• PRESIDENT’S COMMENTARY: Continuing the Progress We've Made

    By:
    Joseph M. Falbo, CPA, NYSSCPA President
    |
    Jun 1, 2015

    Why do you think they asked you to run? This was the question my father posed, the evening I called to tell him that I had been approached about running for president of our Society. I didn’t know how to respond. I recall muttering, ‘I guess they think I’ll do a good job...?’ We talked for a bit longer and, before we ended the call, he congratulated me, told me that he was sure I’d do a great job, and wished me good luck. The matter was closed—for him.

  • NYSSCPA Responds to DOL Report on Employee Benefit Plan Audit Deficiencies

    By:
    Scott M. Adair, CPA, NYSSCPA President
    |
    May 29, 2015
    A recent study conducted by the Department of Labor’s Employee Benefits Security Administration, and released yesterday, shows a high rate of audit deficiencies in employee benefit plan audits, especially for those auditors who conduct only one to five of these audits a year. 
  • Society Tackles Dual Registration Threat for Forensic CPAs

    By:
    Robert Busweiler
    |
    May 26, 2015
    By working with lawmakers in both the Senate and the Assembly, the NYSSCPA has been successful in getting legislation introduced that would remove the threat of a dual registration requirement for CPAs performing forensic accounting work.
  • FAF Proposes One-year Delay of Revenue Recognition Standard

    By:
    Chris Gaetano
    |
    May 25, 2015

    The Financial Accounting Foundation (FAF)—which houses both the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB)—issued a formal proposal on April 29 to delay the implementation of the new revenue recognition standard by one year for both public and private companies. 

  • Courting trouble?

    By:
    SUZANNE M. HOLL, CPA
    |
    May 22, 2015
    CPA firms should evaluate all potential new clients and re-evaluate all current clients on a regular basis, at least annually. This enables the firm to better monitor clients, consider any changes that might affect the professional relationship and avoid situations that could escalate into crises. Firms can also stipulate in their engagement letters that the engagement is not binding until client acceptance procedures have been completed.
  • PCAOB Approves More User-Friendly System for Auditing Standards

    By:
    Chris Gaetano
    |
    May 22, 2015

    The Public Company Accounting Oversight Board (PCAOB) is moving forward with its plan to  reorganize and codify its existing auditing standards into a format that it hopes will be easier to navigate. The board first proposed the changes—which do not alter the standards themselves or impose new requirements on auditors—in a 2013 exposure draft. It approved the reorganization during an open meeting on March 31.

  • NYSSCPA Award Winner Sid Kess Spent Lifetime Educating Others

    By:
    Chris Gaetano
    |
    May 12, 2015

    Iyou’re a CPA and you earned your license within the last six decades, you’ve probably learned a thing or two from Sidney Kess, the 2015 winner of the NYSSCPA’s Dr. Emanuel Saxe Outstanding CPA in Education Award. The Brooklyn native, who celebrated his 56th year as an NYSSCPA member this February, has been a trusted guide for accountants since 1952, teaching review courses, seminars and conferences, and producing audio cassettes, newsletters and books.

  • New FASB Proposal Brings Sea Change to Nonprofit Financial Reporting

    By:
    Chris Gaetano
    |
    May 11, 2015
    The Financial Accounting Standards Board (FASB) has taken the next step in its bid to update reporting rules for nonprofit organizations, the first overhaul of this area in more than 20 years. The board released an exposure draft, “Presentation of Financial Statements of Not-for-Profit Entities,” outlining likely changes, on April 22. 
  • NYSSCPA Posthumously Honors Past President David J. Moynihan

    By:
    Chris Gaetano
    |
    May 11, 2015
    The NYSSCPA has posthumously awarded its 2009–2010 President David J. Moynihan with one of its highest honors, in recognition of his commitment both to the Society and to the profession, which spanned the course of several decades and included a variety of roles. 
  • Former White House Press Secretary and Cohost of Fox's 'The Five' to Keynote Annual Dinner on May 14

    By:
    Staff Reports
    |
    May 6, 2015

    NYSSCPA members will get a chance to meet and mingle with one of television's most-watched political commentators and former White House press secretary, Dana Perino, at the NYSSCPA's 118th Annual Dinner on May 14 at the Eventi Hotel in Midtown.

