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News

The Daily

  • NEWS HIGHLIGHTS FOR FRIDAY - 10.21.16

    By:
    Maya Lindsay
    |
    Oct 21, 2016

    Accounting and Financial News Stories

    Going Broke is Clients’ Biggest Retirement Fear, CPAs Say
    AccountingWEB
    Those carpe diem baby boomers who’ve been spending a lot of money on fun stuff through many of their adult years now say running out of money in retirement is their biggest concern, according to a recent survey of CPA financial planners by the American Institute of CPAs (AICPA). We’re not entirely jesting about boomers’ seize-the-day purchasing habits. They generally are widely considered to be big shoppers, as Business Insider reported in 2015. And the oldest boomers, born between 1946 and 1955, spend the most, according to a 2015 Gallup article.

  • NEWS HIGHLIGHTS FOR WEDNESDAY - 10.19.16

    By:
    Maya Lindsay
    |
    Oct 19, 2016

    NYSSCPA Members in the News

    SEC and Anti-Money Laundering Conferences           
    CPA conferences to cover regulatory issues
    Westfair Communications
    Accountants can catch up on the latest regulatory issues at two day-long forums in Manhattan. The New York State Society of CPAs is presenting an SEC conference on Oct. 25 and an anti-money laundering conference on Oct. 27. The SEC conference will cover effective disclosure in financial reporting, strategies for defending Securities and Exchange Commission enforcement actions and current regulatory issues. Speakers include Craig Olinger of the SEC, Cullen Walsh of the Financial Accounting Standards Board and Claudius Modesti of the Public Company Accounting Oversight Board.

  • NEWS HIGHLIGHTS FOR MONDAY - 10.17.16

    By:
    Maya Lindsay
    |
    Oct 17, 2016

    NYSSCPA Members in the News

    The CPA Journal
    Firm News – Oct. 14, 2016
    Accounting Today
    The CPA Journal, the New York State Society of CPAs monthly accounting magazine, has been named a finalist for the 2016 Folio: Eddie & Ozzie Awards in the “Association/Non-Profit Business to Business - Full Issue” Category for its June 2016 issue.

  • NEWS HIGHLIGHTS FOR FRIDAY - 10.14.16

    By:
    Maya Lindsay
    |
    Oct 14, 2016

    Accounting and Financial News Stories

    Fed Officials Concerned by Rising Corporate Leverage
    Wall Street Journal
    Federal Reserve officials are concerned about rising corporate borrowing levels, minutes from the Fed’s most recent meeting show. In minutes to the Fed’s late September policy meeting, released Wednesday, a few participants of the Federal Open Market Committee worried some corporations are using ultralow rates to do more than their usual borrowing.

  • NEWS HIGHLIGHTS FOR THURSDAY - 10.13.16

    By:
    Maya Lindsay
    |
    Oct 13, 2016

    Accounting and Financial News Stories

    The New Plan to Bail Out ‘Too-Big-to-Fail’ Banks
    Wall Street Journal
    Regulators want to prevent taxpayers from having to ever again bail out big banks. The latest idea: make the banks bail themselves out. Previously, banks had struggled to persuade regulators they had a plan—called a “living will”—that would allow them to be dismantled and shut down if they got into trouble without taxpayers taking a hit.

  • NEWS HIGHLIGHTS FOR WEDNESDAY - 10.12.16

    By:
    Maya Lindsay
    |
    Oct 12, 2016

    Accounting and Financial News Stories

    How and When to Grow Your Company's Accounting Function
    Entrepreneur
    Shortly after we had started our consulting firm, Whitestone Partners, we began an engagement with a home healthcare business. As we do in almost all of our engagements, we asked to see the company's financials. In response, the owner reached behind her and grabbed a three-ring binder, from which she extracted three pages, neatly stapled in the top left corner.

  • NEWS HIGHLIGHTS FOR TUESDAY - 10.11.16

    By:
    Maya Lindsay
    |
    Oct 11, 2016

    NYSSCPA Members in the News

    David Young (Rochester)
    CPA on saving money
    WROC Rochester News 8
    CPA David Young discussed some options for people looking to save money Monday on News 8 at Sunrise. Young said the first expense you can consider reducing is the cost of television service. "A lot of people are paying for cable and it might be fairly expensive per month," he said. "You might be able to save money by reducing it into a basic cable channel and filling in with Netflix or whatever else you can get streaming online. A lot of people aren't using all the package they're paying for. It's an easy way right off the bat."

