• More Than 80 Percent of IPOs Involve Companies Losing Money

    By:
    Chris Gaetano
    |
    Oct 2, 2018
    A recent study has found that investors have never been more forgiving than they are now, as 83 percent of all initial public offerings so far this year involved companies that had lost money the year before. 
  • Federal Reserve Considering Easing Up on Big Banks

    By:
    Chris Gaetano
    |
    Oct 2, 2018
    The Federal Reserve is preparing to propose rule changes that would, among other things, raise the thresholds for large banks to be subject to enhanced regulatory scrutiny, sparing large financial institutions from requirements that the central bank believes are out of proportion with their size. 
  • Regulatory Roundup: Sept. 26-Oct. 2

    By:
    Chris Gaetano
    |
    Oct 2, 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.

  • Elon Musk Settles with SEC, Steps Down as Chairman of Tesla

    By:
    Chris Gaetano
    |
    Oct 1, 2018
    Tesla CEO Elon Musk, who had previously been preparing to go to court with the SEC over charges of securities fraud, abruptly changed positions over the weekend and agreed to a settlement that includes, among other provisions, him stepping down as chairman of the board of directors. 
  • GASB Floats Ideas for New Reporting Model, Recognition Concepts

    By:
    Chris Gaetano
    |
    Oct 1, 2018
    The Governmental Accounting Standards Board (GASB) has released two documents, outlining ideas to improve the current financial reporting model as well as proposing new recognition concepts. 
  • SEC Formally Charges Elon Musk with Securities Fraud

    By:
    Chris Gaetano
    |
    Sep 28, 2018
    The Securities and Exchange Commission has charged Tesla CEO Elon Musk with securities fraud related to social media comments he made regarding taking the company private, despite the move being far from certain. 
  • House Passes Tax Reform 2.0

    By:
    Chris Gaetano
    |
    Sep 28, 2018
    The House of Representatives approved three bills that make up the package colloquially known as "Tax Reform 2.0," which is intended to make technical corrections and lock in most of the provisions in the Tax Cuts and Jobs Act that had been previously set to eventually expire. 
  • House Subcommittee Seeks Answers About IRS Security Breaches

    By:
    Ruth Singleton
    |
    Sep 27, 2018
    In response to recent breaches of the IRS’s taxpayer verification efforts, including the identity protection PIN, the House Ways and Means Oversight Subcommittee held a hearing yesterday on improving the agency’s authentication technology.
  • Petrobras Agrees to Settle Bribery Charges with SEC, DOJ, Brazilian Authorities

    By:
    Ruth Singleton
    |
    Sep 27, 2018

    Brazilian oil and gas company Petrobras has reached a settlement agreement with U.S. and Brazilian law-enforcement authorities over a massive bribery scheme.

  • For First Time, SEC Charges Firm for Violating Identity Theft Red Flags Rule

    By:
    Chris Gaetano
    |
    Sep 26, 2018
    The Securities and Exchange Commission has charged a Des Moines, Iowa-based broker-dealer with violating the Identity Theft Red Flag Rule—the first time such a charge has been brought by the SEC—in connection with a cyberintrusion that compromised the personal information of thousands of customers. 
  • Tax Court Rules Student Loan Payments to Ex-Spouse Count as Alimony, Can Be Deducted

    By:
    Chris Gaetano
    |
    Sep 26, 2018
    The U.S. Tax Court recently ruled that paying for a former spouse's student loan debts qualifies as alimony and can therefore be deducted. 
  • TIGTA: IRS System Outage Caused by Obsolete Software

    By:
    Chris Gaetano
    |
    Sep 25, 2018
    The April 17 system outage at the IRS has been linked to obsolete software that contained a bug, which later versions had since patched. 
  • Household Net Worth Reaches Record High of Nearly $107 Trillion

    By:
    Chris Gaetano
    |
    Sep 25, 2018
    Recently released figures indicate that the total household net worth for the United States is higher than it ever has been before, $106.929 trillion, with the growth carried largely by rising stock market returns. 
  • Regulatory Roundup: Sept. 19-25

    By:
    Chris Gaetano
    |
    Sep 25, 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: Professionals Can Glean Lessons From Hospital's Response to Cyberattack

    By:
    Chris Gaetano
    |
    Sep 24, 2018
    A cyberattack last year became a literal matter of life and death as hackers locked Erie County Medical Center personnel out of their network until they could pay a ransom. Reg Harnish, CEO of Grey Castle Security and a speaker at the Foundation for Accounting Education's Sept. 20 Health Care Conference, said businesses everywhere can learn from the hospital's rapid response to the incident, which it resolved without having to pay any ransom money. 
  • IRS Allows Relocation Expenses to Be Deductible, Provided Move Happened Before This Year

    By:
    Chris Gaetano
    |
    Sep 24, 2018
    The IRS has announced that taxpayers can deduct employer payments or reimbursements to relocate for a new job, but only if the move happened before 2018, when the Tax Cuts and Jobs Act removed such deductions. 
  • IRS to Delay Form W-4 Changes Until 2020

    By:
    Chris Gaetano
    |
    Sep 21, 2018
    The IRS, in response to critiques on its proposed new Form W-4, has announced that it will delay changes to the form until 2020. 
  • Accounting Restatements on the Rise as Entities Digest New Tax, Revenue Rules

    By:
    Chris Gaetano
    |
    Sep 21, 2018
    The number of accounting restatements made by U.S. public entities has increased for the first time since 2006. 
  • SEC Extends Regulatory Relief to Those Affected by Hurricane Florence

    By:
    Chris Gaetano
    |
    Sep 20, 2018
    The Securities and Exchange Commission has announced that it is relaxing certain regulatory requirements for those who have been affected by Hurricane Florence. 
  • Cryptocurrency Heist Leads to $60 Million in Losses

    By:
    Chris Gaetano
    |
    Sep 20, 2018
    Hackers were able to gain access to a Japanese cryptocurrency exchange for two hours, giving them the time to drain some $60 million worth of digital currencies from the company. 

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