Latest Articles

  • G-7 Nations Come to Agreement on Forming Global Digital Tax Framework

    By:
    Chris Gaetano
    |
    Jul 19, 2019
    Finance leaders from the G-7 nations came to an agreement that, in principle, there should be a global tax on digital products, ensuring that there is at least some minimum tax paid by large tech firms such as Facebook or Google.
  • House Votes to Increase Federal Minimum Wage to $15

    By:
    Chris Gaetano
    |
    Jul 19, 2019
    The House of Representatives voted yesterday to gradually increase the federal minimum wage to $15 an hour.
  • FASB to Propose Delaying Effective Dates for Standards on Leases, Credit Losses, Hedging and Insurance

    By:
    Chris Gaetano
    |
    Jul 18, 2019
    The Financial Accounting Standards Board (FASB) plans to propose delaying the effective dates for new standards on leases, credit losses, hedging and insurance contracts. 
  • New York, New Jersey and Connecticut Launch Suit Against IRS Over Rules Barring SALT Cap Workarounds

    By:
    Chris Gaetano
    |
    Jul 18, 2019
    New York and Connecticut have joined a lawsuit filed by New Jersey Gov. Phil Murphy against the IRS over new rules that stymie efforts to compensate for the $10,000 cap on state and local tax (SALT) deductions. 
  • IRS Urges Tax Professionals to Follow Six-Step Security Checklist

    By:
    Chris Gaetano
    |
    Jul 17, 2019
    The IRS has released six steps that a practitioner can take to improve security of private taxpayer data. 
  • Study: 811 Firms Accounted for All Global Economic Growth Over 28 Years

    By:
    Chris Gaetano
    |
    Jul 17, 2019
    A recent study has found that, out of the millions of companies that exist on this planet, from the titanic multinational to the corner lemonade stand, all global economic growth over the past 28 years can be attributed to just 811 firms. 
  • Newsmaker: New FASB Member Opens up About Priorities

    By:
    Chris Gaetano
    |
    Jul 16, 2019

    Susan M. Cosper, previously the technical director for the Financial Accounting Standards Board (FASB), was appointed as a FASB member on May 1, for a term that will run through 2024. As technical director, she was a driving force behind many landmark accounting standards, as well as the formation of the Private Company Council (PCC), an advisory body to the FASB on private company matters. She took the time to talk to The Trusted Professional about the transition from staff to board member, challenges to the financial accounting landscape, and the future of the accounting profession.

  • As Sustainability Frameworks Multiply, Navigating Them Becomes a Concern

    By:
    Chris Gaetano
    |
    Jul 16, 2019

    Sustainable business practices, once largely an afterthought in the corporate world, are growing in significance, as more companies become aware of how environmental, social and governance (ESG) factors affect their bottom line. This development has sparked a rising demand for clarity on where companies stand on these issues and what they’re doing to improve these wide-ranging practices. Seeking to meet this demand are dozens of organizations that arose to provide various frameworks for measuring sustainable corporate behavior.

  • Practitioners Describe an Exceptionally Vexing Tax Season

    By:
    Chris Gaetano
    |
    Jul 16, 2019

    This year’s tax season was one for the ages, according to practitioners at firms across the state, who were faced not only with an entirely new tax landscape, but also government shutdowns, software issues and a number of other headaches, as they worked their way through the 2019 busy season.

  • Society Advances Legislative Priorities

    By:
    Ruth Singleton
    |
    Jul 16, 2019

    Three pieces of accountancy legislation supported by the NYSSCPA advanced through the New York state Legislature this session but did not make it over the finish line, in spite of intensive grassroots efforts, a Lobby Day and outreach to influential legislators. The session ended on June 21.