• NY Governor's Proposed Payroll Tax Would Be Opt-In

    By:
    Chris Gaetano
    |
    Feb 13, 2018
    New York Governor Andrew Cuomo has formally proposed a set of budget amendments that, among other things, would create an optional payroll tax on employers as a way to blunt the impact of the federal SALT deduction cap. 

     

  • Regulatory Roundup - Feb. 7-13

    By:
    Chris Gaetano
    |
    Feb 13, 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.
  • Share of Millennials With Zero Savings Grew

    By:
    Chris Gaetano
    |
    Feb 12, 2018
    A recent survey has found that the share of millennials with zero savings at all has grown from 31 percent in 2016 to 46 percent in 2017. 
  • Missing Oxford Comma Means Court Victory for Dairy Drivers

    By:
    Chris Gaetano
    |
    Feb 12, 2018
    A Portland, Maine-based dairy company has agreed to a $5 million settlement with its drivers, ending a months-long court battle that hinged upon an absent comma in the relevant law. 
  • Study: Auditors Agree with Client 76 Percent of Time if CFO Came from Same Big Four Firm

    By:
    Chris Gaetano
    |
    Feb 12, 2018
    A recent study has found that, despite active efforts to improve auditor independence post-Enron, familiarity threat remains a major factor in public company audits. 
  • Audit Reveals Pentagon Lacks Paper Trail for $800 Million in Construction Projects

    By:
    Chris Gaetano
    |
    Feb 9, 2018
    An internal audit of the Defense Logistics Agency, has revealed that the Pentagon has no way to confirm roughly $800 million worth of construction projects. 
  • Budget Deal Ending Government Shut-Down Includes Tax Extenders

    By:
    Chris Gaetano
    |
    Feb 9, 2018
    The federal government briefly shut down overnight as the deadline for approving a budget deal to keep it funded was held up by Rand Paul (R - Kentucky), forcing lawmakers to stay on the Hill until the early morning hours as they tried to convince the recalcitrant senator to support the bill.  
  • Identity Fraud Cases Hit Record High

    By:
    Chris Gaetano
    |
    Feb 8, 2018
    Last year saw identity fraud cases reach record highs, a development likely related to the Equifax breach that exposed the personal information of 145 million Americans. 
  • Feds Bust Online Fraud Tool Bazaar, Linked to Half Billion in Damage From Users

    By:
    Chris Gaetano
    |
    Feb 8, 2018
    The Department of Justice indicted dozens of administrators, moderators and sellers connected with the online market Infraud, which acted as a one-stop shop for every cybercrime cliche out there. 
  • Tax Attorney To Be Nominated to be New IRS Head

    By:
    Chris Gaetano
    |
    Feb 7, 2018
    The administration plans to formally nominate California-based tax attorney Charles “Chuck” Rettig to head the IRS, who would replace acting head David Kautter. 
  • Revised UAA Offers New Rules for Retired CPAs, CPE, Foreign Credentials

    By:
    Chris Gaetano
    |
    Feb 6, 2018
    The AICPA and NASBA have released an updated version of the Uniform Accountancy Act (UAA), model legislation that serves as a guide for state regulators. The updated version allows for a new "Retired CPA" designation, removes the mutual recognition requirement for substantially equivalent foreign designations, and dramatically changes CPE standards. 
  • Federal Reserve Bank Grants Conditional Approval for Credit Union Serving Legal Marijuana Business

    By:
    Chris Gaetano
    |
    Feb 6, 2018
    The Federal Reserve Bank of Kansas has granted tentative approval for a credit union to serve professionals associated with Colorado's legal marijuana industry. 
  • Regulatory Roundup: Jan. 31-Feb. 6

    By:
    Chris Gaetano
    |
    Feb 6, 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.
  • IRS Identifies New Tax Scam

    By:
    Chris Gaetano
    |
    Feb 5, 2018
    The IRS has warned taxpayers and the CPAs who serve them to be on the lookout for a new scam that has a more legitimate appearance than many that have come before it. 
  • Study: Employee Engagement Doesn't Always Protect from Stress, Burnout

    By:
    Chris Gaetano
    |
    Feb 5, 2018
    A recent study from the Yale Center for Emotional Intelligence has found that employee engagement is not guaranteed protection against stress and burnout and, indeed, some of the most engaged employees are also the most harried and overextended. 
  • CEOs Brace Themselves for New Pay Ratio Rule

    By:
    Chris Gaetano
    |
    Feb 2, 2018
    CEOs are bracing themselves for the implementation of a new rule that requires that companies report the ratio between their pay and their rank and file workers. 
  • Study: Idleness Costs Companies $100B a Year

    By:
    Chris Gaetano
    |
    Feb 2, 2018
    A recent study has found that idle time at work when there's nothing to do costs about $100 billion to companies per year. 
  • Study: Standing Desks Burn About an Orange's Worth of Calories Per Day

    By:
    Chris Gaetano
    |
    Feb 1, 2018
    If you've got a standing desk, congratulations! A recent study has found you can eat one orange per day without any guilt, as standing for six hours burns about 54 calories. 
  • Tax Bill's Impact Means Debt Ceiling Limit Reached 1 Month Early

    By:
    Chris Gaetano
    |
    Feb 1, 2018
    A tax cut means less money for the government, which means less money for the government to pay its debts, which means that the federal debt limit will now be reached one month earlier than previous estimates. 
  • Speaker: SALT Workarounds Unlikely to Work as Planned

    By:
    Chris Gaetano
    |
    Jan 31, 2018
    While state governments are laboring to enact workarounds to the new $10,000 limit on state and local tax (SALT) deductions, attorney Mark Klein, a speaker at the Foundation for Accounting Education's conference "Impact of the New Tax Law: a Sid Kess Workshop," said it's unlikely that they will actually work the way they're intended.

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