Latest Articles

  • 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. 
  • IRS Tells Preparers to Let Them Know If They Were Affected by CCH Outage

    By:
    Chris Gaetano
    |
    May 15, 2019
    The IRS has issued a statement saying that tax preparers who were unable to file on time due to the outage of the popular tax software platform CCH should note it on their returns when they do file. 
  • Speaker: Big Data Will Fuel Future Driven By Machine Learning, AI and Bots

    By:
    Chris Gaetano
    |
    May 14, 2019
    Val Steed, CEO of K2 Enterprises and a speaker at the Foundation for Accounting Education's first-ever Emerging Trends Conference on May 14, said that, currently, 2.5 exabytes of data are generated and stored each and every day. He explained that an exabyte is equal to 1,000 petabytes, which is equal to 1,000 terabytes, which is equal to 1,000 gigabytes, which is equal to 1,000 megabytes, which is equal to 1,000 kilobytes. It is estimated that all the words that every human has ever spoken are equal to about 5 exabytes. The message he gave to his audience? Data owns the future. 
  • Speaker: Blockchain Won't Save the World, But It May Save Your Business

    By:
    Chris Gaetano
    |
    May 14, 2019
    Val Steed, CEO of K2 Enterprises and a speaker at the Foundation for Accounting Education's Emerging Trends Conference on May 14, said that when a major new technology is introduced, people tend to hype it as something that will effectively "solve world hunger" and every other global problem. This, he said, is what's currently happening with blockchain. However, he said, while blockchain will likely not be quite as revolutionary as its boosters claim, this does not mean that there aren't real and interesting business applications being developed that can provide actual value to the market. 
  • The 2019 NYSSCPA Awards: Education Award Winner William Dresnack Keeps Students Focused on Practical Realities

    By:
    Chris Gaetano
    |
    May 13, 2019

    William H. Dresnack, the 2019 winner of the Dr. Emanuel Saxe Outstanding CPA in Education award, is chair of the Finance & Accounting Department at Rochester Institute of Technology’s Saunders College of Business, where he helps prepare the next generation of CPAs. His teaching philosophy has a thoroughly practical bent.

  • The 2019 NYSSCPA Awards: Distinguished Service Award Winner J. Michael Kirkland Renowned for His Generosity of Spirit

    By:
    Chris Gaetano
    |
    May 13, 2019
    If you have attended any Society event in the last decade, particularly if you’re in the New York City area, it is highly likely that, at some point in time, you have run into J. Michael Kirkland, former Society president and the winner of this year’s NYSSCPA Distinguished Service Award. Even if that’s not the case, you have almost assuredly run into someone who knows him and has at least one story involving him. This is because, for years, he has been a consistent and expansive presence in the Society, having served it in virtually every capacity imaginable.