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NEWS HIGHLIGHTS FOR THURSDAY - 4.14.16

By:
Maya Lindsay
Published Date:
Apr 14, 2016

NYSSCPA Members in the News

NYSSCPA’s Business Exit and Succession Planning Committee
NYSSCPAs Offering Free Forums on Business Exit and Succession Planning
The Business Journals
Business mergers and acquisitions continue to surge in 2016 as mid-size companies are expanding their searches for opportunities to grow, while a record number of baby-boomer owners see retirement in their very near futures. But poor planning and unmanageable expectations often spoil the best intentions.

Other Accounting and Finance News

NYC Public Employee Pension Fund May Pull Hedge-Fund Investments
Wall Street Journal
New York City’s biggest public employee pension fund is poised to vote Thursday to begin pulling its investments from hedge funds, the latest move by a large pension plan to scrap an investment path that once promised big returns. The move by the New York City Employees’ Retirement System, which says it is the nation’s largest pension fund for municipal employees, is expected to be approved in a majority vote by its trustees, according to people familiar with the internal discussions.

The Big Eight Social Media Apps for Accounting Firms
CPA Practice Advisor
Social media is now a must for accounting firms, but which ones are worth it and why? Here are my favorite “big 8” apps and what to focus on for each one. LinkedIn - More business deals originate from LinkedIn because it is probably one of the best sales tools out there. Use your professional headline to highlight who you serve and the results you provide instead of simply listing your corporate title. Use your summary to showcase an engaging bio that’s a mix of credibility builders and elevator speech.

The Art and Science of Bank Regulation
Wall Street Journal
When two sets of regulators pored over the books of two Wall Street titans, they reached very different conclusions. Federal Reserve officials felt Morgan Stanley had flunked the assignment to shed its “too big to fail” label, but said Goldman Sachs Group Inc. passed. Federal Deposit Insurance Corp. officials cleared Morgan Stanley, but failed Goldman. The split shows an important point about the “living wills” drills facing eight of America’s largest banks, ordered to show they have a contingency plan allowing them to go bankrupt without repeating the 2008 trauma of taxpayer bailouts.

Preparing Business Clients for the New Overtime Pay Rule
Accounting Today
In 2015, the Department of Labor proposed a rule that could have a significant impact on the way employers compensate their employees. This rule proposes changes that would expand the number of workers who are eligible for overtime pay: time and one-half their regular rate of pay for hours worked over 40 in a workweek. Most businesses will be required to comply with the changes once a final rule is released.

EY Increases Paid Parental Leave to 16 Weeks
Accounting Today
Ernst & Young has increased its paid parental leave policy for new parents to 16 weeks, up from 12 weeks, starting in July. The new parental leave policy is available to men and women welcoming a child through birth, adoption, surrogacy, foster care or legal guardianship. EY said it will also provide generous benefits for fertility, surrogacy and adoption. On average, nearly 1,200 EY people in the US, half of which are men, take paid parental leave each year.

New IRS cyberattack concerns as Tax Day nears
Fox News (Video)
Are taxpayers' personal information at risk?

Why Investors Should Beware the Gulf Between Stocks and Bonds
Wall Street Journal
The relationship between bonds and stocks in a world distorted by central-bank policy is a complicated one. Nevertheless, the performance of the two asset classes this year is beginning to raise some questions. For the first six weeks of the year, stocks fell and bonds rallied as risk aversion mounted, fears over the global economy built and investors were probably wrongly positioned.

House Committee Passes Bills Cracking Down on IRS
Accounting Today
The House Ways and Means Committee passed four pieces of Republican-sponsored legislation Wednesday restricting IRS employee bonuses, hiring and spending, with less than a week to go in tax season. “Americans send a significant portion of their hard-earned dollars to the IRS every April,” said House Ways and Means Committee chairman Kevin Brady, R-Texas.

NYSSCPA’s Business Exit and Succession Planning Committee

NYSSCPAs Offering Free Forums on Business Exit and Succession Planning

The Business Journals

Business mergers and acquisitions continue to surge in 2016 as mid-size companies are expanding their searches for opportunities to grow, while a record number of baby-boomer owners see retirement in their very near futures. But poor planning and unmanageable expectations often spoil the best intentions. The New York State Society of CPAs is offering a new free resource to help accounting professionals provide better in- demand business-succession planning advice and counsel. The NYSSCPA's Business Exit and Succession Planning Committee's next meeting is Thursday, May 5 from 8 a.m. – 10:30 a.m. at Wilk Auslander LLP, 1515 Broadway, 43rd Floor in New York City.