• 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. 
  • 'Walking Dead' Creators Challenge AMC's Accounting Practices in Lawsuit

    By:
    Chris Gaetano
    |
    Aug 17, 2017
    The co-creators and producers behind hit cable series The Walking Dead have sued AMC Entities and related companies over what exactly constitutes "profit" when the production studio and TV network are owned by the same company. 
  • Poll: Finance Professionals Want to Both Lower Taxes and Cut National Debt

    By:
    Chris Gaetano
    |
    Aug 16, 2017
    A recent survey of 94 senior finance professionals has found widespread support for reducing taxes in many different areas, but also for reducing the national debt. 
  • Uber Agrees to Regular Privacy Audits, Adds Business Tools for Companies

    By:
    Chris Gaetano
    |
    Aug 16, 2017
    Controversial ride-sharing company Uber has agreed to regular privacy audits as part of a settlement with the Federal Trade Commission over what it said was a failure to protect the personal information of both its drivers and customers. It also, as a separate matter, has added new billing, expense and reporting tools for companies that use the service for business purposes. 
  • SEC Hits KPMG with $6.2 Million Fine for Audit Failures

    By:
    Chris Gaetano
    |
    Aug 15, 2017
    The Securities and Exchange Commission has leveled a $6.2 million fine against Big Four firm KPMG over failure to properly audit an oil and gas company, which gave investors a false impression as to its worth. 
  • Arthur J. Roth, Former NY Tax Commissioner, NYSSCPA Board Member, Dies at 77

    By:
    Chris Gaetano
    |
    Aug 15, 2017
    Arthur J. Roth, a former NYSSCPA board member, died suddenly August 6 in West Palm Beach, Florida. 
  • Regulatory Roundup: Aug. 9-15

    By:
    Chris Gaetano
    |
    Aug 15, 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 Require Small Firms with Attest Clients to Undergo Peer Review

    By:
    Ruth Singleton
    |
    Aug 15, 2017

    A bill (S6026A/A7895A) that would require mandatory peer review for all CPA firms in New York state that do attest work was passed in the Senate and Assembly in June and now requires only Gov. Andrew Cuomo’s signature to become law.  The Society advocated for passage of the act, which eliminates an exemption from mandatory peer review for firms with two or fewer CPAs, in order to protect the public interest by ensuring best practices among all CPA firms that perform audits. 

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