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News

The Daily

  • Survey: Young People Have Tax Anxiety

    By:
    Chris Gaetano
    |
    Feb 19, 2016
    A Harris Poll commissioned by personal finance website NerdWallet has found that while everyone gets anxious during tax season, young people worry the most. 
  • NEWS HIGHLIGHTS FOR FRIDAY - 2.19.16

    By:
    Maya Lindsay
    |
    Feb 19, 2016

    Compliance is the Grim Reaper of Accounting Firms
    Accounting Today
    Progressive accounting firms seek consulting opportunities so their firms can take advantage of more lucrative advisory service offerings. Often the amount of time taken to complete certain advisory services is less than traditional compliance engagements that would yield the same return. 

  • CFO Confidence in Corporate Reporting Plunges

    By:
    Chris Gaetano
    |
    Feb 18, 2016
    A survey conducted by Ernst and Young of over 1,000 CFOs across 25 countries has found that, across the globe, financial executives have lost faith in virtually all parts of the reporting process. 
     
  • IRS Completes List of 2016's "Dirty Dozen" Tax Scams

    By:
    Chris Gaetano
    |
    Feb 18, 2016
    Every year the IRS compiles a list of what it considers to be the twelve most common tax-related scams, which it calls the "Dirty Dozen." Each item is accompanied by guidance for taxpayers on how to avoid falling prey, as well as warnings to potential perpetrators about the penalties the scams involve. 
  • NEWS HIGHLIGHTS FOR THURSDAY - 2.18.16

    By:
    Maya Lindsay
    |
    Feb 18, 2016

    The Fed’s Stock-Market Dependency Problem
    Wall Street Journal
    Stocks have been rebounding, but forgive Federal Reserve policy makers if they don’t entirely share investors’ sense of relief. The past few trading days have been good for the U.S. stock market, with the S&P 500 logging its biggest three-day gain since August. And it is easy to come up with reasons why. Saudi Arabia’s and Russia’s plan to cap crude production eased concerns over oil producers’ debt strains.

  • NEWS HIGHLIGHTS FOR WEDNESDAY - 2.17.16

    By:
    Maya Lindsay
    |
    Feb 17, 2016

    Don’t always believe a balance sheet
    Financial Times
    According to the latest data from the Bank for International Settlements, the central bankers’ central bank, the total amount of outstanding derivative contracts has declined from a 2012 peak of $700tn to about $550tn. To put this into perspective, the figure has fallen from just under three times the value of all the assets in the world to a little over twice the value. The largest element is interest rate swaps followed by foreign exchange derivatives. Credit default swaps, the instrument at the heart of the 2008 global financial crisis, are now relatively small — if you can accustom yourself to a world in which $15tn is a small number. It is only slightly less than the US gross domestic product (a little more than $18tn in the final quarter of 2015).

  • Study: To Thwart Crime, Scrap the $100 Bill

    By:
    Chris Gaetano
    |
    Feb 16, 2016
    A recent paper from Harvard's Kennedy School of Government argues that all large denomination notes like the $100 bill should be eliminated, as they enable criminal activity across the world. 
  • Study: CFOs Don't Entirely Trust Each Other on the Numbers

    By:
    Chris Gaetano
    |
    Feb 16, 2016
    A recent survey of about 400 public and private company CFOs has found that when they look at another business's earnings report, they believe there's a decent chance those numbers have been manipulated. 
  • NEWS HIGHLIGHTS FOR TUESDAY - 2.16.16

    By:
    Maya Lindsay
    |
    Feb 16, 2016

    David Young (Rochester)
    Common tax return filing mistakes
    WROC Rochester First
    CPA Dave Young of Young and Company discussed some of the common mistakes people make when filing their income tax return Monday on News 8 at Sunrise. Young said the biggest error he sees each year is an incorrect filing status.  He said sometimes people get "Head of Household" and "Single" confused. 

