Latest Articles

  • Average Fee for 1040 Prep Reaches $176

    By:
    Chris Gaetano
    |
    Jan 27, 2017
    How much are you charging to prepare a Form 1040? If it's $176, you're right about average, according to a recent article in Accounting Today. This makes the average fee $17 more than it was two years ago. 
  • NYSSCPA Marijuana Symposium addresses risks and benefits of the industry

    By:
    Chris Gaetano
    |
    Jan 26, 2017

    With New York state having launched its medical marijuana program in January 2016 and all of its neighboring states administering their own medical marijuana programs, the NYSSCPA hosted its first Marijuana Symposium on Dec. 13, in order to educate the profession and the public, inform local and national decision makers, and host a forum for open and thoughtful discussion on one of the United States’ fastest growing industries. 

  • Preparing for tax reform under President Trump

    By:
    Chris Gaetano
    |
    Jan 26, 2017

    With President Donald Trump now in office, what’s probable, according to tax planners in New York, is that there will be reform in taxes—from income and capital gains to estate and corporate—and taxpayers should prepare for several changes. 

  • N.Y. Fed enforcement inspector: ‘Gaping hole’ in interbank communications leaves door open for money launderers

    By:
    Chris Gaetano
    |
    Jan 26, 2017

    Movies like “Scarface” and TV shows such as “Narco” glamorize drug lords for using banks to funnel their money into legitimate accounts and businesses. But money laundering is a serious crime, and CPAs must remain vigilant to avoid being used as unwitting intermediaries, according to panelists at the Foundation for Accounting Education's recent Anti–Money Laundering Conference in Manhattan. 

  • Eroding auditor independence a concern for PCAOB member

    By:
    Chris Gaetano
    |
    Jan 26, 2017

    Major accounting firms have been moving away from traditional tax and audit services and into consulting and advisory services to boost earnings. In recent years, consulting has become a significant source of revenue for some firms. For Steven B. Harris, a member of the Public Company Accounting Oversight Board (PCAOB), a well-documented shift from audit services toward consulting services for revenue raises concerns about auditor independence. 

  • Why Wasn't Wells Fargo Scandal Caught Sooner? Partly Because Inspectors Gave Branches 24 Hour Notice

    By:
    Chris Gaetano
    |
    Jan 26, 2017
    Interviews with current and former Wells Fargo executives and employees has revealed that compliance inspections meant to detect wrongdoing tended to come with a 24 hour advance notice, giving branches time to cover evidence of the phantom account scandal that has plagued the bank over the past few months. 
  • Poll: Accountants Find Month-End Stressful

    By:
    Chris Gaetano
    |
    Jan 26, 2017
    A recent survey of 259 accounting and finance professionals found that 82 percent felt the month-end close had negative personal effects on their lives, with 60 percent saying it increased stress levels overall, 36 percent saying it made scheduling regular life events difficult and 19 percent saying their personal relationships were negatively impacted. 

  • Dow Jones Hits 20,000

    By:
    Chris Gaetano
    |
    Jan 25, 2017
    The Dow Jones Industrial Average, after hovering just below the mark for weeks, has finally reached an historic 20,000 points today. 
  • Study: About 60 Percent of CPAs are Republican

    By:
    Chris Gaetano
    |
    Jan 25, 2017
    An analysis by data firm Verdant Labs, using publicly available campaign contribution data, has found that CPAs (at least among those who make political contributions) tend to be Republicans, with the ratio between the two major parties being about 60/40. 
  • SEC Faults Shipping Conglomerate for Failing to Recognize $512 Million in Tax Liabilities

    By:
    Chris Gaetano
    |
    Jan 24, 2017
    The Securities and Exchange Commission charged shipping conglomerate Overseas Shipholding Group (OSG) and its former chief financial officer Myles R. Itkin for materially understating the company's income tax liabilities by approximately $512 million over 12 years, an action that eventually led to the business going bankrupt when it was revealed.