• Senate Bill Would Provide Retail Banking Services at Post Offices

    By:
    Chris Gaetano
    |
    Apr 26, 2018
    Senator Kirsten Gillibrand (D - NY) has proposed a bill that, if implemented, would make basic banking services available at all 30,000 U.S. post offices. 
  • Study: Knowing Identity of Audit Partner Tilts Investor Decisions 14 Percent

    By:
    Chris Gaetano
    |
    Apr 26, 2018
    A recent study has found that naming the audit engagement partner can affect investor behavior, sometimes significantly, because people tend to judge individuals more harshly than groups.
  • IRS Warns of Scammers Spoofing Telephone Numbers in Impersonation Scams

    By:
    Chris Gaetano
    |
    Apr 25, 2018
    The IRS has warned that scammers have learned to spoof phone numbers to make their calls appear to come from legitimate places like a local Taxpayer Assistance Center. 
  • Federal Government Expands Exemptions For ACA Individual Mandate Penalty

    By:
    Chris Gaetano
    |
    Apr 25, 2018
    The federal government has added four new exemptions to avoiding the Affordable Care Act's individual mandate penalty, which is already set to expire next year. 


  • CPA Education Award Winner Victoria Shoaf Has Eye on Future of Profession

    By:
    Chris Gaetano
    |
    Apr 24, 2018

    Victoria Shoaf, winner of this year’s Dr. Emanuel Saxe Outstanding CPA in Education Award, has taught aspiring CPAs at St. John’s University in Queens for more than two decades. Over this time, she has become keenly aware of both the rapid change the profession is undergoing as well as the need for accounting education to change with it.

  • For Some Individuals, the TCJA Has Led to More Complicated Planning, but Also More Opportunities

    By:
    Chris Gaetano
    |
    Apr 24, 2018

    The new federal tax law has dramatically shifted the individual taxation landscape, leading CPAs to rethink old assumptions about how best to plan for their clients. The process is becoming simpler for some and more complicated for others, and with these changes come opportunities.

  • Regulatory Roundup: April 18-24

    By:
    Chris Gaetano
    |
    Apr 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. 
  • Joint Tax Committee Releases Report on Impact of TCJA

    By:
    Chris Gaetano
    |
    Apr 24, 2018

    The Joint Committee on Taxation released its initial assessment of the Tax Cuts and Jobs Act, estimating the new effective tax rates for the different brackets, as well as the estimated distribution of certain tax benefits. 

  • Guest Blog: Are You a Tax Pro Without a Security Plan in Place? You May Be Breaking the Law

    By:
    Walter Primoff
    |
    Apr 24, 2018
    "When Identity Thieves Hack Your Accountant" is the headline of noted cybersecurity blogger Brian Krebs' new blog post. Once an issue makes Krebs' blog, it usually affects a broad group, in this case a growing number of hacked CPA firms and resulting client identity theft. What Krebs and the 62 comments to his post leave out is the requirement under the federal Gramm-Leach-Bliley (GLB) law for all CPA firms with tax practices, including sole practitioners, to create, execute and periodically update a comprehensive written firm-size-appropriate information security plan.
  • Private Companies Struggling to Implement Revenue Recognition, Lease Standards

    By:
    Chris Gaetano
    |
    Apr 24, 2018
    A very small number of private companies said they are currently ready to implement the  new standards from the Financial Accounting Standards Board (FASB) on leases and revenue recognition, trailing public companies, which, themselves, are also largely unready for the change. 
  • SEC Proposes 'Best Interest' Standard for Broker-Dealers

    By:
    Chris Gaetano
    |
    Apr 23, 2018
    The Securities and Exchange Commission has proposed that broker-dealers follow what the agency is calling "Regulation Best Interest," which makes it clear that a broker-dealer may not put its financial interests ahead of the interests of a retail customer in making recommendations.
  • Total Amount of Debt in the World: $164 Trillion

    By:
    Chris Gaetano
    |
    Apr 23, 2018
    The entire world owes more than twice what it can actually generate in a year, currently totaling $164 trillion, which is 225 percent of global economic output. 
  • Regulators Prepare to Fine Wells Fargo $1 Billion

    By:
    Chris Gaetano
    |
    Apr 20, 2018
    The Consumer Financial Protection Bureau and the Office of the Comptroller of Currency, as part of an expected settlement, plan to fine the bank Wells Fargo $1 billion for fraudulent practices regarding car insurance sales and mortgage fees. 
  • Fat Finger Error at Deutsche Bank Accidentally Transfers $35B

    By:
    Chris Gaetano
    |
    Apr 20, 2018
    Another major company has fallen victim to the inelegant fingers of fallible humans, as it was revealed that Deutsche Bank had accidentally transferred $35 billion to one of its outside accounts. 
  • PCAOB Seeking Input for New Strategic Plan

    By:
    Chris Gaetano
    |
    Apr 19, 2018
    The Public Company Accounting Oversight Board (PCAOB) is seeking stakeholder input as it prepares its new strategic plan, the first that will be developed under its new roster of board members. 
  • Spending on Accountants Rose $1B In One Year

    By:
    Chris Gaetano
    |
    Apr 19, 2018
    The amount of money Americans spent on accounting services rose by $1 billion between 2016 and 2017.
  • Following Major Technical Problems, IRS Grants Extra Day to File

    By:
    Chris Gaetano
    |
    Apr 18, 2018
    Taxpayers across the country found themselves frustrated yesterday as key portions of the IRS website crashed, leaving many unable to pay or even file their taxes. In response, the IRS announced that it will be adding one more day to the deadline, meaning that people have until the end of today to sort out their taxes. 
  • Study: Accounting-Related Class Action Suits Rose to Record Levels

    By:
    Chris Gaetano
    |
    Apr 18, 2018
    A recent report from a financial and economic consulting company says that the number of securities class action lawsuits related to accounting issues reached unprecedented levels in 2017, driven primarily by M&A activity. 
  • SCOTUS Hears Landmark Online Sales Tax Case Today

    By:
    Chris Gaetano
    |
    Apr 17, 2018
    The Supreme Court of the United States today is hearing a case meant to answer the question of whether online merchants are obligated to collect sales tax.  
  • Price Tag for TCJA Implementation: $397 Million

    By:
    Chris Gaetano
    |
    Apr 17, 2018
    A new report from the Treasury Inspector General for Tax Administration (TIGTA) said that the IRS has pegged the implementation costs for the Tax Cuts and Jobs Act at about $397 million. 

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