  • Hoogervorst Retained as IASB Chair

    By:
    Chris Gaetano
    |
    Feb 12, 2016
    Former Dutch financial regulator Hans Hoogervorst will lead the International Accounting Standards Board (IASB) for five more years as the trustees from the IFRS Foundation announced his re-appointment for a second term. 
  • Congress Passes Permanent Ban on Internet Taxes

    By:
    Chris Gaetano
    |
    Feb 12, 2016
    A temporary ban on state and local governments taxing Internet access and charging additional tax for online purchases will now be extended into perpetuity.
  • NEWS HIGHLIGHTS FOR FRIDAY - 2.12.16

    By:
    Maya Lindsay
    |
    Feb 12, 2016

    How to Talk about Fees with Your Clients
    Accounting Today
    Are CPAs really afraid to talk about fees with their clients? That’s what Tom Wheelwright, founder of the accounting firm ProVision, thinks. Wheelwright, an advisor and speaker at Robert Kiyosaki’s Rich Dad Poor Dad seminars, and a contributor to Donald Trump’s Wealth Builders Program, says most accountants are “scared to death” of talking about fees with their clients. His advice? “Talk about fees early and often,” he said. 

     

  • GASB Proposes Unitary Lease Model

    By:
    Chris Gaetano
    |
    Feb 11, 2016
    The Governmental Accounting Standards Board (GASB) has proposed a new standard on leases for state and local governments based on the principle that all leases are financings of the right to use the underlying asset, according to the Journal of Accountancy
  • IRS Says It Can't Make March 4 Deadline for Private Debt Collector Program

    By:
    Chris Gaetano
    |
    Feb 11, 2016
    IRS Commissioner John Koskinen told the Senate Finance Committee that the IRS will not be ready to implement the private debt collector program by the March 4 deadline.
  • NEWS HIGHLIGHTS FOR THURSDAY - 2.11.16

    By:
    Maya Lindsay
    |
    Feb 11, 2016

    Bonadio Group hires record number of candidates in 2015
    Accounting Today
    The Bonadio Group, upstate New York’s largest independent accounting, consulting, and financial services firm, set a record in 2015 with 183 new hires across its 10 offices, marking an 83 percent over the firm’s 2014 recruiting efforts. The new-employee number includes 52 recent college graduates, most of whom joined the firm in early December. They are from 20 different colleges and universities in New York.

     

  • President Backs Tax Preparer Regulation in Proposed Budget

    By:
    Chris Gaetano
    |
    Feb 10, 2016
    President Barack Obama included increased oversight of tax return preparers in his 2017 budget proposal, according to the Treasury Department, putting additional weight behind existing efforts to put the industry under the IRS's regulatory authority. 
  • Monsanto's $80 Million SEC Settlement Carries Penalties for Execs as Well

    By:
    Chris Gaetano
    |
    Feb 10, 2016
    Agribusiness giant Monsanto has agreed to pay the SEC $80 million to settle charges of accounting violations, and while The New York Times said this is one of the largest ever settlements for such a violation, the executives at the heart of the scandal were hit with significant penalties, too. 
  • NEWS HIGHLIGHTS FOR WEDNESDAY - 2.10.16

    By:
    Maya Lindsay
    |
    Feb 10, 2016

    Tax Pros Think Corporate Tax Reform Is Coming Soon: Survey
    ThinkAdvisor
    The latest tax reform business barometer, released Tuesday by the Tax Council and EY’s quantitative economics and statistics practice, finds that 61% of U.S. business tax professionals expect tax reform to happen in 2018 or earlier. Thirty-one percent think it is most likely to occur in 2017. 

  • Study: Firms with Women in Leadership Positions More Profitable

    By:
    Chris Gaetano
    |
    Feb 10, 2016
    A new Ernst and Young study, conducted by the Peterson Institute for International Economics, has found that a firm's profitability is positively correlated with the number of women in senior leadership positions.
  • IRS Releases Inflation Adjustments Per Tax Extender Legislation

    By:
    Chris Gaetano
    |
    Feb 10, 2016
    Deduction limits on depreciable assets and transit costs moved up a little bit as the IRS released new inflation adjustments made in response to December's tax extender legislation, according to the Journal of Accountancy.