• Study: Big Four Fees Grow with Tenure

    By:
    Chris Gaetano
    |
    May 24, 2018
    A recent study has found that audit fees from Big Four firms grow the longer they're with a client. 
  • Finance Professionals on Average Got 4.3 Percent Raise in 2017

    By:
    Chris Gaetano
    |
    May 24, 2018
    Finance professionals in general got an average raise of 4.3 percent last year, with chief financial officer pay increasing by 5.7 percent in the same period. 
  • IRS Warns of Scammers Posing as Accounting or Professional Organizations

    By:
    Ruth Singleton
    |
    May 24, 2018
    The IRS has issued an alert to tax professionals about phishing emails that appear to come from accounting or professional organizations. The scammers behind these emails targeted, in particular, tax practitioners in Iowa, Illinois, New Jersey and North Carolina.
  • PCAOB Chief Auditor Martin Baumann to Leave at End of Month

    By:
    Chris Gaetano
    |
    May 23, 2018
    The Public Company Accounting Oversight Board (PCAOB) has announced that its chief auditor for 12 years, Martin Baumann, will leave the organization at the end of this month. 
  • Dodd-Frank Rollback Clears Congress, Goes to President

    By:
    Chris Gaetano
    |
    May 23, 2018
    With a 258-159 vote in the House of Representatives last night, Congress passed a bill rolling back many of the protections installed by the Dodd-Frank Act in the immediate aftermath of the 2008 economic crisis; the bill now goes to the president's desk for final signature. 
  • IRS Strongly Suggests Against Donating to a State Nonprofit to Mitigate SALT Deduction Cap

    By:
    Chris Gaetano
    |
    May 23, 2018
    The IRS issued a notice saying it plans to release guidance soon in response to efforts by several state governments to mitigate the impact of the $10,000 limit on state and local tax deductions. While specific policies are not mentioned in the notice, it implies that the IRS will not look kindly upon, specifically, people donating to a state-run nonprofit to claim a charitable deduction on federal taxes. 
  • Speakers Talk About How to Boost Valuation with Intellectual Property

    By:
    Chris Gaetano
    |
    May 23, 2018

    As the global economy increasingly turns less on physical goods and more on intellectual property (IP), patents have become an efficient and effective way for a company to increase its valuation, especially when preparing for a sale, according to a pair of speakers at the Foundation for Accounting Education’s Business Valuation Conference on May 21. 

  • AICPA's Melancon Calls for a Radical Change to the Audit

    By:
    Chris Gaetano
    |
    May 22, 2018
    AICPA CEO Barry Melancon, during a speech at the institute's Governing Council spring meeting, called on audit industry leaders to embrace emerging technologies like blockchain and cognitive computing, saying that the profession needs an entirely new approach to audits. 
  • Regulatory Roundup: May 16-22

    By:
    Chris Gaetano
    |
    May 22, 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.  
  • NYS Proposes New Unincorporated Business Tax as Salve to SALT Cap

    By:
    Chris Gaetano
    |
    May 22, 2018
    The New York State Department of Taxation and Finance has released a discussion draft on a proposed unincorporated business tax (UBT) matched with a corresponding set of credits for members of partnerships doing business in New York, as part of the state's overarching response to the federal Tax Cuts and Jobs Act
  • Speakers: Cash Tough, but Not Impossible, to Track

    By:
    Chris Gaetano
    |
    May 22, 2018

    While the task of valuing a business is challenging enough on its own, it becomes even more difficult when that business deals mainly in cash. But a pair of speakers at the Foundation for Accounting Education’s Business Valuation Conference on May 21 walked their audience through the different ways professionals can adapt.  

     
  • Helen Munter, Director of Registration and Inspections for PCAOB, to Step Down

    By:
    Chris Gaetano
    |
    May 21, 2018
    The Public Company Accounting Oversight Board (PCAOB) has announced that Helen Munter, currently the Director of Registration and Inspections, will be stepping down after 14 years of service. 
  • Study: CEO Pay Shrinks, Then Grows, When Activist Hedge Funds Buy a Stake in a Company

    By:
    Chris Gaetano
    |
    May 21, 2018
    A recent study has found that when activist hedge funds buy a stake in a company, CEO pay and perks take a precipitous dive in the immediate aftermath, but then actually rise higher than average a few years later.  
  • TIGTA: Private Contractor Provided IRS with Questionable Background Checks

    By:
    Chris Gaetano
    |
    May 18, 2018
    A private contractor hired to perform background investigations of prospective federal employees was found to be doing inadequate work, resulting in thousands of people hired without the proper checks, including about 2,000 current IRS employees, according to a recent report from the Treasury Inspector General for Tax Administration. 
  • Vatican Says Global Financial System Needs More Morals and Ethics, Also Regulations

    By:
    Chris Gaetano
    |
    May 18, 2018
    The Vatican released a document railing against what it called a reckless and amoral culture of waste in the financial system, arguing that markets must be approached with a greater sense of morals and ethics, as well as robust regulations. 
  • Mounting Regulatory Pressure Forces Big Four to Consider Breakup Contingencies in UK

    By:
    Chris Gaetano
    |
    May 17, 2018
    The Big Four firms, under intense scrutiny from U.K. regulators, have developed contingency plans of what exactly to do in the event they are forced to break up into smaller firms within that country. 
  • Study: Lower-Income Americans Have Yet to See Tax Law Benefits Trickle Down

    By:
    Chris Gaetano
    |
    May 17, 2018
    About a half a year after its massage, a recent poll has found that lower-income Americans have so far seen little to no benefit from the recent tax law changes. 
  • Union Filed Complaint Against AT&T for Info on How Company Will Use Tax Windfall

    By:
    Chris Gaetano
    |
    May 16, 2018
    AT&T has become the subject of a complaint by the Communication Workers of America, a union that represents the contracts for over 14,000 workers at the company, seeking disclosure of how exactly the telecom giant will spend its multi-billion windfall generated by the recently enacted Tax Cuts and Jobs Act. 
  • SEC Charges Four in Scheme to Artificially Gin Up Demand for Stock

    By:
    Chris Gaetano
    |
    May 16, 2018
    While it seemed that demand for stock in the company Biozoom was really taking off, the SEC said this rise was due to manipulation from four individuals who traded shares among each other in order to pump up demand and, incidentally, the value of their investments. 
  • Society Supports Bill Eliminating CPE Exemption for Newly Licensed CPAs

    By:
    Chris Gaetano
    |
    May 15, 2018

    In an effort to ensure newly licensed CPAs remain competent in new and emerging skill sets clients and employers have come to expect in the age of blockchain and artificial intelligence, the NYSSCPA is supporting a bill that would require newly licensed CPAs in New York to earn up to 120 credit hours of continuing professional education during the first three years of licensure.  

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