• 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. 
  • IRS e-File Services to Be Down for Maintenance

    By:
    Chris Gaetano
    |
    Jul 19, 2017
    If you need to file something with the IRS, be sure not to do it on either July 22 or after Aug. 5, because people will not be able to use e-File on those dates due to maintenance. 
  • NYSE Head Urges Rollback of SOX Provisions

    By:
    Chris Gaetano
    |
    Jul 19, 2017
    The head of the New York Stock Exchange, alongside other prominent Wall Street officials, urged Congress to ease up on the many mandatory reporting requirements public companies face, such as the internal control rule implemented as part of the Sarbanes-Oxley Act. 
  • Martin Shkreli's Accountant Describes Working for Client from Hell

    By:
    Chris Gaetano
    |
    Jul 18, 2017
    Controversial pharmaceutical executive Martin Shkreli, known for a number of wildly unpopular acts such as dramatically raising the price of a life-saving medication, was also a terrible client, according to court testimony from his former accountant. 

  • Proposed Bill Would Let Same-Sex Couples File Amended Returns for Years They Couldn't Jointly File

    By:
    Chris Gaetano
    |
    Jul 18, 2017
    Democrats in both the House and Senate have proposed a bill that, if passed, would allow same-sex couples to file amended returns for the years that the federal government did not recognize their union and forced them to file individually instead. 
  • Regulatory Roundup: July 12-18

    By:
    Chris Gaetano
    |
    Jul 18, 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.
  • Bill Would Make Hearings Before IRS Office of Appeals a Taxpayer Right

    By:
    Chris Gaetano
    |
    Jul 17, 2017
    A bi-partisan bill introduced in the House, if passed, would make having a hearing before the IRS Office of Appeals a right available to virtually all taxpayers.
  • TIGTA: IRS Must Keep Better Track of Its Records

    By:
    Chris Gaetano
    |
    Jul 17, 2017
    The Treasury Inspector General for Tax Administration (TIGTA) said in a recent report that that IRS policies do not comply with federal record retention requirements, which has resulted in some documents being lost or destroyed when they should have been archived for future use. 
  • Study: People Four Times More Likely to Default on Loans if Parents Also Defaulted

    By:
    Chris Gaetano
    |
    Jul 14, 2017
    A recent study from Denmark says that those with parents who've previously defaulted on loans are four times more likely to, themselves, default on a loan, at least compared to those raised by more scrupulous borrowers. 
  • 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. 

Click here to see more of the latest news from the NYSSCPA.