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News

The Daily

  • NEWS HIGHLIGHTS FOR THURSDAY - 4.14.16

    By:
    Maya Lindsay
    |
    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.

  • Retailers Lag in Chip Card Conversion

    By:
    Chris Gaetano
    |
    Apr 13, 2016
    Retailers have faced numerous challenges to adapting to new chip-enabled credit cards, with only 20 percent of terminals equipped to read them having actually been activated. 
  • NEWS HIGHLIGHTS FOR WEDNESDAY - 4.13.16

    By:
    Maya Lindsay
    |
    Apr 13, 2016

    Fed Banks Spar Over GDP Data
    Wall Street Journal
    The race to provide credible real-time data on U.S. economic growth is pitting the Federal Reserve Bank of New York against its sibling in Atlanta, to the puzzlement of some traders. The New York Fed said Tuesday that on Friday it will begin issuing a new report tracking U.S. gross-domestic-product growth.

  • PCAOB Proposal Would Beef Up Standards for Lead Auditors

    By:
    Chris Gaetano
    |
    Apr 13, 2016
    The Public Company Accounting Oversight Board (PCAOB) proposed new rules that would strengthen the requirements of lead auditors supervising other auditors. 
  • Three Most Common Financial Reporting Goofs: Debt and Equity, Cash Flows and Taxes

    By:
    Chris Gaetano
    |
    Apr 12, 2016

    While restatements are down by more than 60 percent compared to a decade ago, mistakes involving debt and equity, cash flows and taxes remain stubbornly common. 

  • GASB Releases Implementation Guidance on New Pension Rules

    By:
    Chris Gaetano
    |
    Apr 12, 2016
    The Governmental Accounting Standards Board (GASB) released guidance that addresses some of the practical issues raised by stakeholders in implementing the the board's pension accounting rules. 
  • NEWS HIGHLIGHTS FOR TUESDAY - 4.12.16

    By:
    Maya Lindsay
    |
    Apr 12, 2016

    Accounting and Financial News Stories

    Stocks Slip as Jitters Arise Over Earnings
    Wall Street Journal
    U.S. stocks slipped at the start of a first-quarter earnings season that is expected to paint a bleak picture of corporate profits. Major indexes reversed early gains on Monday, with the Dow industrials rising as much as 155 before finishing in the red. Some traders said investors were anxious ahead of earnings, following several consecutive quarters of discouraging reports. 

  • NEWS HIGHLIGHTS FOR MONDAY - 4.11.16

    By:
    Maya Lindsay
    |
    Apr 11, 2016

    NYSSCPA Members in the News

    Jacqueline Tepfer (Rochester)
    Last minute tax filing tips
    WROC Rochester News
    EFPR Group CPA Jacqueline Tepfer discussed some last minute tax filing tips Monday on News 8 at Sunrise. The filing deadline this year is Monday, April 18. The IRS says 20 to 25 percent of Americans will wait until the final two weeks to file their tax return.

  • Appeals Court: Deloitte Not Responsible for Chinese Fraud

    By:
    Chris Gaetano
    |
    Apr 11, 2016
    The Second Circuit Court of Appeals has ruled that Big Four firm Deloitte is not responsible for failing to spot fraud at a Chinese company where the CEO was embezzling money and misstating results.
  • Target Managers Caught Massaging Earnings Data

    By:
    Chris Gaetano
    |
    Apr 11, 2016
    A team of 10 managers for retail chain Target have been caught manipulating earnings, leading to three designations and several more facing disciplinary action. 
  • GAO: Extra Funding Improved IRS Service

    By:
    Chris Gaetano
    |
    Apr 8, 2016
    A study from the Government Accountability Office (GAO) has found that IRS service improved this filing season, helped in part by the additional funding it received in December. 
  • FBI: Wire Transfer Scams a $2.3 Billion Industry

    By:
    Chris Gaetano
    |
    Apr 8, 2016
    Scams are a big business, but the FBI recently revealed just how big it is: $2.3 billion. 
  • NEWS HIGHLIGHTS FOR FRIDAY - 4.8.16

    By:
    Maya Lindsay
    |
    Apr 8, 2016

    NYSSCPA Members in the News

    NYSSCPA COAP Program
    NYSSCPA's COAP summer program offers $10,000 college scholarships for CPA hopefuls
    Accounting Today
    This summer, the New York State Society of CPAs (NYSSCPA) will continue their Career Opportunities in the Accounting Profession (COAP) program, to be held at nine university and college campuses across New York State.

  • McKinsey Report: NY Ranks High in Gender Equity Relative to Other States

    By:
    Chris Gaetano
    |
    Apr 7, 2016
    A recent report from McKinsey Global Institute has measured each state's level of gender equality, and while each state still has a high degree of inequality, New York is still ranked in the top 10. 
  • New Rules Will Make Banks ID Shell Corporation Owners

    By:
    Chris Gaetano
    |
    Apr 7, 2016
    New rules about to be released by the Treasury Department will make it harder to use shell corporations to remain anonymous. 
  • New Rules Make Retirement Investment Advisors Follow Fiduciary Standard

    By:
    Chris Gaetano
    |
    Apr 6, 2016
    The U.S. Labor Department unveiled new rules that require financial professions who give retirement advice to follow the fiduciary standard, meaning that they must act solely in the best interests of their clients, even at the expense of their own firm. 
  • Treasury Releases New Rules Meant to Curb Inversions

    By:
    Chris Gaetano
    |
    Apr 6, 2016
    The U.S. Treasury Department has released new rules intended to make corporate inversions—the act of reincorporating a company overseas—less attractive as a tax planning option. 
  • NEWS HIGHLIGHTS FOR WEDNESDAY - 4.6.16

    By:
    Maya Lindsay
    |
    Apr 6, 2016

    NYSSCPA Members in the News

    Louis DeMars (Nassau)
    Tax Tips for Travel Agents
    Travel Market Report
    Did you really procrastinate until now to deal with your taxes? For those who failed to pay heed to the advice in our December article, here’s a recap of some of the tips for independent and home-based travel agents—and some ideas to get you off on the right foot for 2016.

  • Treasury Department Issues New Regs on Tax Inversions

    By:
    Jason Wong
    |
    Apr 5, 2016

    Yesterday, the U.S. Department of the Treasury released new temporary regulations aimed to discourage American corporations from inverting (moving its tax residence overseas), a tactic used by a U.S.-based multinational company to reduce or avoid paying U.S. taxes. These new regulations include the following, which are further detailed in the Treasury press release:

  • NEWS HIGHLIGHTS FOR MONDAY - 4.4.16

    By:
    Maya Lindsay
    |
    Apr 4, 2016

    NYSSCPA Members in the News

    Matt Bryant (Rochester)
    Tax refund suggestions
    WROC Rochester First
    CPA Matt Bryant offered some tips for how to utilize your income tax refund Monday morning on News 8 at Sunrise. Bryant said your top priority should be to pay off high interest debt. After paying down your debt, Bryant said save for the future by contributing to an IRA. You can also save for college by contributing to a 529 College Savings Plan.