Latest Articles

  • IRS Launches New Online Tool for Basic Account Information

    By:
    Chris Gaetano
    |
    Dec 2, 2016
    The IRS has launched a new online tool for taxpayers, who will be able to use it to access basic information on themselves such as the amount they owe for tax, penalties and interest.
  • NYS Charity Bureau Chief: Auditors, Volunteers Share Responsibility in Preventing Embezzlement

    By:
    Chris Gaetano
    |
    Dec 1, 2016
    New York State Charity Bureau Chief James Sheehan says that charities and other nonprofit organizations like youth sports leagues and volunteer fire departments remain particularly vulnerable to embezzlement and fraud. He cited a simple lack of expertise and interest within their leadership as a major factor for such financial deceit. Still, there are ways to prevent these problems from occurring in the first place, and he said the audit function is a vital part in assisting these organizations in complying with regulations.
  • Trump Picks Steve Mnuchin for Treasury Secretary, Wilbur Ross for Commerce

    By:
    Chris Gaetano
    |
    Nov 30, 2016
    President-elect Donald Trump has named Steve Mnuchin, his campaign's national finance chairman, as his nominee for Secretary of Treasury, and Wilbur Ross, an investor who helped Trump resurrect his then-ailing casino company in the 90s, as Secretary of Commerce. 
  • IFRS Foundation Makes "Tweak" to Constitution

    By:
    Chris Gaetano
    |
    Nov 30, 2016
    The IFRS Foundation, the organization that oversees the International Accounting Standards Board, has amended its constitution to, among other things, reduce the size of the board and change the geographical distribution of its trustees. 
  • Regulatory Roundup, Nov. 23-29

    By:
    Chris Gaetano
    |
    Nov 29, 2016

    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. This is the first of a regular series that will let you know what you may have missed in the past seven days. 

  • Study: Having a Younger Supervisor Can Hurt Morale, Performance

    By:
    Chris Gaetano
    |
    Nov 29, 2016
    A recent study from the Journal of Organizational Behavior has found that workers in companies where there are more younger managers of older employees had more negative emotions on the job, which translates into a penalty to financial and organizational performance. 
  • SEC Critiques Tesla for Use of Non-GAAP Metrics

    By:
    Chris Gaetano
    |
    Nov 29, 2016
    The Securities and Exchange Commission criticized electric car company Tesla Motors over its use of non-GAAP revenue calculations that the commission felt was outside the realm of acceptability, leading the company to eventually drop its use of non-GAAP metrics from earnings filings. 
  • NEWS HIGHLIGHTS FOR TUESDAY - 11.29.16

    By:
    Maya Lindsay
    |
    Nov 29, 2016
    Accounting and Financial News Stories

    The Path to Planning Success
    Accounting Today
    Whether a CPA firm chooses to provide personal financial planning services or not, you can still help pursue the success of your clients’ financial futures. It can be as simple as paying closer attention to the details and going just a little beyond telling them what happened last year. A progressive and caring CPA should always take the opportunity to make sure that their clients are well-served across the financial spectrum. For years, many CPAs have told or alerted their clients about gaps in their personal financial lives — yet the same issues emerge year after year, with a fix still needed.
  • NEWS HIGHLIGHTS FOR MONDAY - 11.28.16

    By:
    Maya Lindsay
    |
    Nov 28, 2016

    NYSSCPA Members in the News

    Scott Adair (Rochester)
    Back to work after retirement
    WROC Rochester First
    CPA Scott Adair discussed some of the considerations for people who decide to go back to work after retiring Monday on News 8 at Sunrise. "There's a lot of advice to give those people," said Adair. "One of the things is you really need to take a look at what current retirement benefits you are receiving. Take a look at what potential impact going back to work could have on income taxes, could have Social Security benefits, could have on health care, and ultimately could have on your overall financial projections as you move forward in life." Adair called Social Security benefits the hot topic.

     
  • SEC Names Wesley Bricker as New Chief Accountant, Replacing James Schnurr

    By:
    Chris Gaetano
    |
    Nov 28, 2016
    The Securities and Exchange Commission has named Wesley Bricker, a former PwC audit partner, as the new chief accountant, replacing outgoing head James Schnurr, who was seriously injured in a bike accident in April and is still in physical rehab for his injuries.