The Daily

News and daily posts about CPAs, the accounting and financial industries, and more.

  • NY Ranked 39 in Beer Tax

    By:
    Chris Gaetano
    |
    May 27, 2015
    Taxes may be high in many areas here in the Empire State. Maybe that's why, compared to other states, New York's beer tax is comparatively low. 
  • Thieves Pilfer IRS Data from 100,000 Taxpayers

    By:
    Chris Gaetano
    |
    May 27, 2015
    The IRS announced that thieves broke into their electronic records to steal the records on approximately 100,000 taxpayers, an operation they feel was the work of professional criminal syndicates. 
  • Report: Margin of Error Razor Thin for World Economy

    By:
    Chris Gaetano
    |
    May 26, 2015
    A report from HSBC's chief economist says that while the world economy is currently stable, the littlest shock could send it plunging back into another financial crisis, and unlike previous crashes, policy makers will have few tools available to address it. 
  • Deutsche Bank Accused of Overstating Portfolio Value

    By:
    Chris Gaetano
    |
    May 26, 2015
    The Securities and Exchange Commission accused Deutsche Bank of overstating the value of a multi-billion dollar derivatives portfolio over a period of six months, a charge that was answered by the bank with a payment of $55 million, without admitting or denying any wrongdoing on its part. 

  • FASB Proposes Simplifying Business Combination Reporting

    By:
    Chris Gaetano
    |
    May 22, 2015
    The Financial Accounting Standards Board (FASB) has released a proposal that is meant to simplify the accounting behind measurement-period adjustments in business combinations. 
  • Study: SOX Compliance Costs Getting More Expensive for Large Firms

    By:
    Chris Gaetano
    |
    May 22, 2015
    A majority of public companies, 58 percent, have said complying with the Sarbanes-Oxley Act has gotten more expensive in the most recent fiscal year, an increase that seems mainly driven by higher external audit fees. 
  • Parents Expecting to Support Adult Children Jumps 18 Percent in a Year

    By:
    Chris Gaetano
    |
    May 21, 2015
    The number of parents who expect that they will need to support their children for at least two years after they graduate from college has increased 18 percent in a single year. 
  • Big Banks Plead Guilty to Market Rigging Scheme

    By:
    Chris Gaetano
    |
    May 21, 2015
    Four of the world's biggest banks have—Citigroup, JPMorgan Chase, Barclays and Royal Bank of Scotland—have pleaded guilty to a scheme that was intended to rig the value of world currencies for the benefit of a traders in each. 
  • Study: CEO Performance, Golf Skills Inversely Correlated

    By:
    Chris Gaetano
    |
    May 20, 2015
    A study looking at the golfing habits of 363 S&P 500 CEOs has found that the more golf a chief executive plays, the lower the operating performance and firm value of their company. 
  • Poll: 22 Percent of Finance Workers Know About or Have Seen Illegal or Unethical Acts

    By:
    Chris Gaetano
    |
    May 20, 2015
    A survey of 1,200 U.S. and U.K.-based financial services professionals has found that 22 percent have observed or have direct knowledge of illegal or unethical acts in their workplace. 

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