NYSSCPA Members in the News

David Lifson (Manhattan/Bronx)
Trump's Tax Returns Might Not Answer Questions
Morningstar
Donald Trump has put his wealth and the success of his business empire at the center of his presidential campaign. But what if the complexity of that enterprise--packed with opportunities for write-offs and deferred profits--means he reports relatively little taxable income? Only the man, his accountant and his Internal Revenue Service auditor know for sure, but the Republican front-runner's statements and disclosures provide some clues.

Other Accounting and Financial News Stories

IRS Warns Payroll and HR Pros of W-2 Scams
CPA Practice Advisor
The Internal Revenue Service has issued an alert to payroll and human resources professionals to beware of an emerging phishing email scheme that purports to be from company executives and requests personal information on employees. The IRS has learned this scheme – part of the surge in phishing emails seen this year – already has claimed several victims as payroll and human resources offices mistakenly email payroll data including Forms W-2 that contain Social Security numbers and other personally identifiable information to cybercriminals posing as company executives.

AICPA to announce next results of quarterly Economic Outlook Survey on March 3
Accounting Today
The AICPA will announce the results of the next quarter of its Economic Outlook Survey a measure of the U.S. economy and key business performance categories for the coming year, at 7:00 a.m. EST, this Thursday, March 3. The Outlook Survey looks to be an economic indicator that tracks the hiring expectations of CEOs, CFOs, controllers and other senior-level CPAs over the next year. The survey results will be posted on the AICPA Press Center, and will also include information on future plans for growth in marketing, training and business expansion, as well as anticipated fluctuations in business spending.

Why New Yorkers hate property taxes
Crain’s New York Business
The city has not raised its property-tax rate since 2008 amid the financial crisis and deepening recession. But property-tax revenue is soaring, which explains why finding some way to cap the growth is becoming more attractive politically—and a major headache for the de Blasio administration. Below is a chart from an analysis by the state comptroller ranking the city's major taxes by the increase in the next fiscal year and the average projected gain in the following three years. Property tax is No. 1 in both columns.

IRS Warns of New Phishing Scheme Involving W-2s
Accounting Today
The Internal Revenue Service issued an alert Tuesday to payroll and human resources professionals to beware of an emerging phishing email scheme that purports to come from company executives and requests personal information on employees. The IRS said it has learned this scheme—part of the surge in phishing emails seen this year—already has claimed several victims as payroll and human resources offices mistakenly email payroll data, including Forms W-2 that contain Social Security numbers and other personally identifiable information, to cybercriminals posing as company executives.

IRS Issues 2016 Non-Resident Withholding Tax Guide
Tax-News.com
The US Internal Revenue Service (IRS) has updated Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, which covers the obligations of the persons responsible for withholding tax (withholding agents). It is specified that the Publication is for withholding agents who pay income to foreign persons, including nonresident aliens, foreign corporations, foreign partnerships, foreign trusts, foreign estates, foreign governments, and international organizations.

IRS Eases Tax Restrictions On Income Earned In Cuba
Law360.com
The Internal Revenue Service in guidance released Tuesday removed restrictions on claiming credits for taxes on income earned in Cuba, removing a limitation that had been in place since 1987. The IRS said in the revenue ruling that the restrictions are removed as of Dec. 21, 2015.

6 Ways Finance Departments Can Attract and Retain Millennial CPAs
Accounting Today
Evolve the 9-5 and Create Work-Life Balance. In the digital era where communication is easily available 24/7, the lines can become blurred between work time and personal time. The traditional 9-5 is increasingly a rare occurrence. Millennials recognize this evolution and want greater flexibility when it comes to creating a balanced schedule. According to a recent survey by PwC, 95 percent of millennial respondents said work-life balance was important to them when evaluating job prospects.

Owner of N.Y.S.E. Confirms Interest in London Stock Exchange
New York Times
The IntercontinentalExchange, the owner of the New York Stock Exchange, said on Tuesday that it was considering making a competing offer for the London Stock Exchange Group. The announcement came a week after the London Stock Exchange and Deutsche Börse said they were in talks on a possible all-share merger, the third time the two big European exchanges have contemplated a tie-up since 2000.

Dow Rises Nearly 350 Points on Upbeat Data
Wall Street Journal
Major U.S. stock indexes surged to their highest levels in nearly two months Tuesday on signs of improvement in the U.S. economy. The broad rally was led by financial and technology shares, which fell sharply earlier this year as investors fretted about collateral damage from weak global growth, slumping corporate profits and low oil prices. A handful of data across several sectors helped restore some confidence in the U.S. economy Tuesday, analysts and investors said.

Uncertain State Cuts Shadow New York City Budget
Wall Street Journal
A senior New York City budget official said Tuesday that officials hadn’t discussed with their state counterparts how to avoid about $1.5 billion in potential cuts to the city initially proposed by New York Gov. Andrew Cuomo. “There’s been nothing detailed to us that would say exactly how it would be done,” budget director Dean Fuleihan said at a City Council budget hearing. “We have had no conversations at this point.” Mr. Cuomo’s budget proposal in January included cuts that could leave the city on the hook for an extra $1 billion a year in recurring Medicaid expenses, and an additional $485 million for the City University of New York.