Latest Articles

  • Wells Fargo Phantom Account Scandal Widens: Further Digging Reveals 1.4 Million More Fake Accounts

    By:
    Chris Gaetano
    |
    Aug 31, 2017
    Beleaguered bank Wells Fargo, still reeling from a series of embarrassing scandals, announced that the one that started it all―the creation of millions of fake accounts that charged fees to their customers― is much bigger than originally thought.  
  • PCAOB Outlines Key Inspection Priorities

    By:
    Chris Gaetano
    |
    Aug 31, 2017
    The Public Company Accounting Oversight Board (PCAOB), in a recent staff inspection brief, said it will be focusing particularly on recurring audit deficiencies, areas affected by economic factors like Brexit or high M&A activity, audit parts that were particularly judgement-heavy, the new Form AP reporting requirements, new accounting standards, multinational audits, information technology, and firm system quality control. 
  • 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.