  • NEWS HIGHLIGHTS FOR FRIDAY - 10.7.16

    By:
    Maya Lindsay
    |
    Oct 7, 2016

    Accounting and Financial News Stories

    Former New Jersey Governor Jon Corzine Near $5 Million CFTC Settlement
    Wall Street Journal
    Former New Jersey Gov. and Goldman Sachs Group Inc. Chief Executive Jon Corzine is nearing a deal to pay $5 million to end a U.S. regulator’s lawsuit stemming from the 2011 collapse of commodities brokerage MF Global Holdings Ltd., according to people familiar with the matter. Mr. Corzine reached the tentative settlement with the Commodity Futures Trading Commission in June, submitting to a ban from trading client money in commodities and others assets regulated by the commission, the people said.

  • NEWS HIGHLIGHTS FOR WEDNESDAY - 10.5.16

    By:
    Maya Lindsay
    |
    Oct 5, 2016

    Accounting and Financial News Stories

    Hedge Fund Targets Companies’ Weakness: The Gender Gap
    New York Times
    The chief executive at a plastics company was playing golf. A lot of golf. The activist hedge fund the Barington Capital Group, through a website that tracked golfers’ handicaps, found that the chief executive was routinely playing 18 holes or more on weekdays, even as the company’s stock price was lagging. It was that finding a decade ago that helped shape the career of Dianne McKeever, then a partner at Barington.

  • NEWS HIGHLIGHTS FOR TUESDAY - 10.4.16

    By:
    Maya Lindsay
    |
    Oct 4, 2016

    NYSSCPA Members in the News

    Debbie Cutler (Nassau)
    Trump On Leaked Tax Return: It's My Job To Game The System!
    TheVillagesSuntimes
    U.S. presidential hopeful Hillary Clinton has attacked her rival Donald Trump's tax history, business acumen and trustworthiness as she sought to capitalize on news that the Republican candidate may not have paid federal taxes for years. He stated that the tax code is "so complicated very few people understand it" but that "fortunately, I understand it". Dinorah Valentina Hernandez, also made the headlines as she strode the catwalk in a designer dress.

  • NEWS HIGHLIGHTS FOR MONDAY - 10.3.16

    By:
    Maya Lindsay
    |
    Oct 3, 2016

    NYSSCPA Members in the News

    John Lieberman (Manhattan/Bronx)
    Donald Trump Claims He'll 'Fix' Tax System, So What Would He Do?
    NBC News
    The latest revelations about Donald Trump's taxes are pushing questions about his business record, personal finances, and transparency back into the campaign spotlight. But they also connect to a larger policy fight: Trump is calling for a significant decrease in taxes on the wealthy while Hillary Clinton is calling for a significant increase. That distinction is likely to come into sharper relief after a New York Times report that Trump, by claiming $916 million in business losses in 1995, may have been able to avoid paying federal income tax for up to eighteen years.

  • NEWS HIGHLIGHTS FOR WEDNESDAY - 9.28.16

    By:
    Maya Lindsay
    |
    Sep 28, 2016

    Accounting and Financial News Stories

    Sustainability Disclosures Making Headway in Reports
    Accounting Today
    Companies are beginning to revamp their financial reports to incorporate sustainability disclosures in response to demand from investors. Elisse Walter, a former chair of the Securities and Exchange Commission and a current director on the Sustainability Accounting Standards Board, spoke at a Financial Executives International and Ernst & Young conference on financial reporting at Pace University in New York about SASB’s standards.

  • NEWS HIGHLIGHTS FOR TUESDAY - 9.27.16

    By:
    Maya Lindsay
    |
    Sep 27, 2016

    NYSSCPA Members in the News

    Lynne Fuentes (Nassau)
    Ones To Watch: Accounting/Education
    Long Island Business News
    Over her 18-year career, Lynne Fuentes has provided accounting, audit and tax planning services to individuals and businesses, including medical practices, construction and transportation firms. She is the managing partner at Fuentes & Angel CPAs, a full-service accounting firm with locations in Bethpage and Sea Cliff. On June 1, she began her term as president of the Nassau Chapter of the New York State Society of CPAs, after serving the chapter in a variety of roles beginning in 2004.

  • NEWS HIGHLIGHTS FOR MONDAY - 9.26.16

    By:
    Maya Lindsay
    |
    Sep 26, 2016

    NYSSCPA Members in the News

    Scott Adair (Rochester)
    Retirement planning mistakes to avoid
    WROC News 8
    CPA Scott Adair discussed some retirement planning mistakes to avoid Monday on News 8 at Sunrise. "The Economic Policy Institute says approximately half of working families are not saving for retirement, which is a significant amount of people who are really jeopardizing their future," said Adair.

