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News

The Daily

  • Study: CEOs Paid More When Company Insiders are on Board

    By:
    Chris Gaetano
    |
    Mar 11, 2016
    A recent study conducted by consulting firm Institutional Shareholder Services has found that CEO pay balloons if the board chair is someone from inside the company. 
  • Heist Targeting Central Banks Foiled by Typo

    By:
    Chris Gaetano
    |
    Mar 11, 2016
    Hackers broke into Bangladesh's central bank and, after stealing its transfer credentials, attempted to trick the New York Federal Reserve into transferring nearly $900 million to entities in the Philippines and Sri Lanka.. 
  • Cayman Islands-based Firms Plead Guilty to Helping to Hide $130 Million from IRS

    By:
    Chris Gaetano
    |
    Mar 10, 2016

    Two Cayman Islands-based firms have pleaded guilty to charges that they conspired with clients to hide more than $130 million in offshore accounts, according to the U.S. Justice Department. 

  • SEC Accuses CA Water District of Using 'A Little Enron Accounting'

    By:
    Chris Gaetano
    |
    Mar 10, 2016
    The Securities and Exchange Commission has charged the Westlands Water District, the largest in California, with using Enron-style accounting during a $77 million public bond offering. 
  • NEWS HIGHLIGHTS FOR THURSDAY - 3.10.16

    By:
    Maya Lindsay
    |
    Mar 10, 2016

    NYSSCPA Members in the News

    Robyn Cohn (Manhattan/Bronx)
    5 Financial Strategies That Save Photographers Money
    Photo District News
    Photographers are problem solvers—but figuring out expenses and taxes are the kinds of puzzles many studio owners and freelancers would rather avoid. Hiring a financial professional can ease the pain, but the onus remains on shooters to be tidy record keepers and get a handle on their expenses. Here are five ways photographers can avoid some common, and costly, business mistakes.

  • IRS Suspends IP PIN Service

    By:
    Chris Gaetano
    |
    Mar 9, 2016
    In the wake of a recent security breach, the IRS announced that it will be suspending its Identity Protection PIN service until further notice. 
  • The Five Habits of Highly Successful Internal Auditors

    By:
    Chris Gaetano
    |
    Mar 9, 2016

    The business world has many good internal auditors, but what do the best ones have in common? A recent study from PricewaterhouseCoopers looked at what makes an effective leader in internal audit and narrowed it down to five key qualities:

  • NEWS HIGHLIGHTS FOR WEDNESDAY - 3.9.16

    By:
    Maya Lindsay
    |
    Mar 9, 2016

    Accounting and Financial News Stories

    Overheard: Did ComScore Push Envelop on Accounting?
    Wall Street Journal
    ComScore has pushed the envelope with its accounting. Now it seems it might have pushed it a bit too far. The Internet analytics company said Monday it is delaying the filing of its annual report and postponing its investor day after receiving a message on Feb. 19 regarding “certain potential accounting matters.”

  • TIGTA: Too Many Taxpayers Falling Through the Cracks

    By:
    Chris Gaetano
    |
    Mar 8, 2016
    The Treasury Inspector General for Tax Administration (TIGTA) faulted the IRS for letting taxpayer issues go unresolved for too long, partially because the service has trouble keeping track of them. 
  • FASB Eases Implementation of Private Company Alternatives

    By:
    Chris Gaetano
    |
    Mar 8, 2016
    The Financial Accounting Standards Board (FASB) voted to remove the requirement that private companies perform a preferability assessment before using four different GAAP alternatives, according to the Journal of Accountancy. 
  • NEWS HIGHLIGHTS FOR TUESDAY - 3.8.16

    By:
    Maya Lindsay
    |
    Mar 8, 2016

    Accounting and Financial News Stories

    Policy Makers Defend Postcrisis Financial Regulation
    Wall Street Journal
    U.S. financial policy makers are taking stock of the vast new rule book written after the financial crisis and considering whether regulations designed to create safer markets have made them less functional. But it isn’t clear they are ready to erase any parts of the new regime just yet.

  • NYS Assembly Bill to Target Fund Manager Compensation

    By:
    Chris Gaetano
    |
    Mar 7, 2016

    Two New York state assemblymen plan to propose a bill that ups state taxes on fund managers to cancel out federal savings they get on carried interest, according to The New York Times. 

  • IRS Requesting Feedback on Partnership Audit Rules

    By:
    Chris Gaetano
    |
    Mar 7, 2016
    The IRS has released a request for comment asking on how it should implement the new partnership audit rules that were signed into law last November. 
  • NEWS HIGHLIGHTS FOR FRIDAY - 3.4.16

    By:
    Maya Lindsay
    |
    Mar 4, 2016

    NYSSCPA Members in the News

    John Lieberman (Manhattan/Bronx)
    Maximize Your Tax Refund by Exploring Credits
    NY1 News
    If you are looking to beef up your tax refund, in this Money Matters report, financial empowerment coach Ash Exantus and CPA John Lieberman explain how you can take advantage of every credit you're entitled to - because that's money in your pocket.

  • NEWS HIGHLIGHTS FOR THURSDAY - 3.3.16

    By:
    Maya Lindsay
    |
    Mar 3, 2016

    NYSSCPA Members in the News

    Seymour Goldberg (Suffolk)
    What CPAs Should Know About Trusts
    Accounting Today
    Many estate planners recommend that clients create trusts for various reasons, but problems can arise when the trustee is a family member who has no experience regarding the responsibilities of a trustee In many cases the trustee selected by the creator of the trust is not capable of handling the responsibilities that are involved in administering a trust. 

  • IRS Fighting Evolving Scams

    By:
    Chris Gaetano
    |
    Mar 3, 2016
    In light of its ongoing issues with information security, the IRS has been offering victims of identity theft the use of its new Identity Protection PIN system.
  • Survey: CPAs Pessimistic About the Economy

    By:
    Chris Gaetano
    |
    Mar 3, 2016
    A survey of 540 CPAs in industry, conducted Feb. 9-14 by the AICPA, found that they are less optimistic about the economy than they were a year ago. 
  • UPDATE: NYS, NYC Release Missing Tax Forms for Corporations

    By:
    Chris Gaetano
    |
    Mar 2, 2016
    NYS has now posted the following corporate tax forms: 
     
    CT-3.1 and CT-3.1 for combined filers
    CT-3.2 and CT-3.2 for combined filers
    CT-3.3 and CT-3.3 for combined filers. 
    CT-3.4 and CT-3.4 for combined filers
    CT-224 and CT-224 for combined filers. 
     
    The IT-204 and IT-204-CP remain unavailable. 
     
    NYC has now posted the NYC-2 Business Corporate Tax Return, but the NYC-2A form is still in development. 
  • NEWS HIGHLIGHTS FOR WEDNESDAY - 3.2.16

    By:
    Maya Lindsay
    |
    Mar 2, 2016

    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.

  • More Affected by IRS Data Breach Than First Thought

    By:
    Chris Gaetano
    |
    Mar 1, 2016
    The IRS data breach last year, in which hackers used a system loophole to steal personal taxpayer information, is worse than initially believed.