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NEWS HIGHLIGHTS FOR MONDAY - 11.28.16

By:
Maya Lindsay
Published Date:
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.

Other Accounting and Financial News Stories

Nexpanding: The Ever-Evolving Shape of Nexus Rules
Accounting Today
Nexus — the minimum amount of contact between a taxpayer and a state that allows the state to tax the business on its activities — is under attack by the states as they seek to broaden its reach in order to increase their taxing revenue. States are challenging the traditional physical-presence standard as a basis for collecting tax from companies doing business in the state. While they previously collected taxes from companies having a physical presence in their state, they are now adopting a broader economic-nexus standard requiring businesses to pay taxes when they have earned revenue within a state above a certain sales dollar threshold.

The Four Companies That Sent the Dow to 19000
Wall Street Journal
Shares of banks, industrials and health-care companies propelled the Dow Jones Industrial Average to 19000 on Tuesday. The bets on those sectors largely reflect investors’ expectations of looser regulation, and higher growth and interest rates under a Trump administration. Here is a look at four companies that have benefited from those assumptions, contributing the most points to the blue-chip index’s 1,135.59-point gain since the Dow last closed below 18000 on Nov. 4.

Consumer Protection Bureau Chief Braces for a Reckoning
New York Times
Mild-mannered, lawyerly and with a genius for trivia, Richard Cordray is not the sort of guy you picture at the center of Washington’s bitter partisan wars over regulation and consumer safeguards. But there he is, a 57-year-old Buckeye who friends say prefers his hometown diner to a fancy political reception, testifying in hearing after hearing on Capitol Hill about the agency he leads, the Consumer Financial Protection Bureau. Republicans would like to do away with it — and with him, arguing that the agency should be led by a commission rather than one person.

PCAOB Sets Strategic Plan
Accounting Today
The Public Company Accounting Oversight Board approved its fiscal year 2017 budget of approximately $268.5 million, along with a strategic plan through 2020 to guide its programs and operations. The 2017 budget represents a 4.2 percent increase of the PCAOB’s 2016 budget of $257.7 million. The budget is subject to approval by the Securities and Exchange Commission.

Taxing Times for the Market’s Global Elite
Wall Street Journal
The stock market seems to be channeling Donald Trump’s angry voters. Winners since the election are the archetype of middle America: shares of smaller companies, with higher tax rates, which focus on domestic customers. Losers since the election are the globe-trotting elite of the corporate world, behemoths that pay little tax and sell a lot overseas. At least three factors are working together to help small stocks. First up is corporate taxes, about which President-elect Trump has rare cross-party agreement that Something Must Be Done.

Wells Fargo Asks Court to Force Customers to Arbitration in Fake Accounts Cases
New York Times
Wells Fargo has asked a Federal District Court to order dozens of customers who are suing the bank over the opening of unauthorized accounts to resolve their disputes in private arbitrations instead of court, according to legal documents. The motion, filed in the United States District Court in Utah on Wednesday, is in response to the first-class action lawsuit filed against Wells since it agreed to pay $185 million in penalties and $5 million to customers for opening up to 2 million deposit and credit-card accounts in their names without their permission.

Clearinghouses Park Billions in New Fed Accounts
Wall Street Journal
Financial firms are lining up for the hottest new account on Wall Street: checking with interest at the Federal Reserve. CME Group Inc. and the Options Clearing Corp. are among large companies that have parked billions of dollars in new accounts at the Fed, reflecting a recent rule change that made the accounts more widely available and the attractive rates paid by the central bank on deposits. Earning interest on reserves at the Fed has been the privilege of banks since 2008, but a wider swath of Wall Street won the right under a provision of the 2010 Dodd-Frank Act that aimed to bolster “clearinghouses” that guarantee obligations on trades for a fee.

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.

 

Other Accounting and Financial News Stories


Nexpanding: The Ever-Evolving Shape of Nexus Rules

Accounting Today

Nexus — the minimum amount of contact between a taxpayer and a state that allows the state to tax the business on its activities — is under attack by the states as they seek to broaden its reach in order to increase their taxing revenue. States are challenging the traditional physical-presence standard as a basis for collecting tax from companies doing business in the state. While they previously collected taxes from companies having a physical presence in their state, they are now adopting a broader economic-nexus standard requiring businesses to pay taxes when they have earned revenue within a state above a certain sales dollar threshold.

 

The Four Companies That Sent the Dow to 19000

Wall Street Journal

Shares of banks, industrials and health-care companies propelled the Dow Jones Industrial Average to 19000 on Tuesday. The bets on those sectors largely reflect investors’ expectations of looser regulation, and higher growth and interest rates under a Trump administration. Here is a look at four companies that have benefited from those assumptions, contributing the most points to the blue-chip index’s 1,135.59-point gain since the Dow last closed below 18000 on Nov. 4.

 

Consumer Protection Bureau Chief Braces for a Reckoning

New York Times

Mild-mannered, lawyerly and with a genius for trivia, Richard Cordray is not the sort of guy you picture at the center of Washington’s bitter partisan wars over regulation and consumer safeguards. But there he is, a 57-year-old Buckeye who friends say prefers his hometown diner to a fancy political reception, testifying in hearing after hearing on Capitol Hill about the agency he leads, the Consumer Financial Protection Bureau. Republicans would like to do away with it — and with him, arguing that the agency should be led by a commission rather than one person.

