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  • NEWS HIGHLIGHTS FOR THURSDAY - 8.11.16

    By:
    Maya Lindsay
    |
    Aug 11, 2016

    Accounting and Financial News Stories

    AICPA and CIMA Add New Competencies to Personalized Learning Site
    CPA Practice Advisor
    The American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA) have expanded their professional learning and development website to support all major practice areas in management accounting and public accounting with learning, resources and competency development tools. The AICPA-CIMA Competency and Learning website, a joint project of the AICPA and CIMA, allows users to take a personalized approach to lifelong learning and career development.

  • NEWS HIGHLIGHTS FOR WEDNESDAY - 8.10.16

    By:
    Maya Lindsay
    |
    Aug 10, 2016

    Accounting and Financial News Stories

    AICPA Has No Standing To Litigate IRS Credential Program
    Forbes
    The American Institute of Certified Public Accountants was in the United States District Court for the District of Columbia court defending our brand against hordes of unernrolled tax preparers waving their IRS Records of Completion. I’m trying to decide whether this case or the big deal they made out of responding to H & R Block’s new grab for upscale business is really a good use of AICPA resources.

     

  • NEWS HIGHLIGHTS FOR TUESDAY - 8.9.16

    By:
    Maya Lindsay
    |
    Aug 9, 2016

    NYSSCPA Members in the News

    Phillip F. Gallson (Buffalo)
    Phillip F. Gallson, partner in accounting firm
    The Buffalo News
    Phillip F. Gallson, of Snyder, a partner in the accounting firm of Campagna & Gallson, died unexpectedly Friday in Millard Fillmore Suburban Hospital, Amherst. He was 61. Born in Minneapolis, he grew up in a military family and lived in several places in the U.S., including Hawaii, before his family came to Western New York.

  • NEWS HIGHLIGHTS FOR MONDAY - 8.8.16

    By:
    Maya Lindsay
    |
    Aug 8, 2016

    NYSSCPA Members in the News


    John Lieberman and Robert Tobey (Manhattan/Bronx)

    "Unusual" accounting: Inside a Trump business audit

    CBS News

    In a three-sentence letter on April 22, 1987, Donald Trump signed off on a series of accounting changes that allowed his first hotel to shortchange New York City nearly $3 million in rent, city auditors later concluded. A decade before, Trump struck a unique deal freeing the hotel of $160 million in property taxes over the course of 40 years, while guaranteeing the city a small financial stake in its success: New York City received annual rent payments tied to the Grand Hyatt's profits.

  • NEWS HIGHLIGHTS FOR FRIDAY - 8.5.16

    By:
    Maya Lindsay
    |
    Aug 5, 2016

    Accounting and Financial News Stories

     

    How to Get a Free Degree From Your Future Employer

    Bloomberg

    It’s a nice enough perk when your company helps pay for your education. Here comes a little twist: an employer bankrolling degrees for future workers. KPMG announced on Thursday that it will pay for young adults to get master’s degrees in accounting after they graduate from college1 and before they join the firm full-time, partly to prepare them to be “data-age auditors.”

  • NEWS HIGHLIGHTS FOR THURSDAY - 8.4.16

    By:
    Maya Lindsay
    |
    Aug 4, 2016

    Accounting and Financial News Stories

     

    Treasury Proposes to End Strategy for Estate and Gift Taxes

    Accounting Today

    The Treasury Department and the Internal Revenue Service have issued proposed regulations that would eliminate a tax-planning strategy for minimizing estate and gift taxes. The proposed regulations concern the valuation of interests in corporations and partnerships for estate, gift, and generation-skipping transfer tax purposes.

  • NEWS HIGHLIGHTS FOR WEDNESDAY - 8.3.16

    By:
    Maya Lindsay
    |
    Aug 3, 2016

    Accounting and Financial News Stories

     

    IRS Acquiescence Gives Unmarried Couples a Double Deduction

    Accounting Today

    A year ago, a divided Ninth Circuit reversed the Tax Court in Voss v. Commissioner, allowing two unmarried co-owners of real property to each claim a home mortgage interest deduction. Now, the IRS has acquiesced in the decision, giving a bonus to unmarried individuals who buy property together. Bruce Voss and Charles Sophy, unmarried co-owners of the property, each claimed a home mortgage interest deduction under Tax Code section 163(h)(3).

