• Elon Musk Admits No One Reviewed Tweet on Taking Tesla Private

    By:
    Chris Gaetano
    |
    Aug 17, 2018
    Tesla CEO Elon Musk, in an interview with the New York Times, said that no one had seen or reviewed his bombshell tweet about taking the company private, which blindsided both regulators and his own board members. 
  • Trump Directs SEC to Study Possibility of Ditching Quarterly Reports

    By:
    Chris Gaetano
    |
    Aug 17, 2018
    President Trump today said he has directed the Securities and Exchange Commission to consider ditching the quarterly reports. 
  • SEC Subpoenas Tesla Over Musk Tweets

    By:
    Chris Gaetano
    |
    Aug 16, 2018
    The Securities and Exchange Commission has subpoenaed Tesla in connection with recent social media posts by its CEO Elon Musk, indicating that it has launched a formal investigation of the company. 
  • FASB Releases New Standard for Long-Term Insurance Contracts

    By:
    Chris Gaetano
    |
    Aug 16, 2018
    The Financial Accounting Standards Board (FASB) has released an accounting standards update (ASU) for insurance companies that issue long-duration contracts, such as life insurance, disability income, long-term care and annuities.
  • Defined Benefit Plans Find New Life as Tool for Barred Professionals to Qualify for 20 Percent Pass-Through Deduction

    By:
    Chris Gaetano
    |
    Aug 15, 2018
    The 20 percent deduction for pass-through business entities contained in the Tax Cuts and Jobs Act specifically excludes those working in law, architecture, engineering, insurance, financial services, consulting, health, and other professional services. But, according to Bloomberg, some in these fields have found a way to use defined benefit plans to get around the measure's restrictions. 
  • Survey of 42,764 Office Workers Finds Everyone Wants an Office

    By:
    Chris Gaetano
    |
    Aug 15, 2018
    A survey of 42,764 office workers on what kind of workspace would make them the most happy and productive has found that pretty much everyone wants an enclosed, private space, aka an office with a door. 
  • FASB Proposes Tweaks to Lease Standard for Lessors

    By:
    Chris Gaetano
    |
    Aug 14, 2018
    The Financial Accounting Standards Board (FASB) has released proposed guidance aimed primarily at lessors, intended to make implementing the new lease standard easier and less expensive. 
  • Federal Reserve Says 2008 Crash Cost Average American $70,000 in Lifetime Income

    By:
    Chris Gaetano
    |
    Aug 14, 2018
    The Federal Reserve Bank of San Francisco said that the country has still not fully recovered from the 2008 crash, and the size of the resulting losses suggests that the level of output is unlikely to revert to its pre-crisis trend level, which means that Americans will make, on average, $70,000 less over the course of their lifetimes. 
  • Regulatory Roundup: Aug. 8-14

    By:
    Chris Gaetano
    |
    Aug 14, 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.

  • PCAOB's Proposed Five-Year Strategic Plan Includes Audit Quality Indicators, Transparency, Assessing Tech Disruption

    By:
    Chris Gaetano
    |
    Aug 13, 2018
    The Public Company Accounting Oversight Board (PCAOB) has released a proposed new five-year strategic plan that includes going forward with researching audit quality indicators, becoming more transparent, and assessing the impact of disruptive technology. 
  • EY Announces $1 Billion Tech Push

    By:
    Chris Gaetano
    |
    Aug 13, 2018
    Ernst &Young has announced that, over the next two years, it will spend $1 billion on new technology.
  • Former KPMG Auditor Convicted on Insider Trading Charge

    By:
    Chris Gaetano
    |
    Aug 10, 2018
    Daniel Senn, a former partner at KPMG, has been convicted of insider trading by Swiss criminal authorities, saying he made trades in 2011 related to an undisclosed takeover bid. 
  • July Saw Highest Inflation in 10 Years

    By:
    Chris Gaetano
    |
    Aug 10, 2018
    The Consumer Price Index, which tracks general inflation, saw the sharpest rise in a decade, further eating away at wage gains that, for the most part, have been largely stagnant. 
  • IRS Releases Proposed Guidance on 20 Percent Deduction for Pass-Through Entities

    By:
    Chris Gaetano
    |
    Aug 9, 2018
    The IRS has released technical guidance for a key part of the Tax Cuts and Jobs Act, the 20 percent deduction for pass-through entities, which had been the source of much confusion for preparers and taxpayers alike since the law went into effect. 
  • Elon Musk's Tweets Draw SEC Scrutiny

    By:
    Chris Gaetano
    |
    Aug 9, 2018
    The Securities and Exchange Commission (SEC) is investigating whether Tesla CEO Elon Musk's tweet that he wants to take his company private violated securities law, as it is unsure whether the firm actually has the financing to do so. 
  • Study: Number of Senior Citizens Declaring Bankruptcy Rose Sharply Since 1991

    By:
    Chris Gaetano
    |
    Aug 8, 2018
    A recent study has found that the number of Americans aged 65 and over declaring bankruptcy has risen sharply since 1991, with the most cited reasons being medical expenses or reduced income. 
  • U.S. Congressman Chris Collins of NY Indicted for Insider Trading

    By:
    Chris Gaetano
    |
    Aug 8, 2018
    U.S. Congressman Chris Collins (R-NY) has been indicted on insider trading charges relating to a biotech company where he is a board member. 
  • FASB Seeks Companies to Participate in Study on Segment Reporting

    By:
    Chris Gaetano
    |
    Aug 7, 2018
    The Financial Accounting Standards Board is looking for a few good public companies to take part in a study on improving aggregation criteria and the reportable segments process as part of the first phase of preparer outreach to be conducted by the FASB on segment reporting.
  • TIGTA Faults IRS Oversight of Private Collection Agencies' Data Security

    By:
    Chris Gaetano
    |
    Aug 7, 2018
    The Treasury Inspector General for Tax Administration (TIGTA), has issued a report finding that private tax collection agencies, while generally providing a safe environment for taxpayer data, nonetheless needed improvement, as both they and the IRS were not sufficiently covering key vulnerabilities. 
  • Regulatory Roundup - Aug. 1-7

    By:
    Chris Gaetano
    |
    Aug 7, 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 ‚Äč‚Äčannouncements from the past week, and puts them in one place to help you stay on top of the issues.  
        

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