  • NYSSCPA Panels Help Public Make Sense of Tax Issues

    By:
    Maya Lindsay
    |
    May 5, 2015
    Though taxpayers had a hard time getting answers from the IRS this year—the trouble-plagued service said it could respond only to a fraction of the calls it received—some got just the help they needed, thanks to a long-standing NYSSCPA tradition.
  • Five Value-Added Suggestions That Could Change a Client’s Business

    By:
    Joel Lanz, CPA/CITP, CFF, CISA, CISM, CISSP, CFE
    |
    May 1, 2015

    As busy season comes to a close, many practitioners will begin preparing to meet with clients and discuss ideas for improvements identified during the past audit season. This is a great time to share value-added suggestions for enhancing operations, which, especially in the case of a nonpublic client, may result in additional business opportunities for the firm. 

  • Notice of the Ethics Committee

    By:
    Steven J. Leifer, CPA
    |
    Apr 30, 2015

    The AICPA has adopted “Breach of an Independence Interpretation” (1.298.010), which assists members and members’ firms in addressing a breach of the independence rules. This new interpretation of the Code of Professional Conduct sets forth how an identified breach should be communicated within the firm and how the responsible individual in the firm should evaluate whether the breach can be satisfactorily addressed, or whether an attest engagement should be terminated. 

  • Should You Be Auditing Employee Benefit Plans?

    By:
    Adam S. Lilling, CPA, CFA
    |
    Apr 28, 2015

    Accountants who specialize in tax and general accounting services are often asked by their clients to perform audits of employee benefit plans (EBP), such as 401(k) and health and welfare plans. But if you don’t routinely conduct EBP audits, you may not be aware of their unique characteristics, such as testing demographic data, hardship withdrawals and remitting employee contributions on a timely basis.

  • We Only Have 2 Days Left to Meet This Challenge!

    By:
    Staff Report
    |
    Apr 28, 2015

    An anonymous NYSSCPA member has offered to personally donate $10,000 to the Foundation for Accounting Education’s #CarryItForward campaign, but there’s a catch—he is challenging his fellow NYSSCPA members to live up to Dave’s example and raise a total of $10,000 by 6 p.m., May 14, in order to meet his matching gift. Our generous donor will be recognized that evening, at the NYSSCPA’s Annual Election Meeting and Dinner, at the Eventi Hotel in New York City. 

  • CPA Roundtable

    By:
    Chris Gaetano
    |
    Apr 21, 2015

    In our latest roundtable, CPAs speak candidly about the alarm bells that signal something is awry in an audit.

  • NYSSCPA Announces the Winners of its 32nd Annual Excellence in Financial Journalism Awards

    By:
    Alonza Robertson
    |
    Apr 19, 2015

    The winners of the 32nd annual Excellence in Financial Journalism Awards were announced today by the New York State Society of CPAs. The Awards recognize outstanding national and local media whose work, published or broadcast in 2014, contributed to a better understanding of business and financial topics.

  • NYSSCPA Agrees With FASB on Investment Company Proposal

    By:
    Chris Gaetano
    |
    Apr 9, 2015
    The NYSSCPA has given its support to a Financial Accounting Standards Board (FASB) proposal that would require master-feeder funds to provide financial statements, saying the move would codify what had long been standard industry practice and would boost transparency. The Society expressed its views in a comment letter written by members of its Financial Accounting Standards Committee and published on Feb. 15.
  • Society to Hold Annual Election Meeting on May 14

    By:
    F. Michael Zovistoski, CPA, NYSSCPA Secretary/Treasurer
    |
    Apr 8, 2015

    Please note that the annual membership meeting of the New York State Society of Certified Public Accountants will be held on Thursday, May 14, 2015, at 6:30 p.m. (opening reception: 5 p.m.) at the Eventi Hotel, 851 Avenue of the Americas, New York City.

  • Understanding New York City’s Property Tax Assessment Process

    By:
    Michael A. Benison, CPA, MST
    |
    Apr 7, 2015

    The Big Apple’s real estate market is booming—as evidenced by the pace at the New York City Tax Commission, which reviews property tax assessments set by the city’s Department of Finance. Last year, the commission received 52,221 claims in connection with some 193,305 tax lots citywide, and it’s poised to receive between 50,000 and 53,000 applications for property tax assessments this year. In fact, according to Tax Commission President Glenn Newman, most of the city’s major players are filing applications through the commission’s office these days. I recently sat down with Newman to discuss how CPAs and their clients could ensure a smoother tax assessment process. Here are the key takeaways from the conversation. 

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