• 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.
  • Regulatory Roundup: March 28-April 3

    By:
    Chris Gaetano
    |
    Apr 3, 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.
  • Saks Fifth Avenue, Lord & Taylor Report Data Breach, More Than 5M Affected

    By:
    Chris Gaetano
    |
    Apr 2, 2018
    Did you use a credit or debit card at either Saks Fifth Avenue or Lord & Taylor between May 2017 and now? You may be one of 5 million people affected by a massive data breach. 
  • As Lease Standard Deadline Looms, Only 20 Percent of Companies Say They Are Ready

    By:
    Chris Gaetano
    |
    Apr 2, 2018
    Companies are still struggling to get ready for the new lease standards from the Financial Accounting Standards Board (FASB), even as the effective date is now less than a year away. 
  • IRS Individual Audits Drop to Lowest Rate Since 2002

    By:
    Ruth Singleton
    |
    Mar 30, 2018
    In the fiscal year ending Sept. 30, 2017, the IRS audited roughly 1 in 160 individual tax returns. As reported in the Wall Street Journal, that represents the lowest rate--0.62 percent--since 2002, and it follows the sixth consecutive year of a decline in the percentage of individual audits.
  • Prominent Pastor Charged in Scheme to Defraud Elderly Investors

    By:
    Ruth Singleton
    |
    Mar 30, 2018
    A federal grand jury has indicted a well-known pastor, as well as a financial planner, on charges of wire fraud, money laundering and conspiracy arising out of an alleged scheme to defraud elderly investors. Kirbyjon Caldwell, senior pastor at Windsor Village United Methodist Church in Houston, one of the largest Protestant churches in the country, and Gregory Alan Smith, the operator and manager of Smith Financial Group LLC in Shreveport, La., were charged with luring mostly elderly investors to invest in pre-revolutionary Chinese bonds.
  • Grant Thornton Bows Out of UK Audit Market for Large Companies, Citing Competition from Big Four

    By:
    Chris Gaetano
    |
    Mar 29, 2018
    Grant Thornton, the UK's fifth biggest accounting firm, has said it will bow out of auditing large companies entirely due to the Big Four's dominance of the market. 
  • IASB Releases New Conceptual Framework

    By:
    Chris Gaetano
    |
    Mar 29, 2018
    The International Accounting Standards Board (IASB) has released its new conceptual framework that will underpin all of its standards-setting activities in the near future. 
  • Federal Court Rules You Have a Right to an Accounting Expert When Interviewed by PCAOB

    By:
    Chris Gaetano
    |
    Mar 28, 2018
    A federal court sided with a former Ernst and Young partner who'd been suspended for violating auditing standards, agreeing with the ex-partner's argument that the PCAOB should not have denied his request to also have an accounting expert accompany him to assist his counsel.
  • Google Loses Court Appeal to Oracle, May Need to Pay Largest Copyright Loss in HIstory

    By:
    Chris Gaetano
    |
    Mar 28, 2018
    One of the largest software companies in the world has prevailed in federal appeals court over Google, which it had accused of violating its patents when using Java to build the Android platform, which could result in damages so large it would set a world record. 
  • Bipartisan Bill Proposes First Major IRS Overhaul Since 1998

    By:
    Chris Gaetano
    |
    Mar 27, 2018
    House Ways and Means Oversight Subcommittee Chairman Lynn Jenkins (R-Kan.) and ranking member John Lewis (D-Ga.) have released draft legislation that, if implement, would be the first major overhaul of the IRS since 1998. 
  • NYS Comptroller: Tax Law Spiked 2017 Bonus Pool for Securities Industry

    By:
    Chris Gaetano
    |
    Mar 27, 2018
    New York State Comptroller Thomas P. DiNapoli said the securities industry spent 17 percent more on bonuses in 2017, growing to $31.4 billion, which he said was likely an effect of recent changes to federal tax law.
  • Regulatory Roundup: March 21-27

    By:
    Chris Gaetano
    |
    Mar 27, 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.
  • SEC Shuts Down Alleged Ponzi Schemer Who Said Investors Will Never Suffer Loss

    By:
    Chris Gaetano
    |
    Mar 26, 2018
    The Securities and Exchange Commission shut down an alleged Ponzi scheme run by a man who it believes swindled investors out of $250,000 by telling them that they will incur absolutely no losses before then proceeding to incur massive losses. 
  • Industries With Most Turnover Include Finance, Professional Services

    By:
    Chris Gaetano
    |
    Mar 26, 2018
    Finance and professional services businesses rank among the highest in terms of staff turnover, according to an examination of LinkedIn data. 
  • SEC Takes Aim at Cryptocurrency Hedge Funds

    By:
    Chris Gaetano
    |
    Mar 23, 2018
    The Securities and Exchange Commission plans to examine as many as 100 cryptocurrency-based hedge funds as part of a larger effort to make the notoriously anarchic market a little less Wild West. 
  • Credit Bureaus to Remove Tax Liens From Credit Reports

    By:
    Chris Gaetano
    |
    Mar 23, 2018
    Equifax, Experian and TransUnion, the three major credit reporting companies, will no longer list tax liens on Americans' credit reports. 

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