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  • NEWS HIGHLIGHTS FOR TUESDAY - 3.1.16

    By:
    Maya Lindsay
    |
    Mar 1, 2016

    NYSSCPA Members in the News

    Westchester Chapter
    Tax Hotline coming March 5
    The Journal News
    With the April 15 tax deadline looming, it’s time to dig out those folders filled with receipts, total up the income on your 1099s and consider making another contribution to your IRA. But questions may loom as you consider how to complete your 1040 and whatever other forms you need to fill out. Tax Watch, in association with the Westchester Chapter of the New York State Society of CPAs, will open up our Tax Hotline on Saturday, March 5 from 9 a.m. to noon.

  • NEWS HIGHLIGHTS FOR MONDAY - 2.29.16

    By:
    Maya Lindsay
    |
    Feb 29, 2016

    NYSSCPA Members in the News

    Scott Adair (Rochester)
    Tax brackets
    WROC Rochester News 8
    CPA Scott Adair discussed tax brackets as it relates to your filing status Monday on News 8 at Sunrise. Adair said tax brackets determine how much we owe the IRS each year, or how much of a refund we'll receive. In most cases, how much you pay in taxes is related to how much you make each year. Someone who makes $100,000 a year will be in a higher tax bracket than someone who makes $30,000.

  • Executive Compensation Disclosures Getting Longer

    By:
    Chris Gaetano
    |
    Feb 29, 2016
    The average length of an S&P 100 company's Compensation Discussion and Analysis section of their annual proxy statements has grown to 9,121 words, 705 words longer than they were five years ago, according to The Wall Street Journal. 
  • NYS Provides Guidance for Missing Corporate Tax Forms

    By:
    Chris Gaetano
    |
    Feb 29, 2016

    While state corporate partnership tax forms remain absent, the New York State Department of Taxation and Finance issued guidance today on what people should do until they become available. 

  • Audit Finds Security Weakness in Near Half of Free E-File Services

    By:
    Chris Gaetano
    |
    Feb 26, 2016
    An audit of the 13 IRS-approved free e-file services has found that six of them do not adequately protect consumers from e-mail scams. 
     
  • GAO Can't Render Audit Opinion on Federal Government's Financial Statement

    By:
    Chris Gaetano
    |
    Feb 26, 2016
    Since 1994, the federal government has been required to submit a financial report of its activities, and since 1997 the GAO has been required to audit it. Every year since then, the GAO has been unable to render an opinion on the accrual-based consolidated financial statements due to material weaknesses and scope limitations. This year's audit report was no exception, with the GAO faulting the federal government for internal control weaknesses and uncertainties that prevented it from, once again, rendering an audit opinion, according to a GAO press release. 
     
  • NEWS HIGHLIGHTS FOR FRIDAY - 2.26.16

    By:
    Maya Lindsay
    |
    Feb 26, 2016

    IRS Announces that Mid-Year Amendments to Safe Harbor Plans Generally Are Allowed
    JDSupra Business Advisor
    In January 2016, the IRS released Notice 2016-16, announcing the general permissibility of mid-year amendments to “safe harbor” 401(k) plans. Safe harbor plans covered by the Notice include those using a traditional safe harbor design to satisfy 401(k) plan nondiscrimination testing as well as those using a qualified automatic contribution arrangement (QACA). 

  • SEC Recognizes FASB Recommendations to be Official Guidance for Rev. Rec. Standard

    By:
    Chris Gaetano
    |
    Feb 25, 2016
    While the recommendations of the FASB's Transition Resource Group are not authoritative, the SEC will recognize them as official guidance for implementing the new revenue recognition standard. 
  • FASB Releases Final Lease Standard

    By:
    Chris Gaetano
    |
    Feb 25, 2016
    The Financial Accounting Standards Board (FASB) today issued its final standard on leases after approving the measure this past November, according to a FASB press release. 
  • NEWS HIGHLIGHTS FOR THURSDAY - 2.25.16

    By:
    Maya Lindsay
    |
    Feb 25, 2016

    Banks Brace for Potential Energy Losses
    Wall Street Journal
    Banks are admitting what investors have long suspected: The energy bust is likely to result in major losses. Wells Fargo & Co. set aside $1.2 billion in reserves for potential losses tied to oil and gas loans, according to a Wednesday securities filing.

