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News

The Daily

  • Report: 49 Percent of Tax Prep Activities Can Be Automated

    By:
    Chris Gaetano
    |
    Dec 15, 2015
    Remember that McKinsey paper that said about 20 percent of the tasks done by a CEO could be automated? Taking the same methodology, McKinsey released an interactive infographic that says, similarly, 49 percent of tasks associated with tax preparation, and 12 percent of those associated with accounting and auditing, could be done by a computer. 
  • UPDATE: PCAOB Approves Auditor Naming Proposal

    By:
    Chris Gaetano
    |
    Dec 14, 2015
    UPDATED: The Public Company Accounting Oversight Board (PCAOB) has voted on whether to require firms disclose the name of the engagement partner and other firms that took part in an audit through a new form, Form AP, and approved the measure. 
  • Survey: 51 Percent of People 18-34 Have Less Than $1000 in Savings

    By:
    Chris Gaetano
    |
    Dec 14, 2015
    A survey of 2,585 people aged 18-34, commonly referred to as Millennials, have less than $1,000 in savings, according to cost information website HowMuch.com. 
  • SEC Suspends Five CPAs, Two Audit Firms for "Bad Auditing"

    By:
    Chris Gaetano
    |
    Dec 11, 2015
    As a CPA, it is generally expected that you will hold yourself to a higher professional standard, one that includes integrity, diligence and and ethics. Unfortunately, it seems that five CPAs didn't get that memo, as the SEC has suspended them, and the audit firms they came from, over extraordinarily bad work. 
  • Study: Middle Class Now a Minority in America

    By:
    Chris Gaetano
    |
    Dec 11, 2015
    A recent study from the Pew Research Center has found that the middle class in the United States is now, slightly, outnumbered by the upper and lower income strata, making it a minority for the first time in 40 years. 
  • Accounting Rule Makes Billions of Barrels of Oil Disappear

    By:
    Chris Gaetano
    |
    Dec 10, 2015
    Well, not really disappear: those barrels of oil never really existed in the first place. But now, an accounting rule from 2009 kicks in that forces companies to acknowledge this. 
  • Leaked Documents Points to Australian Entrepreneur as Bitcoin Inventor

    By:
    Chris Gaetano
    |
    Dec 10, 2015
    Wired magazine, through a series of documents leaked to it, is confident it knows the identity of the elusive inventor of the digital currency Bitcoin. 
  • A Look Inside ISIS's Tax Policy

    By:
    Chris Gaetano
    |
    Dec 9, 2015
    All states and aspiring states need taxes, and the so-called Islamic State is no exception. An article in Slate goes over just how the armed group handles internal revenue. If what the article says is true, the answer is: not particularly well at all. 
  • Study: $30,000 in Student Debt Could Lead to Over $300,000 Less for Retirement

    By:
    Chris Gaetano
    |
    Dec 9, 2015
    A recent study has found that $30,000 worth of student debt can blunt saving behavior in critical years, leading to a loss of as much as $325,000 once retirement hits. 
  • Firing Someone with Grace

    By:
    Chris Gaetano
    |
    Dec 8, 2015
    In general, it can be pretty unpleasant to have to fire someone. Most of the time, you don't even want to do it, but whether it's due to expense or repeated workplace mishaps, you feel you have no choice. An article in Forbes walks potential terminators through how to do it with minimal awkwardness and hurt feelings. 
  • PCC Calls for Four Standards to Be Effective Immediately

    By:
    Chris Gaetano
    |
    Dec 8, 2015
    The Private Company Council, at its last meeting, decided to recommend that four standards be effective immediately for private company use. 
  • Tax Case Prompts SCOTUS to Revisit Question of Whether States Can Sue Each Other

    By:
    Chris Gaetano
    |
    Dec 7, 2015
    A long-running legal battle between a Nevada-based inventor and the state of California over millions of dollars of alleged back taxes has, for the second time, made its way to the Supreme Court, which agreed to revisit the question of whether or not states are immune from lawsuits against each other. 
  • Vatican Enlists PwC to Perform First Ever External Audit

    By:
    Chris Gaetano
    |
    Dec 7, 2015
    The Vatican, under the direction of Pope Francis, has hired Big Four firm PricewaterhouseCoopers to perform the first ever external audit of its finances following a series of devastating scandals that made increased transparency a priority for the church leadership. 
  • Report: Exposure from Top 30 Systemically Important Banks Exceeds 75 Percent of Global GDP

    By:
    Chris Gaetano
    |
    Dec 3, 2015
    The top 30 most global systemically important banks in the world have a combined total exposure amounting to more than 75 percent of global GDP, according to a recent report. 
  • Study: Hiring Even a Jerk, Even a Talented One, Not Worth It

    By:
    Chris Gaetano
    |
    Dec 3, 2015
    A recent study from Harvard Business School found that, while workers with personality traits widely believed to be toxic can be star performers, that boost in productivity still isn't worth it when considering net profitability. 
  • How People Get Away with Doing Nothing at Work

    By:
    Chris Gaetano
    |
    Dec 2, 2015
    Even the most efficient office can house employees who are workers in name only. How do they do it? How can they go so long without getting caught? An article in Forbes breaks down their habits, perhaps so managers can figure out their tricks and catch them. 
  • SEC Charges Two Companies for Running a Bitcoin Ponzi Scheme

    By:
    Chris Gaetano
    |
    Dec 2, 2015
    Whenever there's a lot of attention on some hot new trend in the financial world, scammers are quick to capitalize on the wave of curious newcomers: such as two companies that took advantage of people's interest in digital currencies by roping them into a Ponzi scheme. 
  • Office Holiday Parties on the Decline

    By:
    Chris Gaetano
    |
    Dec 1, 2015
    The annual office holiday party, once so common as to be cliche, has been on the decline over the past decade. 
  • HSBC Comes Up with Depressing Graph on Lifelong Productivity

    By:
    Chris Gaetano
    |
    Dec 1, 2015
    According to HSBC, you'll be most productive in your 20s and early 30s, and while you might see gains after that point, it will be in little dribs and drabs until, eventually, you die. 
  • Federal Reserve to Severely Curtail Its Lending Ability

    By:
    Chris Gaetano
    |
    Nov 30, 2015
    If you're a major financial institution about to collapse, you won't be able to turn to the Federal Reserve for quick cash anymore due to new rules adopted today that prohibit emergency loans to specific entities.