Latest Articles

  • President Proposes New Tax Cut, But With Few Details

    By:
    Chris Gaetano
    |
    Oct 23, 2018
    The president has declared that he and Republican lawmakers are working on a large tax cut that is meant to primarily benefit the middle class, according to Politco, though there are few details about the specifics so far. 
  • Study Says New Minimum Wage Did Not Destroy Seattle Economy

    By:
    Chris Gaetano
    |
    Oct 23, 2018
    A recent economic study from the University of Washington has found that, so far, the new minimum wage on Seattle has led to workers earning more money even with fewer hours. 
  • Regulatory Roundup: Oct. 17-23

    By:
    Chris Gaetano
    |
    Oct 23, 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.

  • FICO Scoring System to Get an Upgrade Next Year, in Move to Boost Loan Approvals

    By:
    Chris Gaetano
    |
    Oct 22, 2018
    The traditional FICO scoring system is going to get a makeover next year, as the Fair Isaac Corp., which calculates the hallowed credit score for consumers, announced plans to introduce the UltraFICO in 2019, which is meant to account for a wider variety of financial activity. 
  • Prosecutors Face Dilemma Over Fraud Charges in Case Where No One Lost Money

    By:
    Chris Gaetano
    |
    Oct 22, 2018
    A case involving allegations of forged documents from a fictitious accountants might seem like a clear instance of fraud, but the New York Times notes that prosecutors will find it challenging to convince a jury that a wrong was committed, as no one actually lost any money. 
  • Federal Court Fines Bitcoin Ponzi Schemer $2.5 Million

    By:
    Chris Gaetano
    |
    Oct 19, 2018
    A federal judge has ordered New York-based company Gelfman Blueprint, Inc. (GBI) and its, CEO Nicholas Gelfman, to pay more than $2.5 million for running a bitcoin-based Ponzi scheme, in a matter which was filed by the Commodity Futures Trading Commission (CFTC).
  • IRS Temporarily Lifts Restrictions on Offering Low-Income Housing to Disaster Victims

    By:
    Chris Gaetano
    |
    Oct 19, 2018
    The IRS has temporarily halted certain restrictions on low-income housing so as to make it easier to provide emergency shelter to victims of natural disasters.
  • Speaker: New Revenue Recognition Standards Hold Important Implications for Construction Industry

    By:
    Chris Gaetano
    |
    Oct 19, 2018
    The new revenue recognition standards, which are effective for all reporting periods after December 2017, has upended several standard practices within the construction industry, particularly when it comes to contracts, forcing firms to adjust in order to meet the new rules. 
  • Former KPMG Exec Pleads Guilty to Using Confidential Info to Deceive Regulators

    By:
    Chris Gaetano
    |
    Oct 18, 2018
    Cynthia Holder, a former executive director at at KPMG, has pleaded guilty to her involvement in a scheme that used leaked confidential information from the Public Company Accounting Oversight Board (PCAOB) to pass regulatory inspections. 
  • Speakers Explore What Corporate Form Is Better in Wake of New Tax Law: C Corporation or Pass-Through

    By:
    Chris Gaetano
    |
    Oct 18, 2018
    The Tax Cuts and Jobs Act has overturned previous assumptions about whether a business is better off operating as pass-through entity or a C corporation, and created a new set of circumstances on which to base such a decision. A pair of speakers at the Foundation for Accounting Education's Business and Industry Conference on Oct. 17 explored the advantages and disadvantages of each choice in the wake of these changes.