• Proposed FASB Standard Lays Out Revenue Rules for Grants

    By:
    Chris Gaetano
    |
    Jan 19, 2018
    Rick Cole, a supervising project manager at the Financial Accounting Standards Board (FASB) who spoke at the Foundation for Accounting Education's 40th Annual Nonprofit Conference on Jan. 18, outlined a proposed new FASB standard that could radically change the way organizations recognize grant revenue. 
  • Gov. Cuomo Formally Proposes Switching Income Tax to Payroll Tax to Circumvent SALT Cap

    By:
    Chris Gaetano
    |
    Jan 17, 2018
    New York Governor Andrew Cuomo, during his budget address, formally proposed the New York State Taxpayer Protection Act, which would shift many state-level income taxes to a payroll tax that businesses can deduct, framed as a way to avoid the new $10,000 deduction on state and local taxes. 
  • IRS Preparing to Implement Measure Revoking Passports of Tax Scofflaws

    By:
    Chris Gaetano
    |
    Jan 17, 2018
    The IRS yesterday released Notice 2018-01, outlining how it plans to enforce a measure that revokes, limits or denies the passports of certain tax delinquents. 
  • SCOTUS Considers Internet Sales Tax

    By:
    Chris Gaetano
    |
    Jan 16, 2018
    The state of North Dakota will square off against online retailers  Wayfair Inc., Overstock.com Inc. and Newegg Inc. before the U.S. Supreme Court over the question of state authority to level taxes for online sales. 
  • PwC Fined in India for Failure to Detect $1.7B Fraud

    By:
    Chris Gaetano
    |
    Jan 16, 2018
    India's securities regulator has fined PwC $2 million for its failure to detect a $1.7 billion fraud at a now-defunct tech company. 
  • Regulatory Roundup: Jan. 10-16

    By:
    Chris Gaetano
    |
    Jan 16, 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.
  • Study: Execs from Tarnished Firms Get Paid 4 Percent Less, Even If They Had Nothing to Do With Scandal

    By:
    Chris Gaetano
    |
    Jan 12, 2018
    If a former employer suddenly makes headlines due to a major scandal, you might make about 4 percent less than you otherwise would. 
  • IRS Releases Updated Withholding Tables in Response to New Tax Law

    By:
    Chris Gaetano
    |
    Jan 12, 2018
    The IRS has released updated withholding tables that take into account the changes made by the new tax law signed last month. 
  • Taxpayer Advocate Warns IRS Needs More Money to Implement New Tax Law

    By:
    Chris Gaetano
    |
    Jan 11, 2018
    National Taxpayer Advocate Nina Olson, in her most recent report to Congress, noted that the IRS will require nearly $500 million in FY 2018 and FY 2019 to implement the provisions outlined in the new tax law passed last month, and that's not even counting the what's needed to address already existing problems such as poor phone service lagging enforcement. 
  • FASB Provides Guidance on Certain Tax Reform Implications

    By:
    Chris Gaetano
    |
    Jan 11, 2018
    The Financial Accounting Standards Board (FASB), during its Wednesday meeting, provided guidance on questions of how certain aspects of the new tax law will affect financial reporting. 
  • Computers Across the World Set to Get Slower Under New Security Fix

    By:
    Chris Gaetano
    |
    Jan 10, 2018
    A fix for a major security flaw connected with several major chip-makers, which had gone undiscovered for years, will address the gaping vulnerability at the cost of system performance, slowing down computers across the globe. 
  • Client With a Side Gig? Maybe Have a Talk

    By:
    Chris Gaetano
    |
    Jan 10, 2018
    With more and more people taking on side gigs to make ends meeting, CPAs might want to have a talk with their clients, as recent research has found that few people actually report this income to the government. 
  • Regulatory Roundup: Dec. 20–Jan. 9

    By:
    Ruth Singleton
    |
    Jan 9, 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.
  • Speaker: Tax Law Changes Mean Simpler Filings for Many Clients

    By:
    Chris Gaetano
    |
    Jan 9, 2018
    The raft of new tax provisions recently signed into law means that many complex planning issues will become much simpler once everything goes into effect, according to Joseph Sanford, president and CEO of Sanford & Company, who spoke at the Foundation for Accounting Education seminar "Getting to the Heart of Tax Reform: Individual Income Tax Strategies."
  • Audit Fees Rose by $1.2 Billion Since 2010

    By:
    Chris Gaetano
    |
    Jan 8, 2018
    A study from research firm Audit Analytics has found that audit fees for public entities have grown by $1.2 billion since 2010, going from $7.6 billion to $9.2 billion in this time. 
  • Study: Board Replace CEOs when Taxes Stray Too Far From Middle

    By:
    Chris Gaetano
    |
    Jan 8, 2018
    A recent study has found that corporate boards seem to prefer a tax rate that is neither too high nor too low, as extremes in either direction are correlated with decisions to replace the CEO. 
  • IRS: Filing Season Begins Jan. 29

    By:
    Chris Gaetano
    |
    Jan 5, 2018
    The IRS announced that this year's filing season begins Jan. 29, though certain credits and refunds won't be available until late February. 
  • Study: Bad Economies Make People More Ruthless

    By:
    Chris Gaetano
    |
    Jan 5, 2018
    A study detailed in the Harvard Business Review found that people are more likely to view the economy as a zero-sum game, and are less likely to collaborate with others, during bad economic times. 
  • SEC Swears in New PCAOB Chair, New Board Member

    By:
    Chris Gaetano
    |
    Jan 3, 2018
    William D. Duhnke III was officially sworn in yesterday as the new chair of the Public Company Accounting Oversight Board (PCAOB), along with a new member, Kathleen Hamm. 
  • Gov. Cuomo Proposes Adopting Payroll Tax in Response to Tax Law's Cap on SALT Deduction

    By:
    Chris Gaetano
    |
    Jan 3, 2018
    New York Governor Andrew Cuomo proposed adopting a payroll tax system as part of a three-part plan to meet the challenges presented by the new federal tax law, which he characterized as an "all-out attack on New York's economic future." 

Click here to see more of the latest news from the NYSSCPA.