  • NEWS HIGHLIGHTS FOR TUESDAY - 8.2.16

    By:
    Maya Lindsay
    |
    Aug 2, 2016

    NYSSCPA Members in the News


    Matt Bryant (Rochester)

    As summer winds down, students should prepare financially for college

    WROC Rochester First

    CPA Matt Bryant sits down with Allison Warren to discuss getting ready for college.  His biggest recommendation for students is to prepare as early as possible. Parents starting to save early is great, as is teaching kids to do the same. Bryant also recommends researching the colleges the student is considering. A lot of state colleges have lower tuition costs, as do community colleges.

  • NEWS HIGHLIGHTS FOR FRIDAY - 7.29.16

    By:
    Maya Lindsay
    |
    Jul 29, 2016

    NYSSCPA Members in the News


    Paul Dailey (Nassau)

    Retiring abroad: 3 things to know before you pack your bags

    Yahoo Finance

    Want to join the growing ranks of retirees living abroad ? Before packing your bags and setting off for an exotic location far, far, away, you'll have to make some important decisions and plan very carefully. "You have to be brutally honest with yourself," said Dan Prescher, senior editor for retirement lifestyle magazine International Living.

  • NEWS HIGHLIGHTS FOR THURSDAY - 7.28.16

    By:
    Maya Lindsay
    |
    Jul 28, 2016

    NYSSCPA in the News

    NYSSCPA Mention – COAP Program

    CPA Firms Urged to Increase Diversity

    Accounting Today

    New Jersey Society of CPAs CEO and executive director Ralph Albert Thomas is encouraging CPA firms and other businesses to expand their diversity and inclusion efforts. During a speech Wednesday in New York at a meeting of the Accountants Club of America, Thomas stressed that CPA firms need to reflect the changing demographics in the U.S. population and within their own clients’ businesses.

  • NEWS HIGHLIGHTS FOR WEDNESDAY - 7.27.16

    By:
    Maya Lindsay
    |
    Jul 27, 2016

    NYSSCPA Members in the News


    Next Gen Conference – Tracey Niemotko (Mid-Hudson)

    Long Distance Learning: Mount Brings NYC Conference to Campus for Local CPAs

    Mount Saint Mary College

    For a group of about 20 Mount Saint Mary College students, alumni, and area professionals who couldn’t make it to New York City on July 25, the NextGen Conference for Young CPAs came to them instead. The Mount’s School of Business sponsored a satellite viewing of the presentation, held on campus in Aquinas Hall. The conference, hosted by the New York State Society of Certified Public Accountants (NYSSCPA), was designed to help young CPAs to forge their own unique career path, learn important time management techniques, interact professionally with clients and other business partners, and more.

  • NEWS HIGHLIGHTS FOR TUESDAY - 7.26.16

    By:
    Maya Lindsay
    |
    Jul 26, 2016

    Accounting and Finance News Stories

    The National Law Review
    The Internal Revenue Service (IRS) recently issued two private letter rulings (PLRs) that may be interesting for tax-exempt organizations that engage in political activity. In the first ruling, the IRS held that a company could not deduct payments made to charity under a PAC matching contribution program as an “ordinary and necessary business expense.”
  • NEWS HIGHLIGHTS FOR MONDAY - 7.25.16

    By:
    Maya Lindsay
    |
    Jul 25, 2016
    NYSSCPA Members in the News
     
    Tom Walpole (Rochester)
    WROC Rochester News 8
    CPA Tom Walpole discussed changes in your tax status to look for as part of a mid-year tax review Monday on News 8 at Sunrise. Walpole said the first step in a mid-year tax review is to make sure your 2015 return is complete.  If you received an extension, it's time to get it done and turn the page toward your 2016 return.  October 17 is the deadline for those who received an extension.
  • NEWS HIGHLIGHTS FOR FRIDAY - 7.22.16

    By:
    Maya Lindsay
    |
    Jul 22, 2016

    Accounting and Finance News

    Hidden Dangers
    Accounting Today
    Most accountants perform at least some tax work, so it’s not surprising that the majority of professional liability claims against accountants are in the tax arena. “The higher-dollar claims against accountants are in the financial statement area, but the opportunity for tax claims is greater,” said Ron Parisi, of Orchard Accounting and a former insurance company executive. “But there are a lot of ‘black and white’ errors.

