Latest Articles

  • GASB Asks for Comments on Improvements to Financial Reporting Model

    By:
    Chris Gaetano
    |
    Jan 5, 2017
    The Governmental Accounting Standards Board (GASB), in response to recent stakeholder feedback, is reconsidering key aspects of its financial reporting model as they pertain to government funds, and is asking stakeholders to comment on what they think would improve it. 
  • New IRS Guidance Offers Safe Harbor for Small Errors on Information Reporting

    By:
    Chris Gaetano
    |
    Jan 5, 2017
    The IRS understands that sometimes people make mistakes, and if it's a small one, it shouldn't be that big a deal, as recently released guidance said that if an information return or payee statement error differs from the correct amount by no more than $100 (or $25 with respect to the amount of tax withheld) then the statement does not need to be corrected and a penalty will not be imposed. 
  • SEC Chair Mary Jo White Urges Further Cooperation on International Accounting Standards

    By:
    Chris Gaetano
    |
    Jan 5, 2017
    SEC Chair Mary Jo White issued a public statement today expressing strong support for the development of high-quality globally accepted accounting standards and urged her successor under the new administration to build on the work that has already been done. 
  • Early Boosters of 401(k) Plans See Major Flaws Years Later

    By:
    Chris Gaetano
    |
    Jan 4, 2017
    While the 401(k) has replaced pensions as the most common way Americans save for retirement today, architects of this shift, given years to observe how the effects of their movement played out, say that the plans have major flaws and lament how things have turned out. 
  • Trump Nominates Jay Clayton to Head SEC

    By:
    Chris Gaetano
    |
    Jan 4, 2017
    Donald Trump has nominated an attorney who specializes in public and private mergers and offerings, as well as advises high-net worth families, as the new chair of the Securities and Exchange Commission. 
  • New French Law Requires Companies to Regulate After-Hours Emails

    By:
    Chris Gaetano
    |
    Jan 3, 2017
    A new set of French labor laws requires businesses with 50 or more employees to set its own protocols for how it will handle after-hours work emails as a way to encourage better work-life balance. 
  • Fate of New Federal Overtime Rules Uncertain, But New State-level Rules Now In Effect

    By:
    Chris Gaetano
    |
    Jan 3, 2017
    With a new administration in power, it's uncertain whether recent changes that expanded who's eligible for overtime will survive, but even if the matter is repealed on the federal level, similar state-level reforms have now gone into effect. 
  • Society Awards: Call for Nominations

    By:
    Nereida Gomez
    |
    Jan 3, 2017
    CPAs throughout New York state give generously of their free time to better their profession, and to assist with community causes and projects. The NYSSCPA recognizes these commitments through an awards program designed to highlight outstanding service.
  • Regulatory Roundup, Dec. 20-Jan. 3

    By:
    Chris Gaetano
    |
    Jan 3, 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. This is the first of a regular series that will let you know what you may have missed in the past seven days. 
  • The Trusted Professional's Year in Review

    By:
    Chris Gaetano
    |
    Dec 22, 2016
    As we all prepare to face whatever 2017 has to offer, we thought it would be a good idea to look back at some of the top stories of 2016.