• Acclaimed Champion of Equal Employment Rights for Women to Speak at Women’s Leadership Forum in January

    By:
    Chris Gaetano
    |
    Dec 14, 2018

    Lilly Ledbetter, who will present a speech on transforming workplace culture at the NYSSCPA’s Women’s Leadership Forum on Jan. 18, 2019, made headlines when she took her employer, Goodyear Tire & Rubber Company, to court over years of pay discrimination. While the U.S. Supreme Court ruled against her, holding that her claim was time-barred, the aftermath prompted the passage of the Lilly Ledbetter Fair Pay Act into law in 2009. She took the time to talk to The Trusted Professional about the current state of affairs for professional women, as well as their ongoing challenges.

  • GAO Gives Facelift to Government Audit Standards, Clarifies Key Points

    By:
    Chris Gaetano
    |
    Dec 14, 2018

    In July, the U.S. Government Accountability Office (GAO) released its latest revision of Generally Accepted Government Auditing Standards (GAGAS)—also called the Yellow Book—which supersedes the 2011 version. Yellow Book standards are used for audits of governmental agencies, usually on the federal level, as well as for audits of the private entities that contract with them. Susan M. Barossi, chair of the NYSSCPA’s Government Accounting and Auditing Committee, said that the major difference between the 2011 and 2018 versions involves presentation.

  • Ethics CPE Regulatory Changes Set to Take Effect in 2020

    By:
    Ruth Singleton
    |
    Dec 14, 2018

    While acknowledging that the NYSSCPA is opposed to the changes, the New York State Board for Public Accountancy has approved regulatory language implementing new ethics continuing professional education (CPE) requirements. New York-licensed CPAs will be required to complete two credits of ethics CPE every year, rather than the current four credits every three years. In addition, two out of six credits every three years will have to include a New York state-approved ethics course, while the other four can be in a variety of ethics topics, including behavioral ethics. The changes will apply to registrations ending on or after Jan. 2, 2020, but because of a delay in new regulations going before the Board of Regents for approval, there is a possibility that the changes will go into effect later than that. 

  • 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. 
  • New PCAOB Taking 'Clean Sheet' Approach to Inspections

    By:
    Chris Gaetano
    |
    Dec 10, 2018
    The Public Company Accounting Oversight Board (PCAOB), following 100 percent turnover from its previous members last year, is taking what Chair William D. Duhnke III said was a "clean sheet" approach that re-evaluates every aspect of the inspection process.
  • Congrats to NYSSCPA members with 40-year anniversaries!

    By:
    NYSSCPA Staff
    |
    Dec 7, 2018
    The following list includes NYSSCPA members with 40th anniversaries. A list of members with 70th, 60th and 50th anniversaries will be published on page 19 of the December 2018 issue of The Trusted Professional.


     

  • Speaker: Appeals Process Adapting to Growing Budget Constraints

    By:
    Chris Gaetano
    |
    Dec 7, 2018
    The IRS appeals process, like the agency as a whole, has had to become creative in doing more with less in the face of growing budget constraints, which have limited the scope of what agents can do. 
  • Taxpayer Advocate: IRS Has 81 Percent False Positive Rate for Refund Fraud

    By:
    Chris Gaetano
    |
    Dec 7, 2018
    National Taxpayer Advocate Nina Olson, speaking at the Foundation for Accounting Education's IRS Practice and Procedures Conference on Dec. 7, said that the IRS is in dire need of a new fraud filtering system, as the current one has a false positive rate—the proportion of returns the IRS marked as potentially fraudulent that in fact came from legitimate taxpayers—of 81 percent.
  • Poll: Lease Standard Implementation Expected to Run Into the Millions for Many Companies

    By:
    Chris Gaetano
    |
    Dec 6, 2018
    A recent poll has found that, for more than half of companies, 51 percent, the costs expected to implement the new lease accounting standard is anticipated to run between $1 million and $5 million. 
  • Switching from 'CFPB' to 'BCFP' Estimated to Cost Firms $300 Million

    By:
    Chris Gaetano
    |
    Dec 6, 2018
    Plans to change the name of the Consumer Financial Protection Bureau (CFPB) to the Bureau of Consumer Financial Protection (BCFP) would require that firms pay a total of about $300 million to accommodate the change.  
  • PCAOB Now Pilot Testing Its Impending Requirements for Disclosure of Critical Audit Matters

    By:
    Ruth Singleton
    |
    Dec 5, 2018

    Last year, the Public Company Accounting Oversight Board (PCAOB) adopted a new standard that will significantly expand the auditor’s report, requiring auditors to disclose any “critical audit matters” (CAMs) that they encounter during their audits. With the implementation dates of this new standard fast approaching, the PCAOB has been working with companies conducting “dry runs” of the standard.

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