• IRS Urges Tax Professionals to Follow Six-Step Security Checklist

    By:
    Chris Gaetano
    |
    Jul 17, 2019
    The IRS has released six steps that a practitioner can take to improve security of private taxpayer data. 
  • Study: 811 Firms Accounted for All Global Economic Growth Over 28 Years

    By:
    Chris Gaetano
    |
    Jul 17, 2019
    A recent study has found that, out of the millions of companies that exist on this planet, from the titanic multinational to the corner lemonade stand, all global economic growth over the past 28 years can be attributed to just 811 firms. 
  • Newsmaker: New FASB Member Opens up About Priorities

    By:
    Chris Gaetano
    |
    Jul 16, 2019

    Susan M. Cosper, previously the technical director for the Financial Accounting Standards Board (FASB), was appointed as a FASB member on May 1, for a term that will run through 2024. As technical director, she was a driving force behind many landmark accounting standards, as well as the formation of the Private Company Council (PCC), an advisory body to the FASB on private company matters. She took the time to talk to The Trusted Professional about the transition from staff to board member, challenges to the financial accounting landscape, and the future of the accounting profession.

  • As Sustainability Frameworks Multiply, Navigating Them Becomes a Concern

    By:
    Chris Gaetano
    |
    Jul 16, 2019

    Sustainable business practices, once largely an afterthought in the corporate world, are growing in significance, as more companies become aware of how environmental, social and governance (ESG) factors affect their bottom line. This development has sparked a rising demand for clarity on where companies stand on these issues and what they’re doing to improve these wide-ranging practices. Seeking to meet this demand are dozens of organizations that arose to provide various frameworks for measuring sustainable corporate behavior.

  • Practitioners Describe an Exceptionally Vexing Tax Season

    By:
    Chris Gaetano
    |
    Jul 16, 2019

    This year’s tax season was one for the ages, according to practitioners at firms across the state, who were faced not only with an entirely new tax landscape, but also government shutdowns, software issues and a number of other headaches, as they worked their way through the 2019 busy season.

  • Society Advances Legislative Priorities

    By:
    Ruth Singleton
    |
    Jul 16, 2019

    Three pieces of accountancy legislation supported by the NYSSCPA advanced through the New York state Legislature this session but did not make it over the finish line, in spite of intensive grassroots efforts, a Lobby Day and outreach to influential legislators. The session ended on June 21.

  • Society Honors Past Leaders and Looks Ahead, at Installation Dinner

    By:
    Ruth Singleton
    |
    Jul 16, 2019

    On May 29, the NYSSCPA hosted “An Evening of Celebration with the 100th President,” to honor Ita M. Rahilly, who became the 100th president of the Society, succeeding Jan C. Herringer. The dinner took place at The University Club in Manhattan.

  • IRS Unveils New Draft 1040 for Senior Citizens

    By:
    Chris Gaetano
    |
    Jul 16, 2019
    The IRS has released the draft of the new Form 1040-SR, a new type of tax form made specifically for senior citizens. 
  • Securities Company Settles with SEC Over Deceptive Practices in Mortgage-Backed Securities

    By:
    Chris Gaetano
    |
    Jul 16, 2019
    The Securities and Exchange Commission (SEC) has reached a settlement with Nomura Securities International over charges that traders at  Nomura deceived customers about the nature of the commercial and residential mortgage backed securities they were selling. 
  • Hackers Pull Off $32M Cryptocurrency Heist

    By:
    Chris Gaetano
    |
    Jul 15, 2019
    Hackers targeted a Japanese cryptocurrency exchange, making off with $32 million worth of digital tokens. 
  • Unemployment Rate Losing Appeal as Economic Metric

    By:
    Chris Gaetano
    |
    Jul 15, 2019
    The unemployment rate, often taken for granted as an indicator of economic health, has been losing its appeal as today's low rates fail to induce the effects that should be present amid such conditions. 
  • Regulatory Roundup: July 9-15

    By:
    Chris Gaetano
    |
    Jul 15, 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. 
  • SEC Charges Accountant for Role in $6.2 Million Insider Trading Scheme

    By:
    Chris Gaetano
    |
    Jul 12, 2019
    The Securities and Exchange Commission (SEC) has filed charges against an accountants and her friend, to whom she is said to have given insider information about her company's quarterly performance announcement. 
  • PCAOB Releases Further Guidance on Critical Audit Matters

    By:
    Chris Gaetano
    |
    Jul 12, 2019
    The Public Company Accounting Oversight Board (PCAOB) has released further guidance on critical audit matters (CAMs), which are the centerpiece of the new expanded auditors' report. 
  • IRS Taxpayer Advocate Nina Olson, in Final Report, Calls for EITC Reform

    By:
    Chris Gaetano
    |
    Jul 11, 2019
    National Taxpayer Advocate Nina E. Olson, in her final report before her July 31 retirement, called for administrative reforms around the Earned Income Tax Credit (EITC) in order to make it easier to understand and more accessible to the taxpayers who need it most. 
  • Credit Suisse Analysis Warns of Investor Confusion From Lease Standard

    By:
    Chris Gaetano
    |
    Jul 11, 2019
    Credit Suisse warned that the Financial Accounting Standards Board's new lease rules, which moves all lease obligations from the notes to the balance sheet, may confuse investors due to inconsistent reporting and misleading data feeds. 
  • IRS Commissioner Sees Need for Practitioner Division

    By:
    Chris Gaetano
    |
    Jul 10, 2019
    IRS Commissioner Charles Rettig, a former tax practitioner himself, said recently that he has heard stakeholders outside the agency calling for a new division devoted to practitioners, and that he can see the need for one. 
  • FASB Seeking Input on Whether Goodwill Accounting for Intangibles Worth the Cost for Public Companies

    By:
    Chris Gaetano
    |
    Jul 10, 2019
    The Financial Accounting Standards Board (FASB) is seeking comments on the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill.
  • Regulators Exempt Small Banks from Volcker Rule

    By:
    Chris Gaetano
    |
    Jul 10, 2019
    A group of five financial regulators have released a joint final rule that exempts small banks from the crisis-era Volcker Rule that was implemented as part of the Dodd-Frank Act. 
  • IRS Announces Summer E-File Closures for Tech Upgrades

    By:
    Chris Gaetano
    |
    Jul 9, 2019
    The IRS announced that its IRS Modernized E-File system will close twice this summer as the service makes technical upgrades. 

Click here to see more of the latest news from the NYSSCPA.