Blog Posts

How Accounting Standards Help in Sheltering Foreign Profits

By:

Chris Gaetano

|

Apr 26, 2016

The Wall Street Journal has an article that points to GAAP standards surrounding indefinitely reinvested profits as a major factor in shielding foreign profits from the IRS.

Thwarting the Endless Meeting

By:

Chris Gaetano

|

Apr 26, 2016

Meetings don't have to last forever. How can people make sure meetings are not only effective, but short?

PCAOB Reminds Firms: Altering Audit Documentation a Serious Offense

By:

Chris Gaetano

|

Apr 25, 2016

The Public Company Accounting Oversight Board (PCAOB) issued a staff alert that reminds firms that they shouldn't be altering audit documentation.

Vatican Halts PWC Audit of its Finances

By:

Chris Gaetano

|

Apr 25, 2016

The Vatican has abruptly stopped what was supposed to be a complete audit of its finances.

SEC Charges Two Companies with Accounting Shenanigans

By:

Chris Gaetano

|

Apr 22, 2016

The Securities and Exchange Commission announced charges against two companies who both have been accused of manipulating their accounting to hide their true financial health.

Survey: 42 Percent of Execs OK With Some Unethical Behavior to Meet Targets

By:

Chris Gaetano

|

Apr 22, 2016

Ernst and Young's annual Global Fraud Survey found that, worldwide, 42 percent of 2,825 executives are okay with certain unethical behaviors if it means meeting financial targets.

Treasury Announces Major Changes to Paper Money

By:

Chris Gaetano

|

Apr 21, 2016

Not just the $20 but the $5 and $10 will also undergo major changes according to a recent announcement by the Treasury Department.

AICPA Launches Certifications for Single Audits, Employee Benefit Plan Audits

By:

Chris Gaetano

|

Apr 20, 2016

The AICPA has launched new certifications to demonstrate one's skills and competencies at performing single audits and employee benefit plan audits.

Goodman, Goodman, Goodman and Goodman Publish Economics Paper About Sharing a Last Name

By:

Chris Gaetano

|

Apr 20, 2016

Goodman, Goodman, Goodman and Goodman is not a CPA firm but, rather, four economists from four different colleges who wrote a paper about the effects of publishing a paper written by four people who all share the same last name.

29 Harley Street in London the Home of 2,159 Companies

By:

Chris Gaetano

|

Apr 19, 2016

Space must be tight at London's 29 Harley Street, as The Guardian has reported it is registered as the address of 2,159 different companies.

Recent Court Cases Say a Little Lying in Business Negotiations is OK

By:

Chris Gaetano

|

Apr 19, 2016

While most people are truthful in business negotiations, sometimes people lie. While most people would consider this fraud, The New York Times pointed to several recent court cases that ruled in favor of "not necessarily."

IRS: We're Reading the Panama Papers

By:

Chris Gaetano

|

Apr 18, 2016

The IRS is encouraging people to come clean if they're using a shell company to hide assets, as the service is combing through the Panama Papers looking for tax scofflaws.

Treasury Secretary: Hamilton Stays on $10, Jackson to be Replaced on $20

By:

Chris Gaetano

|

Apr 18, 2016

The Treasury Department announced that Alexander Hamilton will remain on the ten-dollar bill, but that Andrew Jackson will be removed from the twenty and replaced with a woman.

NEWS HIGHLIGHTS FOR MONDAY - 4.18.16

By:

Maya Lindsay

|

Apr 18, 2016

NYSSCPA Members in the News

David Young (Rochester)
Tax filing extensions
WROC Rochester News 8
CPA Dave Young of Young and Company discussed some tips about tax filing extensions Monday on News 8 at Sunrise. Many people will missing filing their tax return by the Monday, April 18 deadline. Young said in that situation you should do two things - file for federal and state extensions with Form 4868 and Form IT-370.

A Day in the Life of a PWC Partner

By:

Chris Gaetano

|

Apr 15, 2016

The Business Insider interviewed PWC Partner Lawrence Ballard about a typical day for him. It starts with waking up at 4:30 in the morning.

In Resume Fibs, Some Lies Heavier Than Others

By:

Chris Gaetano

|

Apr 15, 2016

You've got a new hire who isn't working out, and after some digging found that certain details on their resume may have been, well, lies. How severe a find this is depends, though, on what exactly the lie was.

NEWS HIGHLIGHTS FOR FRIDAY - 4.15.16

By:

Maya Lindsay

|

Apr 15, 2016

Accounting and Financial News Stories

Ranking the Best Accounting Firms to Work For
CPA Practice Advisor
Do you enjoy working at your current firm? If you're a partner now, did you enjoy working as a regular staff member in your junior years? Did the firm enable, even encourage, staff members to maintain a quality of life that included outside interests?

SEC Says Ramapo, NY Officials Cooked Books to Charm Bond Investors

By:

Chris Gaetano

|

Apr 14, 2016

The Securities and Exchange Commission has accused officials in Ramapo, NY of hiding the town's rapidly deteriorating financial situation from its municipal bond investors.

Senator Warren Proposes Return-Free Filing

By:

Chris Gaetano

|

Apr 14, 2016

Senator Elizabeth Warren (D - Massachusetts) has proposed legislation that, if passed, would give taxpayers with simple tax situation to choose a new return-free option that provides a pre-prepared tax return with income tax liability or refund amount already calculated.

Lawmakers Take Aim at IRS with New Bills

By:

Chris Gaetano

|

Apr 14, 2016

The House Ways and Means Committee has produced for pieces of legislation that would restrict IRS hiring practices, bonus payments and how it spends user fees.

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