• 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.  
        
  • IRS Releases Proposed Guidance on 100 Percent Depreciation

    By:
    Chris Gaetano
    |
    Aug 6, 2018
    The IRS has released proposed guidance for the provision of the Tax Cuts and Jobs Act that allows for 100 percent depreciation on qualified property. 
  • Spike in Positive Earnings Surprises Attributed to Rising Use of Non-GAAP Metrics

    By:
    Chris Gaetano
    |
    Aug 6, 2018

    The number of S&P 500 companies whose earnings far exceeding analysts' expectations has more than doubled in 16 years, though a recent study says that non-GAAP metrics have played a large role in this surge. 

  • Federal Government Seeks to End Tax Break for Wine Importers

    By:
    Ruth Singleton
    |
    Aug 3, 2018

    The Trump administration is challenging a tax benefit available to companies that import and export wine, but not those dealing in beer and hard liquor. The benefit, amounting to $50 million a year, arose from a 2004 decision by a Customs and Boarder Patrol office in San Francisco.

  • Wells Fargo to Pay $2.09B Fine Over Issuing Mortgage Loans with Incorrect Information

    By:
    Chris Gaetano
    |
    Aug 2, 2018
    Embattled financial institution Wells Fargo agreed to pay the government $2.09 billion over accusations that, during the buildup to the financial crisis, the bank issued mortgage loans with incorrect information, which the Justice Department said directly contributed to the subsequent global economic meltdown. 
  • IRS Releases Proposed Guidance on Repatriation Tax

    By:
    Chris Gaetano
    |
    Aug 2, 2018
    The IRS has released proposed guidance on how multinational corporations can pay the lowered tax on repatriated foreign earnings that was included in the Tax Cuts and Jobs Act. 
  • FinTech Firms Given Go-Ahead to Provide Banking Services on National Scale

    By:
    Chris Gaetano
    |
    Aug 1, 2018
    The Office of the Comptroller of the Currency (OCC) announced that it will offer new banking charters for financial technology companies that, while not strictly banks, provide bank-like services. 
  • Data on Median Pay Varies Greatly Depending on Business Model, Even Between Very Similar Companies

    By:
    Chris Gaetano
    |
    Aug 1, 2018
    With public companies now required to report their median employee pay, the Wall Street Journal has found that differences in business models between ostensibly similar companies can produce wildly different results. 

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