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NEWS HIGHLIGHTS FOR MONDAY - 12.19.16

By:
Maya Lindsay
Published Date:
Dec 19, 2016

NYSSCPA Members in the News

NYSSCPA Marijuana Symposium
The Risks Of The Trade: Providing Accounting Services For The Marijuana Industry
Yahoo! Finance
The New York State Society of Certified Public Accountants (NYSSCPA) and the Foundation for Accounting Education (FAE) hosted their 2016 Marijuana Symposium: Business, Tax and Legal Implications last Tuesday. After the event, Benzinga had the chance to chat with one of the keynote speakers, Mat Young, vice president of state regulatory and legislative affairs at the American Institute of Certified Public Accountants (AICPA)’s state regulation and legislation team.

Kenneth Hall (Rochester)
Getting the most out of Social Security benefits
WROC Rochester First
CPA Kenneth Hall of the New York State Society of CPAs discussed considerations for your Social Security benefits Monday on News 8 at Sunrise. "I would first tell viewers to defer their benefits to age 70 instead of the earliest full retirement age of 62," said Hall. "By delaying receipt of benefits from an earlier age to 70, retirement income payments can increase by 76 percent, in addition to any cost of living adjustments."

NYSSCPA Marijuana Symposium
CPAs examine the issues – and ethics – of marijuana as a business
Accounting Today
While marijuana is now legal to one degree or another in 28 U.S. states, the substance is still federally illegal – and that means that CPAs and others who want to serve this potentially lucrative niche face questions of professional conduct that are not easily answered. Having made the plant-based drug legal for certain medicinal uses in 2014 under the Compassionate Care Act, New York is one of those states in which marijuana can be legally distributed in some way, and recently, the New York State Society of CPAs hosted a symposium on the marijuana business.

NYSSCPA Marijuana Symposium
Accounting News Roundup: Apple Strikes Back, CPAs Going to Pot and Whistleblowers | 12.19.16
GoingConcern
CPAs going to pot - Ranica Arrowsmith reports in Accounting Today about the New York State Society of CPAs' recent marijuana symposium. The society's president F. Michael Zovistoski "noted that the society prides itself on remaining ahead of the curve in all things that affect the accounting profession, and the opening up of marijuana laws should be no different." Let GC be the first to welcome NYSSCPA to the party. We've been here since at least 2014.

NYSSCPA Marijuana Symposium
International Law Expert Explains Tax Implications And The Search For Legitimacy In Cannabis Industry
Benzinga
The New York State Society of Certified Public Accountants (NYSSCPA) and the Foundation for Accounting Education (FAE) hosted their 2016 Marijuana Symposium: Business, Tax and Legal Implications last Tuesday. After the event, Benzinga had the chance to chat with one of the keynote speakers, Zameer Qureshi, a legal consultant to the Acta Group EU, Ltd, an affiliate of Bergeson & Campbell, P.C. that focuses on marketing chemicals, biocides and products of industrial biotechnology, nanotechnology and synthetic biology.

Other Accounting and Financial News Stories

On Bitcoins, Tulips And IRS Tax Compliance
Forbes
If the recent stir about IRS interest in bitcoins and other cryptocurrencies has you worried about whether your clients have been fooling with bitcoins or you have been fooling with them yourself, Perry Woodin of Node4o LLC  might have some software to help you out.  I had a nice chat with Perry on Friday and he advanced my education on cryptocurrencies quite a bit.  He has not shaken me from my overall evaluation of cryptocurrencies which is summed up in two words - tulip bulbs.

Profit vs. Pleasure: IRS Rules Are Strict on Losses
AccountingWEB
Americans who followed the presidential election were incessantly reminded that the tax code allows businesses that incur net operating losses to deduct them over multiple years. But hobby losses are another story. Those obliging folks at the IRS allow write-offs to ease the pain for losses suffered by freelance writers, artists, and other self-employed individuals in ventures entered into to make “profits.” But long-standing rules severely limit what they’re able to deduct for losses incurred in pursuing “hobbies.”

Treasury Auctions Set for the Week of Dec. 19
New York Times
The Treasury’s schedule of financing this week includes Monday’s regular weekly auction of new three- and six-month bills and an auction of four-week bills on Tuesday. At the close of the New York cash market on Friday, the rate on the outstanding three-month bill was 0.50 percent. The rate on the six-month issue was 0.64 percent, and the rate on the four-week issue was 0.46 percent.