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The Daily

  • NEWS HIGHLIGHTS FOR TUESDAY - 4.5.16

    By:
    Maya Lindsay
    |
    Apr 5, 2016

    Accounting and Financial News Stories

    Push on to allow non-CPAs to take top accounting jobs
    Albany Times Union
    After failing to pass muster as part of the state budget deal, a new press is on to score state legislative approval of a bill that would allow non-certified public accountants to make partner — and reap the benefits of such a position — at accounting firms.

  • UPDATE: 'Panama Papers' Fallout Leads to Iceland PM's Resignation

    By:
    Chris Gaetano
    |
    Apr 4, 2016
    A massive trove of documents leaked from a Panamanian law firm reveal a vast network of shell companies used to hide the assets of economic and political elites from around the world, including the leaders of countries like Ukraine, Iceland and Russia. 
  • Woman Sues IRS Over $3.48

    By:
    Chris Gaetano
    |
    Apr 4, 2016
    A taxpayer from Texas took the IRS to court over $3.48 in interest she said the service owes her for overpayment. 
  • IRS Audited 1.2 Million Households in 2015

    By:
    Chris Gaetano
    |
    Apr 1, 2016
    The IRS audited 1.2 million individual taxpayers in 2015, or approximately .8 percent of all individual returns, according to the service's recently released data book. 
  • Survey: 45 Percent of Executives Can't Understand Cybersecurity Reports

    By:
    Chris Gaetano
    |
    Apr 1, 2016
    A recent survey has found that 45 percent of corporate executives can't read a cybersecurity report. 
  • SEC: Former In-House Counsel Can Be Whistleblowers in Tax Case

    By:
    Chris Gaetano
    |
    Mar 31, 2016
    The Securities and Exchange Commission (SEC) recently filed a brief saying that it believes former in-house counsels can be protected under whistleblower regulations. 
  • FASB Releases Simplified Rules for Share-based Compensation

    By:
    Chris Gaetano
    |
    Mar 31, 2016
    The Financial Accounting Standards Board (FASB) has released new rules that are aimed at simplifying share-based payment transactions. 
  • SEC Beefing Up Enforcement for Financial Advisers

    By:
    Chris Gaetano
    |
    Mar 30, 2016
    The Securities and Exchange Commission plans to increase focus on financial advisory firms by hiring an additional 100 examiners specializing in the industry. 
  • Study: Anti-Fraud Controls Can Save Big Money

    By:
    Chris Gaetano
    |
    Mar 30, 2016
    A recent survey has found that having proactive anti-fraud controls not only reduces incidence of fraud, but also the amount of money lost in schemes. 
  • NEWS HIGHLIGHTS FOR WEDNESDAY - 3.30.16

    By:
    Maya Lindsay
    |
    Mar 30, 2016

    Accounting and Financial News Stories

    Bitcoin Technology’s Next Big Test: Trillion-Dollar Repo Market
    Wall Street Journal
    Depository Trust & Clearing Corp., a firm at the center of Wall Street’s trading infrastructure, is about to give the technology behind bitcoin a big test: seeing whether it can be used to bolster the $2.6 trillion repo market. DTCC said in a statement Tuesday that it will begin testing an application of blockchain, the digital ledger originally used to track ownership and payments of the cryptocurrency bitcoin, to help smooth over problems in the crucial but increasingly illiquid corner of short-term lending markets known as repurchase agreements, or “repos.”

  • NYS Now Able to Accept E-Filed 2015 Partnership Returns

    By:
    Chris Gaetano
    |
    Mar 29, 2016
    The New York State Department of Taxation and Finance has announced that the Forms IT204.1 and IT-204-CP are now able to be e-filed. 
  • NEWS HIGHLIGHTS FOR TUESDAY - 3.29.16

    By:
    Maya Lindsay
    |
    Mar 29, 2016

    NYSSCPA Members in the News

    Anthony Mangiameli (Rochester)
    What to do if you owe taxes
    WROC Rochester First
    CPA Anthony Mangiameli of Insero & Company discussed your options if you owe money to the government after filing your income tax return Monday on News 8 at Sunrise. Mangiameli said the best advice is to file on time and pay as much as as possible to avoid a late filing penalty. You can pay by phone, online, check or money order.  If you don't have any cash, you can get a loan or use a credit card to pay for your taxes.


  • For New Hires, the First Few Months Matter

    By:
    Chris Gaetano
    |
    Mar 29, 2016
    Just because you were hired doesn't mean you're free and clear yet.
  • Poll: Laundry More Popular Than Taxes

    By:
    Chris Gaetano
    |
    Mar 29, 2016
    A recent survey from personal finance website WalletHub has found that there’s a wide variety of unpleasant things that, as bad as they may be, people still prefer over filing and paying taxes. 
  • NEWS HIGHLIGHTS FOR MONDAY - 3.28.16

    By:
    Maya Lindsay
    |
    Mar 28, 2016

    Accounting and Financial News Stories

    Popular IRS Charitable Tax Break Can Be Valuable—for Those Who Know How to Use It
    Wall Street Journal
    A popular tax break that died at the end of 2014 has returned from the dead. That’s welcome news for many older people thinking about making gifts to their favorite charities directly from their individual retirement accounts. It’s joyous news for many charities, too. But, as with too many of our nation’s tax laws, this seemingly simple break can be tricky, as readers have pointed out with several excellent questions. 

  • GAO Faults IRS for Poor Information Referral Systems

    By:
    Chris Gaetano
    |
    Mar 28, 2016
    When someone tips off the IRS on tax noncompliance, the information is collected and referred to the appropriate service unit. A new report from the GAO, however, says that the process is unclear and lacks leadership for making cost-effective decisions. 
  • DOJ White Collar Crime Investigations to be Guided by Confirmation, Not Certification

    By:
    Chris Gaetano
    |
    Mar 28, 2016
    Pivoting from its previous approach, the Justice Department is now concentrating more on individuals than companies in white collar crime investigations. However, when companies are asked whether they've given the DOJ all the relevant information about the relevant individuals, only a confirmation, rather than a certification, will be required. 
  • NEWS HIGHLIGHTS FOR THURSDAY - 3.24.16

    By:
    Maya Lindsay
    |
    Mar 24, 2016

    NYSSCPA Members in the News

    Michael Marcus, Glenn Noakes, Tracey Niemotko, James Passikoff (Mid-Hudson)
    Steve Shinder (Rockland)
    Dial-A-CPA night answers your tax questions
    Poughkeepsie Journal
    Area CPAs answered some taxing questions as they helped callers navigate their annual income tax forms Wednesday night. Questions on the annual Dial-A-CPA night ranged from deducting medical expenses and retirement contributions to whether taxpayers qualify for exemptions under the guidelines of the Affordable Care Act. 

  • IRS Criminal Cases, Prosecutions on Downward Slide

    By:
    Chris Gaetano
    |
    Mar 24, 2016
    With fewer criminal investigators in the IRS, prosecutions have plunged over the past few years. 
  • Court Agrees That 'Flash Crash' Trader Can Be Extradited to U.S.

    By:
    Chris Gaetano
    |
    Mar 24, 2016
    A British court has ruled that Navinder Singh Sarao, a trader accused of being partially responsible for the 2010 "Flash Crash," can be extradited to the U.S. to face charges.