Features

  • Marc A. Siegel, Financial Accounting Standards Board member

    By:
    CHRIS GAETANO
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    Feb 20, 2014
    NYSSCPA member Marc A. Siegel was appointed to the Financial Accounting Standards Board (FASB) in 2008 and reappointed for a second term in 2013. A forensic accounting expert with a wide-ranging background in industry, he has helped to bring an investor perspective to the board. Siegel recently spoke with The Trusted Professional about what we can expect from the FASB in 2014.
  • Bitcoin Gets the Full Treatment in New York

    By:
    RICHARD J. KORETO
    |
    Feb 20, 2014
    To many, virtual currencies—of which Bitcoin is the best-known—are anything from a fad that will soon fade to an unwitting tool of drug runners that should and will be shut down soon. But in New York—a world financial leader since the 17th century—both the state Department of Financial Services and the local U.S. attorney's office are voicing opinions on the future of virtual currencies. And some sophisticated people in the legal and financial communities joined them in exploring tantalizing and troubling world of virtual currencies, while thousands listened and the press took notice.
  • Risk exposures in tax-related services: what you need to know

    By:
    Randy R. Werner, J.D., LL.M./Tax, CPA
    |
    Feb 18, 2014
    There are several steps that firms can take to minimize areas of risk in tax-related services provided to clients; to help illustrate that point, we’ve outlined three key strategies here. 
  • Back to basics in IT risk assessment

    By:
    Yigal Rechtman, CPA
    |
    Feb 17, 2014
    Information technology has taken a starring role in the risk assessment process that accompanies the planning, execution and conclusion of the audit, now that the capturing, processing, storing and reporting of information have become almost exclusively computerized. Given how central its use is, it’s always a good idea to review the basics and understand just what the audit standards say with respect to IT.
  • An important reminder for busy season

    By:
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    Feb 17, 2014
    Change is inevitable in our profession, but this year, we enter a busy season that seems especially rife with new and shifting developments. That includes the tax implications stemming from the Affordable Care Act and the demise of the Defense of Marriage Act; new local, state and federal tax codes; an increased regulatory environment in the wake of legislation such as the Dodd-Frank Act and the Consumer Protection Act; and a host of new accounting and auditing standards. Indeed, New York CPAs will have their work cut out for them in 2014. 
  • Industry Award Winner Sees Benefit in Past History With Membership Orgs

    By:
    Chris Gaetano
    |
    Feb 17, 2014
    If you ask members of the NYSSCPA’s Northeast Chapter, Suzanne M. Jensen is something of a secret weapon for CPAs in the region. Whether it’s providing a convenient location for monthly meetings, sharing best practices for budgeting and strategic planning, or taking on yet another Society committee despite the demands of her day job, “Suzanne always responds enthusiastically to the call for service,” said Beth Van Bladel, a past Northeast Chapter president and NYSSCPA board member.
  • Progress report

    By:
    PEI-CEN LIN, CPA, SPHR
    |
    Feb 11, 2014
    Though your annual employee review may be months away, now’s a great time for you to put yourself inyour manager’s seat and take a hard look at your performance. And not just because it’s the season for setting resolutions—if you care about and want to own your career, you simply cannot let the employer’s performance review cycle dictate when you come up with goals or review your progress. Instead, you should treat the corporate performance management process as a supplement to your own ongoing self-assessment.