Latest Articles

  • Speaker: Retirement Plan Litigation on the Rise

    By:
    Chris Gaetano
    |
    Jun 8, 2017
    Avery Neumark, the Partner-in-Charge of the firm’s Employee Benefits and Executive Compensation practice at RSSM, said at today's Employee Benefits Conference that there's been a wave of lawsuits against both private and not-for-profit entities about the quality of their retirement plans.

  • Society Honors Best Financial Reporting of 2016 at EFJ Awards Luncheon

    By:
    Ruth Singleton
    |
    Jun 8, 2017

    At the NYSSCPA’s 34th Annual Excellence in Financial Journalism Awards luncheon on June 8, the Society honored some of 2016’s best financial journalism and the reporters and other professionals who produced it.  Richard Tofel, the president of Pro Publica, an independent, nonprofit organization that produces investigative journalism in the public interest, served as the luncheon’s keynote speaker. He spoke before an audience of approximately 35 journalists, editors and awards judges at the Tribeca Grill in New York City

  • Society Supports Legislation Requiring Mandatory Peer Review for All Firms

    By:
    Ruth Singleton
    |
    Jun 8, 2017

    New York State is the only state in the country that does not require mandatory peer review for all CPA firms that take on attest engagements for clients. The NYSSCPA is advocating for legislation (S6026A/A7895A), now pending in both chambers of the state Legislature, to change that. 

  • IRS Rolls Out Revamped FATCA Registration System

    By:
    Chris Gaetano
    |
    Jun 7, 2017
    After four years of delays, the IRS officially launched its now-revamped registration system for foreign financial institutions to comply with the Foreign Account Tax Compliance Act. 
  • Study: 39 Percent of Workday Spent on Actual Work

    By:
    Chris Gaetano
    |
    Jun 7, 2017
    A survey of 600 knowledge workers at large companies has found that 39 percent of the workday is spent performing primary job duties, with other time filled up mostly with attending meetings and catching up on emails. 
  • New Society Committee Focuses on Accounting Education for Next Generation

    By:
    Chris Gaetano
    |
    Jun 6, 2017
    From new technology to shifting client demands, the accounting profession has found itself in a period of rapid change, and accounting education has to change with it. In order to meet the challenges that come with these changes, the NYSSCPA has formed a new Academic Advancement and Higher Education Committee, which aims to bring together all stakeholders in the education of the next generation of CPAs.
  • SCOTUS Limits SEC's Ability to Seek Disgorgement of Illegal Profits

    By:
    Chris Gaetano
    |
    Jun 6, 2017
    The Supreme Court of the United States, in a unanimous ruling, limited the power of the Security and Exchange Commission to seek disgorgement of profits gained through illegal activity. 
  • Regulatory Roundup - May 31 to June 6

    By:
    Chris Gaetano
    |
    Jun 6, 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.
     
  • NYS Revises Audit Response Form, Issues Clarifying Letter, in Response to Preparer Concerns

    By:
    Chris Gaetano
    |
    Jun 6, 2017
    New York State Department of Taxation and Finance Acting Commissioner Nonie Manion has sent a letter explaining the reasoning behind some of its audit notices in response to concerns raised by the preparer community. 
  • Court Rules Against IRS PTIN Fees

    By:
    Chris Gaetano
    |
    Jun 5, 2017
    A federal court has ruled that while the IRS can require the use of Preparer Tax Identification Numbers (PTIN), it cannot charge fees to get one, ending the $175 million class action lawsuit that been fighting the service on this issue since 2014.