Latest Articles

  • U.S. Debt Service Set to Exceed Military Expenditures in Five Years

    By:
    Chris Gaetano
    |
    Nov 13, 2018
    The United States still spends more on the military than it does in servicing its own debt, but Congressional Budget Office projections indicate that this status will reverse around 2023 amid rising budget deficits and interest rates. 
  • In Apparent Reversal, SEC's Clayton Says Agency Is Taking Seriously the Idea of Ditching Quarterly Reports

    By:
    Chris Gaetano
    |
    Nov 13, 2018
    Securities and Exchange Commission Chair Jay Clayton said recently that the agency is taking the idea of dropping quarterly reports seriously, observing that there are cogent arguments to be made both for and against the idea. This is a marked contrast to Clayton's remarks just a few weeks ago, when, in another speech, he expressed skepticism that removing the requirement would improve matters.
  • Regulatory Roundup: Nov. 7-13

    By:
    Chris Gaetano
    |
    Nov 13, 2018

    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYSSCPA’s regular series that collects relevant regulatory announcements from the past week, and puts them in one place to help you stay on top of the issues.

  • Survey: As Deadline Draws Near, Just 4 Percent Are on Schedule to Implement New Lease Standards

    By:
    Chris Gaetano
    |
    Nov 12, 2018
    With just weeks to go before their effective date of Jan. 1, 2019, only 4 percent of public companies have actually completed implementation of the new lease standards, with the majority still working to complete the changeover in time. 
  • Firms Turn Increasingly to DMVs for Identity Verification

    By:
    Chris Gaetano
    |
    Nov 12, 2018
    In an age when nearly any piece of information is suspect, state-level Departments of Motor Vehicles have emerged as islands of stability, leading banks and other firms to rely on them more and more to verify personal information. 
  • An AI Beats 20 Top Lawyers—Can Accountants Be Next?

    By:
    Chris Gaetano
    |
    Nov 9, 2018
    Humanity has lost yet one more battle of man versus machine, this time in the field of legal analysis, as a team of 20 top-rated lawyers failed to defeat an artificial intelligence in finding flaws in five different nondisclosure agreements. 
  • Still Working on a 2017 Return? IRS Says You Have Until Nov. 17 to E-File

    By:
    Chris Gaetano
    |
    Nov 9, 2018
    The IRS issued a reminder that anyone still working on a 2017 return, including disaster victims, has until Nov. 17 to e-file. 
  • Speakers: State-Level Responses to TCJA Leave Open Questions, Calculated Risks

    By:
    Chris Gaetano
    |
    Nov 8, 2018
    The Tax Cuts and Jobs Act upended many standard assumptions and procedures for state-level tax planning, leading some state governments, which often took their cues from the federal system, to respond with a variety of measures that, for now, have created open questions with regard to both legality and utility. Speaking at the Foundation for Accounting Education's New York and Tri-State Taxation Conference on Nov. 7, two practitioners discussed some of the wider implications, and attendant risks, of some of these initiatives. 
  • Speaker: Even in Age of Economic Nexus, Local Partnerships Still Bound by Decades-Old Rules

    By:
    Chris Gaetano
    |
    Nov 8, 2018
    While states have increasingly been adopting economic nexus tax standards, which the Supreme Court recently ruled were constitutional, a speaker at the New York and Tri-State Taxation Conference on Nov. 7 noted that partnerships—at least those in the tri-state area—remain bound by the older "doing business" standard. 
  • Speakers: When It Comes to Disruptive Technologies, the Future Is Already Here

    By:
    Chris Gaetano
    |
    Nov 8, 2018
    While many CPAs are aware of the potential for disruptive technologies to seriously impact the accounting profession, the temptation is to think of them as far-off advances that will take a generation to fully infiltrate through the industry. Yet a pair of speakers at the Foundation for Accounting Education's Auditing Standards Conference today said that taking such a view is a mistake because many of these technologies are already in use.