Members in the News

People on the Move in New York

New York Business Journal

Edward Arcara, president of his Buffalo-based firm, Edward L. Arcara, CPA PC, has been elected a director-at-large by The New York State Society of Certified Public Accountants. His three-year term began June 1.

Westchester County Good Things Happening, 6.29.2015

Westfair Online

Barbara Marino, a Westchester CPA and director at The Hackett Group Inc., has been elected a director-at-large by the New York State Society of Certified Public Accountants, which has 28,000 members residing and practicing in New York State.

BizTalk: A Q&A with new president of state Society of CPAs

The Buffalo News

A Certified Public Accountant might advise a client on pivotal decisions like succession planning for a business or preparing a company for a sale. Joseph M. Falbo Jr., 45, believes if more young people understand all that accounting has to offer, more of them will choose it as a career. Falbo, a partner at Tronconi Segarra and Associates in Clarence, has a new platform for his message. He was recently elected president of the New York State Society of Certified Public Accountants, which has 28,000 members across 15 chapters.

Can Anything Save Us from Accounting Standards Madness?

GlobeSt.com

In part one of this article, we looked at the complicated issues surrounding accounting and how they are increasingly affecting non-accounting real estate decisions. AI refers to computer systems able to perform tasks that normally require human intelligence, writes Jon Raphael, chief innovation officer at Deloitte & Touche LLP, in CFO.com. His article was focused on the audit profession, which in fact would likely be involved in decisions regarding the implementation of revenue recognition and lease accounting standards.

Sloppy Benefit Plan Audits Putting Employers at Risk

CFO.com

Up until recently, employee benefit plan audits were a routine matter for CFOs — something you had to have done each year to comply with the Employee Retirement Income Security Act, but nothing to worry about overmuch. Well, not anymore. With the quality of those audits reportedly on a decade-long decline, faulty audits of employer-sponsored retirement and health-care benefit plans represent “one of the biggest risks to CFOs and companies that is not mentioned out there,” says Adam S. Lilling, a partner of Lilling & Company, a firm that specializes in auditing employee benefit plans.

Denise Stefano of Dobbs Ferry's Mercy College Elected To State CPA Board

The Daily Voice

The New York State Society of Certified Public Accountants has elected Westchester CPA Denise Stefano, associate professor and accounting department chair of Mercy College, to its board of directors as a representative of its Westchester chapter. Stefano, of Yorktown Heights, is co-chair of the Westchester chapter’s Accounting Careers Committee and the Westchester COAP Advisory Board, and recently became chair of the Chapter’s High School Scholarship Committee, according to a press release.

CPAs See Increase in Financial Fraud against Elderly

Accounting Today

Financial fraud perpetrated against the elderly is on the rise, according to a new survey of CPA financial planners. The poll, released Tuesday by the American Institute of CPAs, found that 47 percent of CPA financial planners have seen an increase in elder fraud or abuse in the past five years.  “For elderly individuals, being a victim of financial fraud or abuse can be emotionally devastating. The impact is compounded when the perpetrator is a member of their own family or a friend,” said Ted Sarenski, a member of the AICPA’s PFP Conference Planning Committee, in a statement.

Saving lessons for kids

WROC Rochester News 8

CPA Jacqueline Tepfer of EFP Rotenberg discussed saving lessons all parents can teach their children Monday on News 8 at Sunrise. Tepfer said as soon as kids are old enough to understand, show them how money relates to their needs and wants.  For example, that might mean showing an 8 year old how much a new toy will cost and how they can earn that amount.

Art of Accounting: Top 10 Regrets

Accounting Today

A month and half ago I posted the 10 reasons for my success. I received quite a few calls about that and I came up with some regrets, so I’m sharing them here. 1. Not taking off Fridays: I could have taken off either every Friday or Monday and extended the weekend. This would have greatly improved the quality of my life while taking very little away from my work or productivity. This is even more so now in this age of 24/7 connectivity where you can handle calls and emails easily while not in the office.

