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News

Members in the News

    Member:
    Amanda Sexton (Suffolk)

    CLASS NOTES – 2007
    News @ Hofstra
    Amanda Sexton (BBA, Accounting) of Coram, NY, was elected President of the Suffolk chapter of the New York State Society of CPAs.


    Member:
    Lynne Fuentes (Nassau)

    CLASS NOTES – 1999
    News @ Hofstra
    Lynne M. Fuentes (BBA, Accounting) was appointed by the New York State Society of CPAs to its board of directors as a representative of the Nassau chapter.


    Member:
    Jack Capron (Syracuse)

    No, the estate tax isn't killing family farms
    CNN Money
    Republicans calling for the repeal of the federal estate tax often claim it makes it hard for American farmers and ranchers to pass on the family business to the next generation. But most U.S. family farms are unaffected by the federal estate tax. For starters, about 90% of farms are small -- meaning they bring in $350,000 or less in revenue a year, according to the USDA. And the median wealth for farm operator households was $827,300 in 2015. Under current law, only those estates worth more than $5.49 million (or $10.98 million for married couples) even have to file estate tax returns.


    Member:
    Scott Adair (Rochester)

    Credit cards not for everyone
    TriStateUpdate.com (13 News WOWK)
    Scott Adair of the New York State Society of CPAs discussed the benefits of using credit cards and some of the dangers as well Monday during News 8 at Sunrise. Adair said in light of the Equifax breach, it's a reminder that anytime you have a credit card account your personal information is at risk for being hacked. But there are other considerations for people considering applying for credit. "First and foremost is the concept you need to stick and adhere to your budget," Adair said.


    Member:
    Scott Adair (Rochester)

    Credit cards not for everyone
    WROC Rochester First
    Scott Adair of the New York State Society of CPAs discussed the benefits of using credit cards and some of the dangers as well Monday during News 8 at Sunrise. Adair said in light of the Equifax breach, it's a reminder that anytime you have a credit card account your personal information is at risk for being hacked. But there are other considerations for people considering applying for credit. "First and foremost is the concept you need to stick and adhere to your budget," Adair said.


    Member:
    NYSSCPA PCAOB Auditor’s Report Panel - Jan Herringer (Manhattan/Bronx)

    Auditors prepare for PCAOB audit reporting changes
    Accounting Today
    Companies and their auditors are getting ready for the Public Company Accounting Oversight Board’s new audit reporting model, despite uncertainty over whether the Securities and Exchange Commission will approve the new standard. The PCAOB voted for the new standard in June after years of work and a series of proposals that attracted extensive industry feedback (see PCAOB makes major changes to auditor’s report). The SEC has not yet approved the standard, although it typically has rubberstamped any new rules approved by the PCAOB.


    Member:
    Salvatore Collemi, Ed Mendlowitz, Jordan Frey (Manhattan/Bronx)

    IMA CEO Jeff Thomson favors accountants over robots
    Accounting Today
    Institute of Management Accountants president and CEO Jeff Thomson unveiled a new campaign to emphasize the value of management accountants as more jobs fall prey to robots and automation. During a speech Monday at a meeting of the Accountants Club of America in New York, Thomson discussed how accountants can deal with the threat of automation by learning new skills and technologies to stay on top of the latest trends. He also showed a new advertising campaign for the IMA’s Certified Management Accountant credential in which a robot gives up its seat at a conference room table to accommodate an accountant, telling him, “Sorry, I was just keeping your seat warm.” The commercial can be viewed on YouTube.


    Member:
    NYSSCPA Healthcare Conference

    Helgerson: Delivery reform needed for health care system’s survival
    Politico Pro
    New York’s health care delivery system must radically reform in the next decade or it will be swamped by the costs and demands of a boomer population that begins to turn 80 years old in 2026, according to Jason Helgerson, the state Medicaid director.  “If we don’t get ourselves and our own house in order ... we are on a crash course for a very, very bad outcome,” Helgerson said Wednesday during a health care conference in lower Manhattan sponsored by the New York State Society of CPAs.  That imminent crisis, he said, is why he has made the Delivery System Reform Incentive Payment, or DSRIP, program the focus of his nearly seven-year tenure as state Medicaid director.


