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News

The Daily

  • Poll: Firms Planning to Up Fees

    By:
    Chris Gaetano
    |
    May 18, 2015
    A recent survey by Bloomsbury Professionals has found that 24 percent of accounting firms plan to increase client fees sometime over the next year.
  • Senate Bill Would Require IRS to Notify ID Theft Victims

    By:
    Chris Gaetano
    |
    May 15, 2015
    A proposed bill in the Senate would require that the IRS notify taxpayers if they have reason to believe that they were the victim of identity theft. 
  • Fake Takeover Bid Points to Real Problems in SEC System

    By:
    Chris Gaetano
    |
    May 15, 2015
    The financial world was abuzz yesterday when news that an obscure British investment firm was planning to buy out cosmetics firm Avon. Unfortunately, while the news sent Avon shares soaring, closer examination of the bid found that the firm that was planning to make the buy, well, didn't actually exist. 
  • Working with a Broken Heart

    By:
    Chris Gaetano
    |
    May 14, 2015
    Both heartbreak and work are among the more universal phenomena in the world, but they're also not exactly the most compatible. An article in Lifehacker discusses what can be done when you're faced with a work deadline at the same time your relationship lies dead. 
  • SEC Taps PwC Partner for Deputy Chief Accountant

    By:
    Chris Gaetano
    |
    May 14, 2015
    The Securities and Exchange Commission has appointed Wesley R. Bricker as its new Deputy Chief Accountant, coming into the agency from Big Four firm PwC. 
  • FASB Proposes Rev. Rec. Guidance on Licenses, Identifying Performance Obligations

    By:
    Chris Gaetano
    |
    May 13, 2015
    The Financial Accounting Standards Board has released an exposure draft that aims to improve how performance obligations are identified, as well as accounting for revenue from licenses. 
  • Business and Finance Professions Least Dangerous According to Study

    By:
    Chris Gaetano
    |
    May 13, 2015
    A survey of the most dangerous professions in the country show that business and finance jobs aren't really that dangerous at all, ranking at the very bottom for deaths on the job. 
  • Study: Sometimes Less Collaboration, Not More, Is What's Needed

    By:
    Chris Gaetano
    |
    May 12, 2015
    By and large, most companies want someone who will be a team player who can work well with others in collaborative tasks. While there are many cases where two (or more) heads are better than one, a new study has found there are certain areas where dense collaborative clustering actually inhibits problem-solving. 
  • What Does It Mean to be Financially Secure?

    By:
    Chris Gaetano
    |
    May 12, 2015
    Are you financially secure? How would you know? The Consumer Financial Protection Bureau has four criteria that people can check against to see. 
  • Mary Christina McNamara, Albert Einstein's CPA, Dies at 99

    By:
    Chris Gaetano
    |
    May 11, 2015
    Mary Christina McNamara, a Staten Island CPA who worked as Albert Einstein's accountant many years ago, died last Wednesday. 
  • Game of Cubicles: Office Leadership Lessons from Westeros

    By:
    Chris Gaetano
    |
    May 11, 2015
    Hit show Game of Thrones (and the books off of which they're based) can be seen as a clash between different leadership styles, as all the different contenders for the Iron Throne seek to get there using very different means. How can we draw applicable lessons on leadership from these various characters?
  • SEC Backing Away from IFRS

    By:
    Chris Gaetano
    |
    May 8, 2015
    SEC Chief Accountant James Schnurr said he has reconsidered the possibility of allowing companies to present some information in IFRS without reconciliation with GAAP, saying there is a general lack of support in the U.S. for the international standards in general. 
  • Expatriation Reaches Record Numbers in Q1 This Year

    By:
    Chris Gaetano
    |
    May 8, 2015
    More people renounced their U.S. citizenship in the first 90 days of 2015 than in any other year for the same time period, mainly as a reaction to increased compliance pressure. 
  • TIGTA: IRS Spared the Ax for 61 Percent of Willfully Tax-Noncompliant Employees

    By:
    Chris Gaetano
    |
    May 7, 2015
    The Treasury Inspector General for Tax Administration (TIGTA) released a report showing that, despite rules saying the IRS shall terminate any employee making willful violations of tax law, the service none the less retained 61 percent of these workers. 
  • Gov. Cuomo Looking into Fast Food Worker Pay

    By:
    Chris Gaetano
    |
    May 7, 2015
    Governor Andrew Cuomo announced plans to direct the labor commission to determine whether fast food workers are paid enough to support health and life, and if the answer is "no" to recommend companies raise those wages. 
  • Pope Francis Modernizing Vatican Finances Amid Heavy Resistance

    By:
    Chris Gaetano
    |
    May 6, 2015
    Pope Francis has been working to bring modern financial management to the Vatican's billions of dollars in assets, but the nature of his reforms has prompted heavy resistance within the Holy See. 
  • FinCEN Hits Virtual Currency Exchange with $700K Fine

    By:
    Chris Gaetano
    |
    May 6, 2015
    The Financial Crimes Enforcement Network (FinCEN) has fined virtual currency exchange site Ripple Labs with a $700,000 fine for failing to comply with the Bank Secrecy Act, the first civil enforcement of its kind. 
  • Routine Bookkeeping Tasks Increasingly Outsourced to Machines

    By:
    Chris Gaetano
    |
    May 5, 2015
    Corporate finance departments are turning more and more to automation to handle routine tasks like processing invoices and mailing out checks, which in turn has meant fewer positions for humans. 
  • Workers of the World Want More Flexible Jobs

    By:
    Chris Gaetano
    |
    May 5, 2015
    A recent survey has shown people around the world are struggling to balance work and their personal lives, leading to job flexibility being one of the most sought after perks behind competitive pay and benefits. 
  • GAO Audit Finds Deficiencies in SEC's 2014 Financial Statement

    By:
    Chris Gaetano
    |
    May 4, 2015
    The Government Accountability Office recently released a report showing that the Securities and Exchange Commission's financial report had "significant" internal control deficiencies.