  • Baruch College in NYC No. 1 in CPA Exam Candidates

    By:
    Chris Gaetano
    |
    Feb 24, 2016
    Baruch College in New York City produced more CPA Exam candidates than any other school in the country. 
  • Christine Ann Botosan Appointed to FASB

    By:
    Chris Gaetano
    |
    Feb 24, 2016
    The Financial Accounting Foundation announced it has appointed Christine Ann Botosan as a new member of the Financial Accounting Standards Board. 
  • NEWS HIGHLIGHTS FOR WEDNESDAY - 2.24.16

    By:
    Maya Lindsay
    |
    Feb 24, 2016

    NYSSCPA Members in the News

    David Lifson (Manhattan/Bronx)
    IRS is focusing on people making more than $1 million
    MSN.com
    The sum of $1 million doesn’t go as far as it used to. But increasingly, it is enough to get you special attention from Uncle Sam. The Internal Revenue Service continued to ramp up its focus on high earners in fiscal 2015, according to data released by the agency Monday. 

  • SEC May Let Companies File in IFRS Without GAAP Reconciliation

    By:
    Chris Gaetano
    |
    Feb 23, 2016
    Recent remarks by SEC Chief Accountant James Schnurr indicates the agency is working on a proposal to let firms file in IFRS without a GAAP reconciliation. 
  • Fewer IRS Auditors Mean Fewer Audits

    By:
    Chris Gaetano
    |
    Feb 23, 2016
    Staffing cuts at the IRS resulted in a record low number of audits during the 2015 filing season, as well as record-low audit revenue. 
  • NEWS HIGHLIGHTS FOR TUESDAY - 2.23.16

    By:
    Maya Lindsay
    |
    Feb 23, 2016

    The Great Tech Crash of 2016
    CPA Practice Advisor
    Everyone loves a good disaster story. From shifting tectonic plates to the zombie apocalypse, it is great fun to spin a story of impending disaster, including the impending crash of the technology sector and its stocks. I’ve written that story myself, in various accounting blogs since the crash of 2000.

  • Internal Auditors Urged to Pay More Attention to Risk

    By:
    Chris Gaetano
    |
    Feb 22, 2016
    A survey of over 400 corporate CFOs and board members has found that a majority would like their internal auditors to focus much more on identifying and managing risk than they do now . 
  • SEC Delays Search for New PCAOB Chair

    By:
    Chris Gaetano
    |
    Feb 22, 2016
    SEC Chair Mary Jo White said she will hold off on deciding whether to replace or retain James Doty as the chair of the Public Company Accounting Oversight Board (PCAOB) until the commission's vacancies have been filled. 
  • NEWS HIGHLIGHTS FOR MONDAY - 2.22.16

    By:
    Maya Lindsay
    |
    Feb 22, 2016

    NYSSCPA Members in the News

    Tom Walpole (Rochester)
    Filing status
    WROC Rochester First
    CPA Tom Walpole discussed filing status on your income tax return Monday on News 8 at Sunrise. Walpole said there are five filing statuses - married filing jointly, married filing separate, single, head of household and qualifying widower.  He said each status has its own tax table, so depending upon your status you can be in a different tax bracket. For married couples, Walpole said filing jointly will place both spouses income on the same form, place them in a single tax bracket and share altered deductions.

  • Federal Court Orders Shutdown of Tax Prep Chain

    By:
    Chris Gaetano
    |
    Feb 19, 2016
    A federal court in Chicago has ordered the closing of a nationwide tax prep chain due to a pattern of understating tax liabilities and overstating refund entitlements.