    Member:
    NYSSCPA Comment Letter Mention

    The Next Big Wave in Accounting Change: Debt vs. Equity and Performance Reporting
    Financial Executives International
    Just as companies are starting to see the light at the end of the tunnel on implementation of the new revenue recognition standard, they are being faced with the challenges involved in operationalizing the new lease accounting standard. There is no doubt about it—accounting policy groups are hard at work to keep up with the changes the FASB is making to accounting guidance.  And there is little indication that the FASB will be slowing the pace of accounting change. The Board just added two new projects to their agenda, which will require the attention of financial executives in the months and years to come.


    Member:
    Sheila Brandenberg (Manhattan/Bronx)

    NTA Olson Expresses Concern About Installment Agreements and Ability to Pay
    Wolters Kluwer Standard Federal Tax Reports – Sept. 28 Issue (Page 4)
    National Taxpayer Advocate Nina Olson recently expressed concern that installment agreements that disregard a taxpayer’s ability to pay and meet his or her basic living expenses set up the installment agreement for failure. Olson highlighted her concerns about installment agreements, which she said are the most popular collection alternative, in a recent blog post. “The need for an installment agreement should arise when people are caught unawares, it should not be an ongoing way to pay taxes,” Sheila Brandenberg, Sheila Brandenberg, CPA, told Wolters Kluwer.


    Member:
    Patrick Daly (Manhattan/Bronx)

    Trump, Republican Tax Overhaul Plan Revealed: Rates Cut, Deductions Nearly Doubled
    CBS News New York
    President Donald Trump and congressional Republicans are proposing a far-reaching plan to cut taxes for individuals and corporations, simplify the tax system and nearly double the standard deduction used by most Americans. “Too many in our country are shut out of the dynamism of the U.S. economy, which has led to the justifiable feeling that the system is rigged against hardworking Americans,” says the blueprint, obtained by The Associated Press. “With significant and meaningful tax reform and relief, we will create a fairer system that levels the playing field and extends economic opportunities to American workers, small businesses, and middle-income families.”


    Member:
    NYSSCPA PCAOB Panel Event – Jan Herringer (Manhattan/Bronx)

    SEC Must Rule on Auditor Revamp That Big Companies Oppose
    Bloomberg BNA
    The SEC in October will decide the fate of a proposal to expand the auditor’s report that some of the largest U.S. companies—Chevron Corp., Nike Inc., FedEx Corp., UnitedHealth Group, Nasdaq Inc., and 10 other companies and 13 trade groups—oppose. However, investors and accounting firms generally support the PCAOB’s enhanced auditor’s report, which will have auditors go beyond the traditional simple pass/fail determination and offer information on what areas of a company’s financial reporting kept the auditor and audit committee up at night. 


    Member:
    Tom Walpole (Rochester)

    Recognizing business ethics leaders
    WROC Rochester First
    CPA Tom Walpole discussed what defines an ethical business and the effort to recognize Rochester's best Monday during News 8 at Sunrise. Walpole explained ethics breaches can come on a mass scale, like Enron or the Madoff ponzi scheme, or a smaller scale. "You're going to see the small ones that people don't really think about as an ethics violation, like at the water cooler talking about somebody's problem with a boyfriend or girlfriend, or things like that, plus people changing golf scores, or managers unfairly taking action against one employee for something and not another. Those types of things are small business ethics violations, but they tend to go on everyday."


    Member:
    Scott Adair (Rochester)

    Federal Reserve and your interest rates
    WROC Rochester First
    CPA Scott Adair discussed the Federal Reserve and the impact it has on interest rates Monday during News 8 at Sunrise. "The Federal Reserve is the central back of the United States," Adair explained. "Effectively, it's comprised of a Board of Governors and twelve regional independent banks. When I say independent, I mean independent from the U.S. government, but also attached to our enabled body, from that perspective." The primary function of the Federal Reserve is setting or establishing interest rates that we are all impacted by when we borrow money. "They buy and sell federally-backed securities," said Adair.


