securities and Exchange Commission announced that the ability to submit draft registration statements relating to initial public offerings for review on a non-public basis, which had previously been restricted only to Emerging Growth Companies, has now been expanded to all companies. 
  • Bill Would Require Shell Corporation Owners to Be Revealed

    By:
    Chris Gaetano
    |
    Jun 30, 2017
    A bill with both Democratic and Republican support would require corporations and limited liability companies to file information about their beneficial owners. 
  • GASB Issues Lease Standard

    By:
    Chris Gaetano
    |
    Jun 29, 2017
    The Government Accounting Standards Board (GASB) issued guidance that establishes a single approach to accounting for and reporting leases by state and local governments. This single approach is based on the principle that leases are financings of the right to use an underlying asset.

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