• Society Objects to ABV Credential for Non-CPAs

    By:
    Chris Gaetano
    |
    Jul 31, 2018

    The NYSSCPA, in a July 25 comment letter, voiced its deep concern over the recent decision by the American Institute of CPAs (AICPA) to open the Accredited in Business Valuation (ABV) credential to finance professionals generally, not just CPAs. In the letter, drafted by members of the Society’s Business Valuation Committee, the Society decried the negative impact the decision will have on the value of the credential and on CPAs who possess it.

  • Swedish Bank, in Drive to Automate, Cuts 6,000 Human Workers

    By:
    Chris Gaetano
    |
    Jul 30, 2018
    Swedish bank Nordea, currently the only global systemically important bank in the Nordic region, plans to cut 6,000 human workers as it continues on a drive to automate as many processes as it can and end the decade with only half the staff it has now. 
  • Report Finds Less Enforcement, Much Smaller Penalties Imposed by Federal Agencies on Corporate Offenders

    By:
    Chris Gaetano
    |
    Jul 30, 2018
    A recent study looking at a dozen different federal agencies led by Donald Trump-appointed officials has found that, in nearly all of them, enforcement actions against corporate violators have gone down, and penalties following such actions have gotten much smaller. 
  • Facebook Stock Suffers Biggest Loss in Entire History Market

    By:
    Chris Gaetano
    |
    Jul 27, 2018
    Facebook lost $119 billion in stock value in a single day, the biggest lost ever recorded in history, after telling investors it was going to focus on privacy, safety and security, which clearly did not sit right with the market.
  • Investment Fund Uses Astrology to Make Stock Picks ... And People Are Listening

    By:
    Chris Gaetano
    |
    Jul 27, 2018
    While investment funds have used all kinds of strategies to beat the market, few have used the Zodiac. That is, until the recent emergence of the AFund, which juices its financial analysis with astrology. 
  • Bill to Repeal Medical Device Tax Clears House

    By:
    Chris Gaetano
    |
    Jul 26, 2018
    The House of Representatives voted to repeal the medical device tax, which is meant to help defray the costs of the Affordable Care Act. 
  • Study: Top Companies Widening Already Massive Lead Over Rest Have Bespoke Technology to Thank

    By:
    Chris Gaetano
    |
    Jul 26, 2018
    A recent economic study has found that top-performing companies are increasing their already considerable lead over the rest of the market, and one of the biggest reasons why is their ability to develop custom hardware and software tailored for their specific needs. 
  • House Republicans Outline Tax Reform 2.0

    By:
    Chris Gaetano
    |
    Jul 25, 2018
    Republicans from the House Ways and Means Committee released an outline of their plans for what they call "Tax Reform 2.0"
  • Study: Women Take 7 Years Longer to Reach Executive Positions Than Men

    By:
    Chris Gaetano
    |
    Jul 25, 2018
    A recent report from the Association of Chartered Certified Accountants has found that women in the accounting and finance industries take about seven years longer to reach positions of executive authority than their male peers, though once they are in these positions they tend to catch up quickly. 
  • Authorities Shut Down Massive Fake IRS Phone Scam

    By:
    Chris Gaetano
    |
    Jul 24, 2018
    U.S. and Indian authorities have broken up a large multinational fake IRS phone scam that stole hundreds of millions of dollars from more than 15,000 individuals. 
  • SEC Charges Fyre Festival Organizers With Fraud

    By:
    Chris Gaetano
    |
    Jul 24, 2018
    The Securities and Exchange Commission (SEC) announced fraud charges against the organizers behind the infamous Fyre Festival debacle, where people paid thousands of dollars for a luxury music festival that, to put things lightly, fell significantly short of expectations. 
  • Regulatory Roundup - July 18-24

    By:
    Chris Gaetano
    |
    Jul 24, 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. 
  • Study Finds Increased Consumer Spending Funded Mostly by Credit Cards

    By:
    Chris Gaetano
    |
    Jul 23, 2018
    In great contrast to previous periods, a recent data analysis by Reuters found that the rise in consumer spending we've seen over the past two years is fueled mostly by those in the bottom 60 percent of income-earners, who financed purchases mostly on credit. 
  • Escape from New York: Many Find Leaving NY for Low-Tax States Tougher Than It's Worth

    By:
    Chris Gaetano
    |
    Jul 23, 2018
    In an economic take on the vows to move to Canada that pop up every four years, the new SALT deduction cap introduced by the Tax Cuts and Jobs Act has made many New Yorkers consider leaving the Empire State for lower tax jurisdictions; but these plans often run aground on bureaucratic hurdles that leave many deciding to stay after all. 
  • Charles Rettig, IRS Commissioner Nominee, Narrowly Clears Senate Finance Committee

    By:
    Chris Gaetano
    |
    Jul 20, 2018
    Charles Rettig, whom the Trump administration has nominated to be the next commissioner of the IRS, was approved by the Senate Finance Committee by a narrow 14-13 vote, clearing the way for a full Senate vote. 
  • House Approves Bill Allowing Churches to Engage in Politics Without Losing Tax-Exempt Status

    By:
    Chris Gaetano
    |
    Jul 20, 2018
    The House of Representatives yesterday approved a bill that would prevent the IRS from revoking the tax-exempt status of churches that engage in political activities. 
  • NYSSCPA Member Andrew M. Eassa Named Chair of CAMICO

    By:
    Chris Gaetano
    |
    Jul 19, 2018
    CAMICO, the largest CPA-centered insurance firm in the country, has named NYSSCPA member Andrew M. Eassa as its new chairman of the board. 
  • IFRS Foundation Taps Former Central Bank Governor Erkki Liikanen as Chair

    By:
    Chris Gaetano
    |
    Jul 19, 2018
    Erkki Liikanen, the former governor of the Bank of Finland, has been named as chair of the IFRS Foundation, which oversees the International Accounting Standards Board and the development of International Financial Reporting Standards, replacing Michel Prada, who has chaired the foundation since 2011. 
  • Treasury Exempts Many Nonprofits From Having to Report Donors

    By:
    Chris Gaetano
    |
    Jul 18, 2018
    The Treasury Department has announced that, with the exception of 501(c)(3) charities, tax-exempt organizations are no longer required to report the names and addresses of their donors on the Schedule B of their Form 990 returns. 
  • GAO Releases 2018 Revision of Government Auditing Standards

    By:
    Chris Gaetano
    |
    Jul 18, 2018
    The Government Accountability Office (GAO) has released its 2018 update of Government Auditing Standards, also called the Yellow Book, which contains major changes from, and supersedes, the previous 2011 update. 

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