Latest Articles

  • Speaker: As Anti-Money Laundering, Counter-Terrorist Financing Efforts Mature, New Complexities Emerge

    By:
    Chris Gaetano
    |
    Oct 25, 2017
    In the grand scheme of things, anti-money laundering and counter-terrorist financing regulations are relatively recent phenomena, and though they have evolved quickly,  they will be tested by the complexities and challenges of a global economy under rapid change, according to Daniel L. Glaser, former Assistant Secretary for Terrorist Financing and Financial Crimes in the U.S. Department of the Treasury and a speaker at the Foundation for Accounting Education's Oct. 25  Anti-Money Laundering Conference.
  • Speakers: Regulatory Systems Only As Good As Their Data

    By:
    Chris Gaetano
    |
    Oct 25, 2017
    While financial institutions are eager to implement automated systems to help them catch suspicious activity, a panel of regulators at the Foundation for Accounting Education's Oct. 25 Anti-Money Laundering Conference said that none of that helps if they're not fed the right data. 
  • It's Official: SEC Approves Expanded Audit Report

    By:
    Chris Gaetano
    |
    Oct 24, 2017
    The Securities and Exchange Commission has formally approved the new expanded auditor's report adopted by the Public Company Accounting Oversight Board on June 1, creating a number of new disclosure requirements, chiefly the mandatory discussion of critical audit matters. 
  • TIGTA: IRS Must Improve Efforts to Ferret Out Erroneous EITC Claims

    By:
    Chris Gaetano
    |
    Oct 24, 2017
    The Treasury Inspector General for Tax Administration took the IRS to task for failing to conduct appropriate compliance treatments on returns that made potentially erroneous EITC claims, as well as for lack of adequate followup efforts on preparers with consistent non-compliance. 
  • Regulatory Roundup: Oct. 18-24

    By:
    Chris Gaetano
    |
    Oct 24, 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.
  • Peer Review Bill Becomes Law, Affected Firms Have 30 Days to Notify SED

    By:
    Chris Gaetano and Ruth Singleton
    |
    Oct 24, 2017
    Governor Andrew Cuomo on Oct. 23 signed legislation that mandates peer review for all CPA firms in the state that provide attest work for their clients, regardless of size. The legislation takes effect immediately, giving affected firms with two or fewer CPAs 18 months to have a completed peer review. However, a more immediate deadline looms.

  • Study: Female Business Owners 20 Percent Less Likely to Be Approved for Bank Loans

    By:
    Chris Gaetano
    |
    Oct 23, 2017
    A recent study found that while 50 percent of all business owners in general were able to get a bank loan approved over the last three months, when looking only at female-owned businesses, that number drops to 30 percent. 
  • Data Finds People Working Longer, Living Less

    By:
    Chris Gaetano
    |
    Oct 23, 2017
    Recent statistics released by the Society of Actuaries has found that people are retiring later even as life expectancy is getting shorter. 
  • IRS to Block Returns Missing Obamacare Info

    By:
    Chris Gaetano
    |
    Oct 20, 2017
    The IRS said it will be suspending or blocking any return filed for the 2017 tax year that is missing information about the taxpayer's health insurance status.
  • Speaker: New Recession Could Come in 5-7 Years

    By:
    Chris Gaetano
    |
    Oct 19, 2017
    Lester Wigler, a senior portfolio manager and financial adviser with Morgan Stanley, said that a number of financial indices show that the global economy is still growing, so don't worry about a worldwide recession in the next three to five years. The next five to seven years, though, are another story.