Latest Articles

  • CFOs Getting Nervous as Almost Half Believe Recession Will Come in 2019

    By:
    Chris Gaetano
    |
    Dec 13, 2018
    The nation's CFOs see storm clouds gathering on the horizon, as a recent survey has found that nearly half anticipate that an economic recession will start in 2019, and even if that's not the case, the vast majority believe it will come in 2020. 
  • FCC Advisory Panel Releases Model Legislation to Tax Internet-Dependent Firms

    By:
    Chris Gaetano
    |
    Dec 13, 2018
    The Federal Communication Commission's Broadband Deployment Advisory Committee has released draft model legislation that would enable states to tax firms dependent on companies that depend on the internet, the proceeds from which would go into state rural broadband deployment funds that would help bring faster internet access to sparsely populated areas.
  • Public Company Audit Fee Growth Nearly Doubled in One Year

    By:
    Chris Gaetano
    |
    Dec 12, 2018
    While the rate of growth of audit fees for private companies and nonprofits slowed or remained steady between 2016 and 2017, the same cannot be said of the rate of growth of audit fees for public companies, which a recent analysis found had nearly doubled in the same time period. 
  • Big Four Firms in U.K. Disclose Dozens of Partners Let Go Due to Misconduct

    By:
    Chris Gaetano
    |
    Dec 12, 2018
    The U.K. branches of the Big Four firms have revealed that, over the past few years, they have fired dozens of partners for inappropriate behavior that includes bullying and sexual misconduct. 
  • Speaker: Cannabis Industry Ramping Up, with Major Opportunities for CPA Firms

    By:
    Ruth Singleton
    |
    Dec 12, 2018

    The cannabis industry could reach sales of $35 billion by 2022, creating significant opportunities for CPA firms to expand their practices in bookkeeping, auditing and tax. That was the message of Matthew Karnes, founder and managing partner of GreenWave Advisors, LLC, who presented an overview of the industry at the Foundation for Accounting Education’s Cannabis Conference on Dec. 11.

  • Assembly Member Gottfried: Debate on Legal Cannabis in NYS No Longer About 'Whether' But 'How'

    By:
    Chris Gaetano
    |
    Dec 11, 2018
    New York State Assembly Member Richard N. Gottfried, the chair of the Assembly Committee on Health and the author of the state's medical marijuana bill, said the debate around the cannabis industry has moved on from whether to allow it to how the industry should be structured and regulated. 
  • Speaker: Understanding IRS Sec. 280E Vital for Thriving in Cannabis Industry

    By:
    Chris Gaetano
    |
    Dec 11, 2018
    With cannabis businesses unable to take the kinds of deductions that any other company would take for granted, Peter Metz, a principal at Grassi & Co., speaking at the Foundation for Accounting Education Cannabis Industry Conference on Dec. 11, said that firms must understand IRS Code Section 280E in order to avoid a massive tax bill. 
  • Speakers: Cannabis and Blockchain Can Work Together

    By:
    Chris Gaetano
    |
    Dec 11, 2018
    The cannabis industry is subject to many more regulations than others, all of which require monitoring and disclosures. Compliance can be a difficult and time-consuming task, but a pair of speakers at the Foundation for Accounting Education's Cannabis Industry Conference on Dec. 11 said that blockchain—the technology undergirding digital currencies such as bitcoin—can make the process much easier for these businesses. 
  • Regulatory Roundup: Dec. 4-10

    By:
    Chris Gaetano
    |
    Dec 10, 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.

        
  • SEC Seeking More Holistic Approach to Regulation, Greater Emphasis on Financial Reporting Quality

    By:
    Chris Gaetano
    |
    Dec 10, 2018
    Securities and Exchange Commission Chair Jay Clayton and Chief Accountant Wesley Bricker, during an AICPA conference on current SEC and PCAOB developments today, outlined their approach to financial regulation, which emphasizes greater reporting quality as well as a more holistic approach—one in which regulators and the entities they oversee understand themselves as part of an integrated system working together to produce high-quality financial data.