    Member:
    Barry Kleiman (Manhattan/Bronx)

    Smart End-of-Year Tax Moves For Clients
    Financial Advisor Magazine
    The last quarter is a good time to fine-tune clients’ tax situations before the year runs out. Though the U.S. tax code has relatively few breaks expiring at the end of 2017, looming tax legislation reinforces the importance of some fundamentals of tax planning, advisors say. “One basic principle of tax planning is to defer income and accelerate deductions,” says Barry Kleiman, CPA at Untracht Early in Florham Park, N.J. “This holds true even more in today’s environment given the proposals to reduce individual income tax rates and eliminate or cap certain itemized deductions.”


    Member:
    David Lifson (Manhattan/Bronx)

    Art Collectors, Pay Your Taxes
    Wall Street Journal
    States are cracking down on art collectors who aren’t paying taxes owed on their purchases. States don’t release details about investigations into evasion of taxes on art purchases. But according to lawyers representing defendants in such cases, state attorneys general and revenue departments around the country have stepped up their investigations and prosecutions for failure to pay sales and use taxes on art purchases.


    Member:
    Joanne S. Barry - NYSSCPA Executive Director & CEO

    2017 Top 100 People extra: Their best advice
    Accounting Today
    As part of our Top 100 Most Influential People report, we asked all the candidates: “What’s the best piece of advice you’ve ever received?” The best advice? Stop being a perfectionist and become a risk-taker. A perfectionist's mindset is that failure is unacceptable. A risk-taker understands that sometimes you need to fail to succeed. This advice is especially useful in a disruptive world, where change is a prerequisite for business survival. - Joanne Barry, Executive director and CEO, NYSSCPA

     


    Member:
    Joanne S. Barry - NYSSCPA Executive Director & CEO

    2017 Top 100 People extra: Accounting’s biggest issues
    Accounting Today
    As part of our Top 100 Most Influential People report, we asked all the candidates: “What is the most important issue currently facing the accounting profession?” Disruption. With firms embracing digital and smart technologies in the form of blockchain and artificial intelligence, we are seeing the automation of some of accounting’s most basic yet complex processes, allowing larger firms to reallocate resources to data analysis and IT, transforming the profession along the way. Technology is also driving global and regulatory disruption, with the explosion of measurable data allowing companies to tie non-financial assets to a company’s bottom line. It’s now up to educational institutions to make sure they’re integrating data analysis and it into the accounting curriculum. - Joanne Barry, Executive director and CEO, NYSSCPA


    Member:
    Joanne S. Barry - NYSSCPA Executive Director & CEO

    2017 Top 100 People extra: The accountant of tomorrow
    Accounting Today
    As part of our Top 100 Most Influential People report, we asked all the candidates: “How will the accountant of 10 years from now differ from the accountant of today?” For centuries accountants have looked to the past to understand the present; for the first time, though, through a means that has never before existed, accountants will have access to real-time data to shape the future. We know the accountant of 2027 will use the tools at her disposal to provide real-time insight and information: she’s a technologically savvy business advisor with the communications and data analysis skills to collaboratively and strategically guide clients with a global perspective, good instinct and unique insight. This profession is just getting started. - Joanne Barry, Executive director and CEO, NYSSCPA


    Member:
    Anthony Merante (Westchester)

    Anthony Merante Questions Whether Tony Pagano is Running for Union President or for Yonkers City Council
    Yonkers Tribune
    Tony Pagano, running in the Republican primary for Yonkers City Council District 6, boasted in a Yonkers Rising article about his relationship with municipal unions. he said, “Yes, they are my special interest and will be my priority if I am elected. I think they know they’ll have a strong voice in City Hall if I get elected.” “I think Mr. Pagano, who has a long history of heading unions like the fire fighters and the “Hillary supporting” AFL-CIO, is either sadly ill-informed or confused noted Anthony Merante, the Republican endorsed candidate for the 6th Council District seat. “City councilmembers represent the residents and taxpayers of the district not the labor unions. While we all are grateful for the work by city employees there is not an endless supply of money. And it is the taxpayers who pay the bills” continued Anthony Merante.


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