• Banks Pocketed $15 Billion in Overdraft Fees Last Year

    By:
    Chris Gaetano
    |
    Aug 7, 2017
    A recent report from the Consumer Financial Protection Bureau said that penalties from overdraft fees gave banks $15 billion last year. 
  • Regulatory Penalties Down Two-Thirds Compared with Last Year

    By:
    Chris Gaetano
    |
    Aug 7, 2017
    Securities and Exchange Commission, the Commodity Futures Trading Commission and the Financial Industry Regulatory Authority in the first half of 2017 were down nearly two-thirds compared with the first half of 2016. 
  • PCAOB Slaps PricewaterhouseCoopers with $1 Million Fine

    By:
    Chris Gaetano
    |
    Aug 4, 2017
    The Public Company Accounting Oversight Board (PCAOB) imposed a $1 million penalty against PricewaterhouseCoopers over issues in its audit of Merrill Lynch's compliance with SEC rules. 
  • Poll: 25 Percent Believe Time Travel Will Happen Before Female Parity in Fortune 500

    By:
    Chris Gaetano
    |
    Aug 4, 2017
    A recent survey done by the Rockefeller Foundation has discovered that 25 percent of people believe we'll have time travel before female parity in Fortune 500 leadership. 
  • Poll: Execs Unsure of Ability to Implement Lease Standards on Time

    By:
    Chris Gaetano
    |
    Aug 2, 2017
    A recent poll undertaken by Deloitte has found that nearly half of corporate executives are unsure of whether or not they will be able to implement the new lease standards in time for the 2019 effective date. 
  • Dow Jones Industrial Average Hits 22,000 for First Time

    By:
    Chris Gaetano
    |
    Aug 2, 2017
    The Dow Jones Industrial Average has reached a new milestone, hitting 22,000 points for the first time in history, buoyed by promising results from Apple.  
  • FASB Weighing Digital Currency Rules

    By:
    Chris Gaetano
    |
    Aug 2, 2017
    The Financial Accounting Standards Board (FASB) is planning to consider rules for digital currencies like Bitcoin to address inconsistent accounting practices regarding their use. 
  • 15 Years Later, Does SOX Still Matter?

    By:
    Chris Gaetano
    |
    Aug 2, 2017

    Signed into law 15 years ago, on July 30, 2002, the Sarbanes-Oxley Act (SOX) transformed the public accounting arena in significant ways. From mandatory internal controls testing to regular inspections from the Public Company Accounting Oversight Board, SOX introduced changes that today are seen as the standard features of any worthwhile audit. But now, a decade and a half later, lawmakers and business leaders have questioned the legacy of these changes and, indeed, are seeking to roll some of them back. 

  • 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. 

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