  • NEWS HIGHLIGHTS FOR THURSDAY - 9.22.16

    By:
    Maya Lindsay
    |
    Sep 22, 2016

    Accounting and Financial News Stories

    Accounting Group Steps Up Cyber “Impersonation” Focus
    Wall Street Journal
    he American Institute of CPAs this week unveiled three measures aimed at advancing the battle for cybersecurity. The accounting industry group on Wednesday published a fraud report designed to better equip accountants to fight off “executive impersonation” cyberattacks. The scam involves an email sent from an executive to a subordinate asking for a wire transfer or payment to a new bank.

  • NEWS HIGHLIGHTS FOR WEDNESDAY - 9.21.16

    By:
    Maya Lindsay
    |
    Sep 21, 2016

    NYSSCPA Members in the News

    Marilyn Pendergast (Albany)
    Accounting 'Trailblazer' Celebrates 50 Years of Service
    Time Warner Cable News
    Long before computers and calculators, accounting was done by hand. "There was pencil and paper, for starters. There was a giant thing called a Contameter, but you didn't carry that around with you," said accountant Marilyn Pendergast. Pendergast knows it firsthand. She's been in the business for 50 years. "My first day was July 5, 1966," she recalled. Pendergast is considered a trailblazer in the accounting industry. She was the first woman president of the New York State Society of CPAs and has traveled the world promoting the profession.

  • NEWS HIGHLIGHTS FOR TUESDAY - 9.20.16

    By:
    Maya Lindsay
    |
    Sep 20, 2016

    NYSSCPA Members in the News

    James Bowers (Syracuse)
    Albion native honored for charity work
    The Daily News
    An Albion native is being honored for his work in helping save two charities in Onondaga County. James Bowers, a certified public account, was chosen to receive the 2016 Urbach CPA Community Builders Award. The award is named after the late Michael Urbach, a CPA and former state Commissioner of Tax and Finance. Urbach served on a number of charities. The award is annually given to members of New York State Society of CPAs who made “outstanding contributions” while serving on boards of directors of charities.

  • NEWS HIGHLIGHTS FOR MONDAY - 9.19.16

    By:
    Maya Lindsay
    |
    Sep 19, 2016

    NYSSCPA Members in the News

    James Bowers (Syracuse)
    NYSSCPA honors James Bowers with 2016 Urbach CPA Community Builders Award
    Accounting Today
    The New York State Society of CPAs announced this week that James Bowers, Syracuse-based CPA and NYSSCPA member, has been awarded the 2016 Urbach CPA Community Builders Award in honor of working with multiple nonprofits throughout his career. The Urbach Award honors the late Michael Urbach, partner at Urbach, Kahn and Werlin (now UHY Advisors); former NYS Commission of Tax and Finance; and former board leader of multiple charities. The Urbach Award looks to recognize NYSSCPA members who have made significant contributions serving on the board of directors of charitable organizations.

  • NEWS HIGHLIGHTS FOR FRIDAY - 9.16.16

    By:
    Maya Lindsay
    |
    Sep 16, 2016

    Accounting and Financial News Stories

    House Calls Off Vote to Impeach I.R.S. Chief in Favor of Formal Hearing
    New York Times
    Fearing an embarrassing spectacle — or a defeat — eight weeks before Election Day, House conservatives and the leaders of the House Judiciary Committee agreed to call off a vote Thursday to impeach the Internal Revenue Service commissioner in exchange for formal impeachment hearings next week before the committee. The last-minute deal struck Wednesday night may merely postpone the unprecedented step of formally accusing John A. Koskinen, 77, the head of the I.R.S., of “high crimes and misdemeanors.”

  • NEWS HIGHLIGHTS FOR THURSDAY - 9.15.16

    By:
    Maya Lindsay
    |
    Sep 15, 2016

    Accounting and Financial News Stories

    Expert: IRS Audits Disproportionately Target Small Businesses
    The Washington Free Beacon
    The IRS disproportionately targets small companies for audits, burdening them with extra costs and stealing time that they need to do business, according to an expert who testified at a Small Business Committee hearing Wednesday. Donald Williamson, executive director of the Kogod Tax Policy Center at American University, says the IRS does this because small businesses receive most of their income in cash, which can be difficult to identify and report.