Financial literacy

WROC News 8

CPA Scott Adair discussed his term as President of the New York State Society of CPAs and the group's focus on financial literacy Monday morning on News 8 at Sunrise.

Feds say employee benefit plan audits fall short

Long Island Business News

Audits of employee benefit plans by accounting firms that do only a handful of them annually are far more likely to be substandard than those done by firms that focus on these plans. “There are many unique things you need to test that, if you don’t specialize, you won’t know how to do or won’t do right,” said Adam Lilling, a partner at Lilling & Co. in Great Neck, who chairs the New York State Society of Certified Public Accountants’ employee benefits committee.

Art of Accounting: Getting Bonuses from Clients

Accounting Today

A few weeks ago I wrote about being independent and not selling financial services or products to clients. Quite a few people called me to ask about “value billing” and how that fits in. Here are some comments. To start, value pricing is a pretty straightforward issue for those who truly value price and a misunderstood issue for most that do not.

How Smaller Accounting Firms Create Extremely Profitable Family Office Practice Solution Sets

Forbes

One of the potentially most profitable types of accounting practice is providing family office services. Doing this effectively entails integrating an array of expertise. It usually requires bundling internal capabilities with carefully selected outsourced providers.

NYSSCPA Names Michael Zovistoski President-Elect

Accounting Today

Michael Zovistoski, a partner at UHY LLP, and managing director of UHY Advisors NY, Inc. in Albany, N.Y., has been chosen as president-elect by the New York State Society of CPAs.

Should You Spend It All or Leave Some for the Kids?

The Street.com

You can't take it with you, but you don't have to leave it behind, either. A report from HSBC finds that working Americans don't necessarily want to leave their earnings to heirs when they die. “When you transfer your assets during your life, you have a $14,000 annual federal tax exemption and you have a $5.4 million lifetime gift tax exemption,” says James Grimaldi, a certified public accountant and partner at Citrin Cooperman in New York.

Fine of Gettry Marcus honored by NYSSCPA

New York Real Estate Journal

According to Gettry Marcus CPA, P.C., Howard Fine has been honored by the New York State Society of Certified Public Accountants (NYSSCPA) - Nassau County Chapter, as he was awarded the "Distinguished Service Award,"by his peers at the 62nd Annual Installation Dinner on May 7th, at the Crest Hollow Country Club.

Recruiting and Retaining Staff Tops List of Worries For CPA Firms

CPA Practice Advisor

Talent pool concerns have emerged as the most pressing issue for all but the smallest CPA firms, according to new research by the American Institute of CPAs. “Recruitment was a key issue in the survey in the decade before 2007, but it wasn’t a strong emphasis during the recession as firms focused more on client retention,” said Mark Koziel, CPA, CGMA, the AICPA’s vice president for firm services and global alliances. 

Money tips for children

WROC News 8

CPA Matt Bryant discussed financial advice for children Monday on News 8 at Sunrise. Bryant suggested kids who earn money mowing lawns or babysitting over the summer should establish two bank accounts - one for savings and the other for spending.

What You Need to Know If Grandma Pays the Tuition

Yahoo! News

Another tip: Consider community college for the first two years. “Community colleges are a tremendous opportunity that too many families are not taking a look at,” says Gary Carpenter, a CPA and owner of College Planning Services in Syracuse. On job interviews, the employer “is not going to look at all the colleges they’ve gone to. They’re going to look at the college they graduated from.”

Joseph Falbo Named NYSSCPA President

Inside Public Accounting

The New York State Society of Certified Public Accountants (NYSSCPA) has elected Joseph M. Falbo Jr. of Grand Island, N.Y., as its new president. His one-year term began June 1. Falbo is a partner and member of the executive committee at Tronconi Segarra & Associates in Williamsville, N.Y. He has been a member of the society since 1994 and is a member of its Buffalo Chapter.