• Speaker: New Corporate Tax Rate Has Hidden Catches

    By:
    Chris Gaetano
    |
    Jan 31, 2018
    The new tax law enacted in December swapped out a graduated corporate tax rate topping out at 35 percent with a flat 21 percent rate across the board. While this provision, combined with the elimination of the corporate alternative minimum tax (AMT), might seem to have simplified matters considerably, attorney Jerald David August, a tax partner at Kostelanetz & Fink, LLP, who spoke at the Foundation for Accounting Education's conference "Impact of the New Tax Law: a Sid Kess Workshop" today, pointed out some complicating factors.
  • SEC Halts $600M Initial Coin Offering, Says Company Misrepresented Itself to Investors

    By:
    Chris Gaetano
    |
    Jan 30, 2018
    The Securities and Exchange Commission, for the first time, halted an initial coin offering (ICO), which is a sort of IPO for cryptocurrencies, saying that the company made many materially false statements to raise $600 million in just two months. 
  • NYS Sales Tax Collection at Five-Year High

    By:
    Chris Gaetano
    |
    Jan 30, 2018
    New York State Comptroller Thomas DiNapoli reported that sales tax collection grew by nearly 4 percent this year, the highest collection rate since 2013. 
  • Regulatory Roundup: Jan. 24-30

    By:
    Chris Gaetano
    |
    Jan 30, 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 Filing Season Begins Today

    By:
    Chris Gaetano
    |
    Jan 29, 2018
    The IRS is now accepting returns, as the filing season formally begins today. 
  • Governors of NY, NJ and CT Announce Plans to Sue Federal Govt. Over New Tax Law

    By:
    Chris Gaetano
    |
    Jan 29, 2018
    The governors of New York, New Jersey and Connecticut have announced that they plan to sue the federal government over the SALT deduction cap, which they say unfairly discriminates against Democratic-leaning states. 
  • SEC May Seek to Immunize Company IPOs from Investor Lawsuits

    By:
    Chris Gaetano
    |
    Jan 26, 2018
    The Securities and Exchange Commission is said to be quietly exploring new rules that would make companies selling shares in an initial public offering effectively immune from investor class action lawsuits, forcing them instead into arbitration. 
  • FASB Formally Adopts Amendment Simplifying Lease Rules With Regard to Land Easements

    By:
    Chris Gaetano
    |
    Jan 26, 2018
    The Financial Accounting Standards Board (FASB) formally adopted an amendment that simplifies the lease standards as they relate to land easements. 
  • Administration May Nominate Tax Controversies Specialist as IRS Head

    By:
    Chris Gaetano
    |
    Jan 25, 2018
    Charles “Chuck” Rettig, an attorney from California who specializes in settling tax controversies for clients, is likely to be nominated as the head of the IRS. 
  • State Efforts to Mitigate Effects of SALT Deduction Cap Could Cost Federal Govt. $154 Billion

    By:
    Chris Gaetano
    |
    Jan 25, 2018
    State governments affected by the Republican tax plan, particularly where it concerns the $10,000 cap on SALT deductions, are feverishly working on ways to mitigate losses for their constituents, an effort that could collectively end up costing the federal government $154 billion. 
  • Study: Shorter Reporting Periods Encourages "Managerial Myopia"

    By:
    Chris Gaetano
    |
    Jan 24, 2018
    A recent study has found that while there may be advantages to a quarterly reporting cycle, such as decreased capital costs, it does so at the expense of creating a "managerial myopia" where short-term results are prioritized over long-term investments. 
  • Bill to Keep Govt. Funded Delays Three Obamacare Provisions

    By:
    Chris Gaetano
    |
    Jan 24, 2018
    The continuing resolution to fund the government, the signing of which officially ended the brief government shutdown over the weekend, contains language that delays three parts of the Affordable Care Act that hadn't yet kicked in. 
  • Average American Credit Card Debt: $6,375

    By:
    Chris Gaetano
    |
    Jan 23, 2018
    A new report from credit reporting firm Experian says that the average American has a credit card balance of $6,375. 
  • Former KPMG Partners, PCAOB Staffers, Charged with Conspiracy

    By:
    Chris Gaetano
    |
    Jan 23, 2018
    Three former partners at KPMG, along with two former PCAOB staff members, were charged with conspiracy and wire fraud concerning a scheme involving the use of confidential PCAOB documents to improve the firm's inspection results. 
  • Regulatory Roundup: Jan. 17-23

    By:
    Chris Gaetano
    |
    Jan 23, 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.
  • Gov. Cuomo’s New Budget Includes Support for Non-CPA Firm Ownership

    By:
    Ruth Singleton
    |
    Jan 23, 2018
    Gov. Andrew Cuomo’s executive budget for fiscal year 2019, released on Jan. 16, includes a proposed bill and statement in support of non-CPA ownership of accounting firms in New York State.
  • NYS Senate Approves Bill Decoupling State from Federal Tax Code

    By:
    Chris Gaetano
    |
    Jan 23, 2018
    The New York State Senate passed a bill that decouples state tax law from the federal changes that were approved as part of the Republican tax bill which passed in December. 
  • Study: "Hey" "Hi" and "Hello" Best Ways to Start Email If You Want a Response

    By:
    Chris Gaetano
    |
    Jan 22, 2018
    A study of 300,000 email threads and their response rates found that opening an email with "Hey," "Hi," or "Hello" increased the chance of a reply over other possible greetings. 
  • Treasury Dept. Outlines IRS Contingency in Case of Extended Shutdown

    By:
    Chris Gaetano
    |
    Jan 22, 2018
    The Treasury Department has released a document outlining its contingency plan for the IRS should the government shutdown, now in its third day, for an extended period of time. 
  • Speakers: Nonprofit CFOs Must Look Beyond the Spreadsheet

    By:
    Chris Gaetano
    |
    Jan 19, 2018
    The role of the nonprofit CFO has evolved well past simple debits and credits and if the modern finance chief wants their organization to be successful, they will need to expand their skill sets towards communications and leadership. 

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