  • NEWS HIGHLIGHTS FOR THURSDAY - 7.21.16

    By:
    Maya Lindsay
    |
    Jul 20, 2016

    Accounting and Finance News Stories

    IRS Alerts 501(c)(4) Organizations to New Notification Process

    AccountingWEB

    New final and temporary regulations from the IRS alerts Section 501(c)(4) organizations to new compliance requirements under the Protecting Americans from Tax Hikes (PATH) Act enacted last December. The regulations took effect on July 8. The PATH Act added Section 506 to the Internal Revenue Code, which requires that 501(c)(4) groups must notify the IRS of their formation within 60 days after the date of organization.

  • SEC Chief Accountant Seriously Injured in Bike Accident, Bricker to Act as Head

    By:
    Chris Gaetano
    |
    Jul 22, 2016
    The Securities and Exchange Commission has named Wesley R. Bricker as Interim Chief Accountant as the current Chief Accountant, James Schnurr, recovers from a serious bike accident. 
  • NEWS HIGHLIGHTS FOR WEDNESDAY - 7.20.16

    By:
    Maya Lindsay
    |
    Jul 20, 2016
    Accounting and Finance News Stories

    IRS Alerts 501(c)(4) Organizations to New Notification Process
    AccountingWEB
    New final and temporary regulations from the IRS alerts Section 501(c)(4) organizations to new compliance requirements under the Protecting Americans from Tax Hikes (PATH) Act enacted last December. The regulations took effect on July 8. The PATH Act added Section 506 to the Internal Revenue Code, which requires that 501(c)(4) groups must notify the IRS of their formation within 60 days after the date of organization.


  • NEWS HIGHLIGHTS FOR TUESDAY - 7.19.16

    By:
    Maya Lindsay
    |
    Jul 19, 2016

    NYSSCPA Members in the News

    Matt Bryant (Rochester)
    Budget your summer vacation
    WROC Rochester News 8
    CPA Matt Bryant of the New York State Society of CPAs discussed ways to budget your summer vacation Monday on News 8 at Sunrise. Bryant said before you set out consider all costs including air fare, rental cars, hotels, gas, meals, entertainment and souvenirs.  If that total is higher than your allotted budget, make changes to your plan. 

  • NEWS HIGHLIGHTS FOR THURSDAY - 7.14.16

    By:
    Maya Lindsay
    |
    Jul 14, 2016
    Accounting and Financial News Stories

    Yahoo Finance
    A new study by Ramsey Solutions, a leading company in financial education, finds that employees with access to financial and retirement education have less stress, more savings and more confidence than those without access. Results show 40 percent of workers say their employers do not provide any type of retirement or financial education and seven out of 10 workers with zero retirement savings do not have access to retirement education from their employers.


  • NEWS HIGHLIGHTS FOR WEDNESDAY - 7.13.16

    By:
    Maya Lindsay
    |
    Jul 13, 2016
    NYSSCPA Members in the News

    Michael Zovistoski (Northeast)
    Howard Foote and Michael Zovistoski rise to top of unboring field
    Your Niskayuna
    Finance can be a numbing subject to the average person, lending the accounting field a rather stuffy reputation. However, if the average person met Michael Zovistoski or Howard Foote, two Niskayuna Certified Public Accountants, ‘stuffy’ would hardly be their first impression. “I like to have fun,” Zovistoski said, shortly after arriving at the interview with this reporter in his convertible Mini Cooper with the top down. Beyond being a CPA, Zovistoski is also a certified financial planner, partner at UHY, LLC and recently inaugurated president of the New York State Society of CPAs.