Latest Articles

  • NY Tax Department Clarifies Position on Driver’s License Requirement

    By:
    Chris Gaetano
    |
    Feb 24, 2017

    The New York State Department of Taxation and Finance (NYSDTF) clarified its position Friday on whether practitioners can check the “no applicable ID” box on a return if their client, despite having a valid driver’s license number, refuses to disclose it.

  • Sweden Has Too Much Money, and It's Costing The Government Millions

    By:
    Chris Gaetano
    |
    Feb 23, 2017
    While U.S. tax authorities struggle to close a $400 billion tax gap, Sweden is experiencing the opposite problem: too many people are overpaying their taxes, and the errors could cost the government millions. 
  • FASB Defines "In-substance Nonfinancial Asset" in New Update

    By:
    Chris Gaetano
    |
    Feb 23, 2017
    The Financial Accounting Standards Board (FASB) has released an update that clarifies the scope of Subtopic 610-20 by defining "In-substance Nonfinancial  Asset," a term that appeared in the guidance that had been causing confusion among practitioners. 
  • Study: Looks Matter for CEOs

    By:
    Chris Gaetano
    |
    Feb 22, 2017
    Just like how voters expect presidential candidates to look "presidential," a recent study has found that there's a certain look that people expect from corporate CEOs, with those more closely matching this physical idea being seen as more competent than those who do not. 
  • Worker Embezzles $100 Million from Company, Disappears

    By:
    Chris Gaetano
    |
    Feb 22, 2017
    An employee at the South Korean affiliate of Swiss power and robotics firm ABB is said to have forged documents and cooperated with outside parties to steal $100 million and then disappear, an act that the company said was part of a sophisticated criminal scheme. 
  • State Board Audit Finds 50% of CPAs Noncompliant with Ethics CPE Requirement

    By:
    Ruth Singleton
    |
    Feb 21, 2017
    A recent New York State Board for Public Accountancy audit of state-licensed CPAs’ continuing professional education (CPE) compliance in 2016 revealed that only 50 percent of New York-licensed CPAs had fulflled the state’s professional ethics CPE requirement.

  • Newsmakers: FASB Staffers Discuss Board's Revenue Recognition Standard

    By:
    Chris Gaetano
    |
    Feb 21, 2017
    In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard on revenue recognition, which is set to take effect for public organizations on Dec. 15, 2017, and for nonpublic organizations on Dec. 15, 2018. The revenue recognition standard is one of the major features of the joint FASB/International Accounting Standards Board (IASB) convergence project, which was intended to produce a set of high-quality international accounting standards that can be used within either framework. Mary Mazzella, supervising project manager at the FASB, and Cullen Walsh, an assistant director at the FASB, are members of the FASB/IASB Joint Transition Resource Group for Revenue Recognition (TRG). Mazzella and Walsh took the time to respond to questions from The Trusted Professional about how the implementation process is progressing.
     

  • U.S. Census Bureau Data Shows Looming Retirement Crisis Worse Than Originally Thought

    By:
    Chris Gaetano
    |
    Feb 21, 2017
    Research from the U.S. Census Bureau has found that two-thirds of Americans have no money at all set aside for retirement, and that fewer than one-fifth of employers offer any kind of retirement plan. 
  • Trump's SEC Pick Seeks to De-Emphasize Regulation, Enforcement

    By:
    Chris Gaetano
    |
    Feb 21, 2017
    Jay Clayton, the Trump Administration's pick for chair of the Securities and Exchange Commission, wants to see the commission turn away from its Obama-era focus on regulation and enforcement and towards making public markets more attractive to investment. 
  • Regulatory Roundup: Feb. 15-21

    By:
    Chris Gaetano
    |
    Feb 21, 2017
    With so many regulators out there, it can be tough to keep track of everything they say from week to week. Luckily we here at the Trusted Professional have collected relevant regulatory announcements from this past week and put them here in one place to help you stay on top of regulatory issues or matters.