• Study: Average Markups Have Risen 49 Percent Since 1950

    By:
    Chris Gaetano
    |
    Aug 30, 2017
    A recent study conducted by the National Bureau of Economic Research has found that the average markup, across all sectors of the economy, has grown from 18 percent in 1950 to 67 percent today, which the paper's authors attribute to a tipping power balance that favors employers over employees. 
  • IRS Website Relaunches With New Look

    By:
    Chris Gaetano
    |
    Aug 30, 2017
    The next time you direct your browser to IRS.gov you may notice something different: an all new look that is meant to be easier to navigate and friendlier for mobile devices. 
  • Pair of Female Entrepreneurs Made Up Fake Male Co-Founder to Get More Respect: It Worked

    By:
    Chris Gaetano
    |
    Aug 29, 2017
    Startup founders Penelope Gazin and Kate Dwyer, who made an artist's platform called Witchsy, said their company had a lot of trouble getting their emails answered promptly and free of condescension―that is until they added a made up male co-founder named Keith Mann. 
  • New Ransomware Scam Uses Both IRS and FBI Logos to Bolster Authenticity

    By:
    Chris Gaetano
    |
    Aug 29, 2017
    The IRS has warned taxpayers to beware a new ransomware scam that uses the emblems of both the IRS and the FBI as a way to make their email look legitimate.  

  • Regulatory Roundup: Aug. 23-29

    By:
    Chris Gaetano
    |
    Aug 29, 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.
  • AICPA Council Nominations

    By:
    Jan Herringer, NYSSCPA President-elect
    |
    Aug 29, 2017
    In January 2018, the NYSSCPA Board of Directors will submit the names of three individuals to the AICPA’s Nominations Committee, which nominates members for election to the AICPA Council. Those nominees, once duly elected, will each serve three-year terms beginning October 2018 on the 265-person governing council. In addition, one person will be designated by the Society to serve a one-year term as its representative to the council, also beginning October 2018. If you or a colleague you know is interested in serving on the AICPA Council, please e-mail Jan Herringer, the Society’s president-elect and chair of the Board’s Selections Subcommittee.

  • Study: Monthly Sales Quotas Actually Hurt Profits Over Long Term

    By:
    Chris Gaetano
    |
    Aug 28, 2017
    A recent study of 9.8 million sales transactions from 151 U.S. companies over nine consecutive quarters from 2014 to 2016 has found that last-minute rushes to meet sales figures actually costs companies more than initial numbers would imply. 
  • Study: Rate of Elderly Fraud Victims at Least 1 in 18, Possibly Higher

    By:
    Chris Gaetano
    |
    Aug 28, 2017
    While senior citizens experiencing cognitive decline are 33 percent more likely to fall victim to financial fraud and exploitation, even healthy seniors with their cognitive faculties intact are regularly preyed upon, as a recent study has found that as many as 1 in 18 "cognitively intact" individuals have been the victim of some sort of scam― a figure likely too low, as many victims are reluctant to report what happened.
  • TIGTA: IRS Generally Respecting Taxpayer Rights in Imposing Levies

    By:
    Chris Gaetano
    |
    Aug 25, 2017
    The Treasury Inspector General for Tax Administration (TIGTA) found that, for the most part, the IRS was respecting taxpayer rights when it came to imposing levies for delinquent taxes. 
  • Study: Guessing Name From Appearance More Effective Than Previously Thought

    By:
    Chris Gaetano
    |
    Aug 25, 2017
    A recent study has found that sentences like "oh, I knew your name was Gary, you look like a Gary" may have more basis in truth than initially thought. 
  • SEC Faults Municipal Bond Issuer for Failing to Disclose Previous Failures to Disclose

    By:
    Chris Gaetano
    |
    Aug 24, 2017
    The SEC has faulted the Beaumont Financing Authority for regularly failing to disclose required financial information to investors in a series of bond offerings, and then made matters worse when it later failed to disclose these previous failures to disclose, which the SEC said misled investors as to the the likelihood the district would comply with disclosure obligations in the future. 
  • As More Accounts Link to Phone Numbers, Identity Thieves Turn to Hijacking the Numbers Themselves

    By:
    Chris Gaetano
    |
    Aug 24, 2017
    Identity thieves are adapting to an increasingly popular security practice of requiring accounts to be linked to a phone number by tricking carriers into letting them hijack the number itself, allowing them access personally information nearly unimpeded. 
  • Study: Richest of the Rich Tend to be Over 80

    By:
    Chris Gaetano
    |
    Aug 23, 2017
    While there are plenty of young wealthy people, recent IRS data has found that, for the most part, the richest of the rich tend to be people 80 years and older. 
  • Study: Revenue Recognition Standard Could Lead to Volatility in Software Industry

    By:
    Chris Gaetano
    |
    Aug 23, 2017
    A recent study has found that revenue recognition practices particular to the software industry could lead to earnings volatility once the new standards go into effect. 
  • IRS Making Gains on IDing Bitcoin Users

    By:
    Chris Gaetano
    |
    Aug 22, 2017
    While its relative anonymity is one of the main appeals of Bitcoin and other digital currencies, the IRS has been making progress in finding ways to identify people trying to use them to avoid taxes.
  • SEC Weighting Letting Spotify Go Public Without an IPO

    By:
    Chris Gaetano
    |
    Aug 22, 2017
    The Securities and Exchange Commission is pondering whether to let streaming music service Spotify skip the IPO process entirely and just go public. 
  • Regulatory Roundup: Aug. 16-22

    By:
    Chris Gaetano
    |
    Aug 22, 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.
  • KPMG Knew About Shenanigans at Wells Fargo in 2013, But Didn't Think They Were Material

    By:
    Chris Gaetano
    |
    Aug 18, 2017
    Big Four firm KPMG, which has served as troubled bank Wells Fargo's external auditor for 85 years, knew about the unethical and illegal conduct at the financial institution since at least 2013, but didn't feel what they found was material and so didn't note it in their reports. 
  • TIGTA: IRS Missed Collecting $1.1 Million from Delinquent Federal Contractors

    By:
    Chris Gaetano
    |
    Aug 18, 2017
    The Treasury Inspector General for Tax Administration (TIGTA) faulted the IRS for improperly excluding certain federal contractors from the Federal Payment Levy Program (FPLP), which allows the service to systemically collect back taxes from Federal contractors at a minimal cost. In so doing, it has missed out on collecting about $1.1 million in back taxes. 
  • UK Regulator Levels Largest Fine in its History at PwC

    By:
    Chris Gaetano
    |
    Aug 17, 2017
    The UK's Financial Reporting Council, which regulates the accounting profession in that country, leveled the largest fine in its history, $6.6 million (or, roughly, 5.1 million pounds), at Big Four firm PwC over misconduct during its audit of RSM Tenon Group. 

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