 

PCAOB Sets Strategic Plan

Accounting Today

The Public Company Accounting Oversight Board approved its fiscal year 2017 budget of approximately $268.5 million, along with a strategic plan through 2020 to guide its programs and operations. The 2017 budget represents a 4.2 percent increase of the PCAOB’s 2016 budget of $257.7 million. The budget is subject to approval by the Securities and Exchange Commission.

 

Taxing Times for the Market’s Global Elite

Wall Street Journal

The stock market seems to be channeling Donald Trump’s angry voters. Winners since the election are the archetype of middle America: shares of smaller companies, with higher tax rates, which focus on domestic customers. Losers since the election are the globe-trotting elite of the corporate world, behemoths that pay little tax and sell a lot overseas. At least three factors are working together to help small stocks. First up is corporate taxes, about which President-elect Trump has rare cross-party agreement that Something Must Be Done.

 

Wells Fargo Asks Court to Force Customers to Arbitration in Fake Accounts Cases

New York Times

Wells Fargo has asked a Federal District Court to order dozens of customers who are suing the bank over the opening of unauthorized accounts to resolve their disputes in private arbitrations instead of court, according to legal documents. The motion, filed in the United States District Court in Utah on Wednesday, is in response to the first-class action lawsuit filed against Wells since it agreed to pay $185 million in penalties and $5 million to customers for opening up to 2 million deposit and credit-card accounts in their names without their permission.

 

Clearinghouses Park Billions in New Fed Accounts

Wall Street Journal

Financial firms are lining up for the hottest new account on Wall Street: checking with interest at the Federal Reserve. CME Group Inc. and the Options Clearing Corp. are among large companies that have parked billions of dollars in new accounts at the Fed, reflecting a recent rule change that made the accounts more widely available and the attractive rates paid by the central bank on deposits. Earning interest on reserves at the Fed has been the privilege of banks since 2008, but a wider swath of Wall Street won the right under a provision of the 2010 Dodd-Frank Act that aimed to bolster “clearinghouses” that guarantee obligations on trades for a fee.

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.

 

Other Accounting and Financial News Stories


Nexpanding: The Ever-Evolving Shape of Nexus Rules

Accounting Today

Nexus — the minimum amount of contact between a taxpayer and a state that allows the state to tax the business on its activities — is under attack by the states as they seek to broaden its reach in order to increase their taxing revenue. States are challenging the traditional physical-presence standard as a basis for collecting tax from companies doing business in the state. While they previously collected taxes from companies having a physical presence in their state, they are now adopting a broader economic-nexus standard requiring businesses to pay taxes when they have earned revenue within a state above a certain sales dollar threshold.

 

The Four Companies That Sent the Dow to 19000

Wall Street Journal

Shares of banks, industrials and health-care companies propelled the Dow Jones Industrial Average to 19000 on Tuesday. The bets on those sectors largely reflect investors’ expectations of looser regulation, and higher growth and interest rates under a Trump administration. Here is a look at four companies that have benefited from those assumptions, contributing the most points to the blue-chip index’s 1,135.59-point gain since the Dow last closed below 18000 on Nov. 4.

 

Consumer Protection Bureau Chief Braces for a Reckoning

New York Times

Mild-mannered, lawyerly and with a genius for trivia, Richard Cordray is not the sort of guy you picture at the center of Washington’s bitter partisan wars over regulation and consumer safeguards. But there he is, a 57-year-old Buckeye who friends say prefers his hometown diner to a fancy political reception, testifying in hearing after hearing on Capitol Hill about the agency he leads, the Consumer Financial Protection Bureau. Republicans would like to do away with it — and with him, arguing that the agency should be led by a commission rather than one person.

 

PCAOB Sets Strategic Plan

Accounting Today

The Public Company Accounting Oversight Board approved its fiscal year 2017 budget of approximately $268.5 million, along with a strategic plan through 2020 to guide its programs and operations. The 2017 budget represents a 4.2 percent increase of the PCAOB’s 2016 budget of $257.7 million. The budget is subject to approval by the Securities and Exchange Commission.

 

Taxing Times for the Market’s Global Elite

Wall Street Journal

The stock market seems to be channeling Donald Trump’s angry voters. Winners since the election are the archetype of middle America: shares of smaller companies, with higher tax rates, which focus on domestic customers. Losers since the election are the globe-trotting elite of the corporate world, behemoths that pay little tax and sell a lot overseas. At least three factors are working together to help small stocks. First up is corporate taxes, about which President-elect Trump has rare cross-party agreement that Something Must Be Done.

 

Wells Fargo Asks Court to Force Customers to Arbitration in Fake Accounts Cases

New York Times

Wells Fargo has asked a Federal District Court to order dozens of customers who are suing the bank over the opening of unauthorized accounts to resolve their disputes in private arbitrations instead of court, according to legal documents. The motion, filed in the United States District Court in Utah on Wednesday, is in response to the first-class action lawsuit filed against Wells since it agreed to pay $185 million in penalties and $5 million to customers for opening up to 2 million deposit and credit-card accounts in their names without their permission.

 

Clearinghouses Park Billions in New Fed Accounts

Wall Street Journal

Financial firms are lining up for the hottest new account on Wall Street: checking with interest at the Federal Reserve. CME Group Inc. and the Options Clearing Corp. are among large companies that have parked billions of dollars in new accounts at the Fed, reflecting a recent rule change that made the accounts more widely available and the attractive rates paid by the central bank on deposits. Earning interest on reserves at the Fed has been the privilege of banks since 2008, but a wider swath of Wall Street won the right under a provision of the 2010 Dodd-Frank Act that aimed to bolster “clearinghouses” that guarantee obligations on trades for a fee.