• OMB Gains Power to Review IRS Tax Regulations

    By:
    Chris Gaetano
    |
    Apr 16, 2018
    The Office of Management and Budget now has the power to review and analyze tax regulations from the IRS as it does for most other government agencies. 
  • 3.3M Pound Accounting Error at Air Charter Firm Leads Finance Chief to Resign

    By:
    Chris Gaetano
    |
    Apr 13, 2018
    The finance chief of UK-based plane charter company Air Partner has resigned after the discovery of a 3.3 million pound accounting error that has sent shares tumbling. 
  • Typo Leads Samsung to Distribute $105 Billion in Stock That Does Not Exist

    By:
    Chris Gaetano
    |
    Apr 13, 2018
    If you ever needed a reason to check for typos before hitting send, it's this: Samsung has accidentally distributed $105 billion in stock that, technically, does not exist. 
  • IFAC: Regulatory Divergence Drains $780B from Global Economy

    By:
    Chris Gaetano
    |
    Apr 12, 2018
    A report from the International Federation of Accountants says that regulatory divergence—inconsistencies in regulation between different jurisdictions—saps about $780 billion from the global economy a year, and represents a "moderate to substantial barrier" to the growth of international financial institutions. 
  • Federal Reserve: Involuntary Part Time Work 40 Percent Higher Than Expected

    By:
    Chris Gaetano
    |
    Apr 12, 2018
    A report from the Federal Reserve Bank of San Francisco said that the number of people who are stuck in part-time work but would really prefer full-time jobs is about 40 percent higher than one might normally expect at this point in the economic expansion, indicating that this is a long-term structural problem versus one that will dissipate through the business cycle. 
  • Study: Major Financial Shock Linked With Earlier Death

    By:
    Chris Gaetano
    |
    Apr 11, 2018
    A study published in the Journal of the American Medical Association said that people who experience a major financial shock are 50 percent more likely to die within the following two decades than those who did not. 
  • Ways and Means Committee Releases Bipartisan IRS Overhaul Package

    By:
    Chris Gaetano
    |
    Apr 11, 2018
    The House Ways and Means Committee released a package of bills that, if passed, would enact the first major overhaul of the IRS since 1998. 
  • Regulatory Roundup: April 4-10

    By:
    Chris Gaetano
    |
    Apr 10, 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. 
  • CBO Estimates Debt to Approach 100 Percent of GDP Within a Decade

    By:
    Chris Gaetano
    |
    Apr 10, 2018
    The Congressional Budget Office (CBO), in its annual Budget and Economic Outlook report, estimated that U.S. public debt will equal 100 percent of GDP by the year 2028. 
  • IRS Audits of Giant Corporations Nearly Halved Since 2010

    By:
    Chris Gaetano
    |
    Apr 10, 2018
    A recent report has found that even as the number of giant corporations with over $20 billion in assets has grown, the proportion of them subjected to IRS audits has nearly halved since 2010. 
  • The Negative Side of Positive Expectations

    By:
    Chris Gaetano
    |
    Apr 9, 2018
    While it's generally a good thing to believe in people and have high expectations for their work, a recent psychological study has found that these same expectations can actually lead certain people to give up more easily. 
  • Poll: Tax Executives Concerned About Impact of Tax Law

    By:
    Chris Gaetano
    |
    Apr 9, 2018
    A survey of 150 public company tax executives has found that implementing changes from the Tax Cuts and Jobs Act is the chief concern for 91 percent of poll respondents. 
  • IBM: Configuration Errors Responsible for 70 Percent of Compromised Records

    By:
    Chris Gaetano
    |
    Apr 6, 2018
    Improper configuration of cloud storage servers was responsible for 70 percent of all compromised records tracked by IBM in 2017, according to a recent report from the company. 
  • SEC Chair: Not Every ICO is a Scam

    By:
    Chris Gaetano
    |
    Apr 6, 2018
    Despite recent high-profile enforcement actions involving cryptocurrency ICOs (initial coin offerings), SEC Chair Jay Clayton, in a recent speech, said that his agency is not out to destroy the entire sector and does not believe that every ICO is a scam. 
  • Report: Fraudsters Seek New Ground as Traditional Targets Beef Up Security

    By:
    Chris Gaetano
    |
    Apr 5, 2018
    While the battle against online fraud has improved remarkably in some areas, it has gotten much worse in others, indicating that fraudsters are changing their focus to softer targets as security tightens in traditional areas. 
  • Delta, Sears Reveal Data Breach

    By:
    Chris Gaetano
    |
    Apr 5, 2018
    This is getting a little repetitive no? Sears and Delta Airlines both revealed that, because of a data breach of a mutual third-party contractor, some of their customers' credit card information may have been exposed. 
  • New Data Breach: This Time at Panera Bread

    By:
    Chris Gaetano
    |
    Apr 4, 2018
    Another day, another shocking revelation of a data breach exposing the personal information of thousands of people. This time around, it's Panera Bread, which apparently was aware of the problem for almost a year before fixing it. 
  • Poll: CFOs Very Confident in Wake of New Tax Law

    By:
    Chris Gaetano
    |
    Apr 4, 2018
    A Deloitte survey of 155 CFOs, nearly all of whom are from companies with over $1 billion  in revenue, are expressing great confidence and optimism about the economy, much of it connected with the passage of the Tax Cuts and Jobs Act. 
  • NYS Budget Passes, Includes SALT Cap Workarounds, Excludes Non-CPA Ownership

    By:
    Chris Gaetano
    |
    Apr 3, 2018
    Albany successfully passed a $168 billion budget on March 31 that, among other things, includes several measures meant to mitigate the impact of the new $10,000 cap on state and local tax deductions brought about by the federal Tax Cuts and Jobs Act. 
  • GASB Releases Guidance on Debt Disclosures Pertaining to Direct Borrowing, Direct Placements

    By:
    Chris Gaetano
    |
    Apr 3, 2018
    The Governmental Accounting Standards Board (GASB) released guidance designed to enhance debt-related disclosures in notes to financial statements, including those addressing direct borrowings and direct placements.

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