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Latest Articles

  • Proposed Changes to CPE Standards Would Allow 'Adaptive Learning Self Study'

    By:
    Chris Gaetano
    |
    May 21, 2019
    The AICPA and National Association of State Boards of Accountancy (NASBA) have released a joint proposal to change the current continuing professional education (CPE) standards, including the addition of new "adaptive learning self study" programs to the list of acceptable lesson formats. 

  • IRS Audits Grow Increasingly Unlikely

    By:
    Chris Gaetano
    |
    May 21, 2019
    The IRS audit rate fell slightly from the previous year, continuing a years-long trend of the service's enforcement function growing increasingly sluggish in the wake of continued budget cuts. 

  • Regulatory Roundup: May 14-20

    By:
    Chris Gaetano
    |
    May 20, 2019
    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. 

  • Speakers: Dearth of Options Makes Valuing ICOs, Cryptocurrency Assets Difficult

    By:
    Chris Gaetano
    |
    May 20, 2019
    Within just a few years, blockchain-based digital assets such as cryptocurrencies have become very popular. But according to a pair of speakers at the Foundation for Accounting Education's Business Valuation Conference  on May 20, while much has been made of their vast economic potential, actually valuing them in dollars and cents can be a significant challenge for professionals, particularly given the difficulty of fitting these new assets into current valuation models.

  • Speaker: Valuation Formulas Cannot Take Place of Common Sense

    By:
    Chris Gaetano
    |
    May 20, 2019
    Robert E. Kleeman, managing director of OnPointe Financial Valuation Group and a speaker at the Foundation for Accounting Education's Business Valuation Conference on May 20, lamented that there seems to be a lack of common sense in today's practice, which he said has come to rely too much on "silver bullet" calculations and assumptions of perfect accuracy. 

  • Tax Filers Launch Suit Against TurboTax for Allegedly Hiding Free Options

    By:
    Chris Gaetano
    |
    May 17, 2019
    Taxpayers have launched a class action lawsuit against TurboTax, alleging that it cheated low-income customers out of free filing options. 

  • CEO Pay Data Finds Little Link Between Performance and Compensation

    By:
    Chris Gaetano
    |
    May 17, 2019
    Generally, we tend to think that the better someone is at a job, the more that person ought to be paid for it, but this apparently does not apply to the world of CEOs, as a recent analysis from the Wall Street Journal found that there appears to be very little connection between pay and performance, despite complex compensation plans meant to explicitly link the two. 

  • TIGTA Faults IRS for Insufficient Vetting of Tax Credits

    By:
    Chris Gaetano
    |
    May 16, 2019
    The Treasury Inspector General for Tax Administration (TIGTA) has found that the IRS did not sufficiently flag for further review millions of returns involving tax credits that had income discrepancies. 

  • Poll: 90 Percent of Accountants Agree Profession Undergoing Major Cultural Shift

    By:
    Chris Gaetano
    |
    May 16, 2019
    A recent poll found that 90 percent of accounting professionals worldwide agree that their industry is undergoing a major cultural shift that will transform what firms do and how they are run. 

  • Audit Finds Military Contractor Made 9,400 Percent Profit on Single Metal Pin

    By:
    Chris Gaetano
    |
    May 15, 2019
    A Pentagon inspector general audit has expressed concern that a military contractor has been grossly overcharging the U.S. military, noting that, in one instance, the Defense Logistics Agency paid $4,361 for a drive pin that should have just cost $46. 
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